Mobile banking system development

Banking sector institutions have long mastered the online space. Banks can serve customers over the Internet much faster than at branches. The benefits of remote service are obvious and people will immediately appreciate it. Users began to actively pay for services remotely, make money transfers and make purchases. With the advent of telephones, Internet banking has made a new round of development, since consumers wanted to carry out financial transactions from their phone, because it is always at hand, which cannot be said about a PC. Then, namely in the late 90s, the development of mobile banking systems began in Europe. Banks began to offer their services to customers via SMS.

A modern smartphone, unlike its predecessor, allows the user to get a more expanded range of services, in particular, access to a bank account anytime, anywhere. Other remote service methods are unlikely to provide this capability. In the United Kingdom, studies have shown that consumers are several times more likely to check their bank accounts through a smartphone than through a computer. Thus, mobile banking has changed significantly.

Standard mobile banking options

1. SMS banking. This option implies the management of funds in a bank account by sending an SMS to a special number of a banking institution. Typically, text messages that users receive are generic templates. This method allows the client to carry out operations from such remote locations where 3G/4G or Wi-Fi communication is not supported. In turn, for banks, this is the easiest and most convenient way of informing, because through it you can quickly notify the client about something.
2. Mobile internet banking. The client gets remote access to his account through the mobile version of the banking institution’s website. However, since mobile layout requires a simplified interface due to the need to adapt to a small screen, there may be some limitations in mobile versions.
3. Mobile banking applications. These simple applications are installed on the operating system of smartphones. Such applications have appeared a long time ago, even with the first versions of iOS, Android and Windows Phone. In the early stages, banks looked at and used them as a marketing ploy to impress customers by showing them the diversity of their toolbox. The following types of operations are available in such applications:

• transfers within bank accounts and mobile transactions;
• applying for overdraft, mortgage or loan;
• repayment of all of the above;
• operations with currency;
• ordering cards of any type – credit, debit, virtual;
• opening and closing of deposits.

Despite the fact that these applications are quite easy to use, their difference from SMS banking lies in the improvement of the information system. In addition, through such applications, the client can receive individual consultations without contacting call centers, which allows banks to save money significantly.

Today, mobile banking is indispensable

Modern applications with advanced functionality have evolved significantly over time. These are the same applications installed in the phone OS, only modernized thanks to the use of new technologies and developments. The Internet has become not just a place where you can search and receive information, but has turned into a whole world of entertainment and communication that you can fit into your pocket. Likewise, banking services have moved away from the only possible in the branch of providing services.

Banking applications have undergone significant upgrades due to improved device productivity, borrowing from other industries, and banking institutions competing for new customers. After all, the modern generation of consumers is already accustomed to the fact that all services are at their fingertips, and to receive them, you do not need to go anywhere. A bank that follows trends and is always ready to provide its clients with new solutions will always be more in demand and loved by people. Moreover, this applies not only to individuals, but also to legal entities.

Helping the bank to find new solutions

The bank needs a development team capable of developing and implementing competitive solutions. We offer you our help in this matter and are ready to take on the development of mobile applications with various functions, in particular:

• making transfers to other clients by phone number;
• interaction with accounts and cards of other banks;
• support for various electronic payment systems;
• connection of bonuses, cashback and system of accumulative interest;
• integration of search systems for the nearest ATMs and branches;
• provision of extended history of transactions, data export and card and account statements;
• introduction of contactless payment technology, etc.

In addition to the variety of options, you should also consider the usability of the interface. The application should be convenient to work with, that is, its interface should be intuitive. In addition, customer loyalty can be increased through the introduction of push notifications and a dedicated chat where the user could receive support and assistance. Nevertheless, how can you stand out from your competitors?

Innovative mobile banking system

In order to offer your clients something unique and maintain your position in the banking market, you can use the latest technology. Our specialists can create a mobile application from scratch or add additional functions to an existing one, for example:

• conducting or preparing payments by scanning details and barcodes with a camera;
• voice control;
• adding chatbots based on artificial intelligence;
• robo-adviser – a robotic advisor that helps users to work with finances.

This is not a complete list of our services. We guarantee the quality and execution of the order on time. Contact us and our experts will advise you on your project and select the best solution.