Undoubtedly, with the recent technological advancements, crafting a groundbreaking strategy around mobile banking is one of the key challenges for any financial institution. And, many bankers have tackled with a difficult time in making the paradigm shift work, which is required to develop a user-centric and secured mobile banking application. To truly understand the world of smartphone and tablet friendly banking apps, you need to figure out the key factors that are the foundations for mobile app industry and act as a viable delivery tool for banks.

However, by seeing the overly crowded apps, you may only invite doubt, ambiguity and a constant struggle with the ROI of your mobile banking app. But, to get a successful app, you need to consider the interactions, engagement and loyalty that your mobile app can provide to your business. The list below is not crafted to cover the technology aspects of mobile banking apps, like operating systems, security, transaction or payment capabilities. Instead, we have focused on helping you with key business factors to help you to plan for a mobile banking application that not only helps you generate revenue, but value as well, more so because technology components are much easier to overcome.

1. Your App Should Make Mobile Banking Simple

Mobile banking has a brought about a significant change in current financial landscape. Banking as a whole is a quite complex industry. And, which increases the chances of highly intricate mobile banking apps that can quickly become too complicated, resulting in loss of its key users. Apps should encompass user-friendly features, enticing designs and rigorously tested functions- catering to the needs of the target audience. You can start with the features that provide real value to its potential users in the super intuitive way. You app should be so easy to use that your clients should know how to achieve their goals in a matter of few seconds.

2. Understand the Difference Between Mobile App & Mobile Website

This has been not banking but every vertical’s biggest mistake. To save time and money, we use to replicate the content and feature of our web presence on mobile. But, always remember, mobile applications should not just replicate your website. If you want your app should just be your website, in app form, then, just build a mobile-optimized site.

3. Improving Visual Design

A well thought out visual design goes a long way, particularly for those who need to glance through your finances, quickly. There are other hurdles like accommodating the small screen sizes as well as a need to type lengthy inputs. There are many traditional retail bankers, who fail to place mobile banking as a core service. Another best practice is to offer a visual dashboard for the users, so that they can holistically capture the financial status.

4. Remove Strings Through Testing

The best quote for app testing suits the boxing bad boy Mike Tyson saying, “Everybody has a plan, until you get punched in the face”. Every punch comes as a setback or a challenge, but real opportunity lies in how many punches you take.

Just think about the other apps on your smartphone that you use frequently on your smartphone or tablets. Very few of them ask you to pay or make a commitment before you understand their actual value. There are freemium models and open features will let the customers test your app, before they actually engage. Ask your fellow team members and friends who are in banking domain to test your app and come up with their  useful feedback. Friction free value propositions are required by the digitally savvy. Creating hurdles for on-boarding adds up to frustrations.

5. Wisely Choose Your Mobile App Development Partner

Choosing the right mobile app development partner is one of the key challenges that every banker faces. Today, most of the banking applications are boring, lacking in aesthetics and creative thinking of new perspectives. Engage the right mobile app development companies, from the early stage, providing everything, right from churning the app idea to launching  and supporting it as well, so that it can help you leverage the success of your mobile banking app by developing a truly delightful mobile banking experience.

Nowadays, digitally savvy people who have Apple Pay and Google Wallet to see have no patience for leisurely performance. The future of the mobile banking is transforming at quite a fast rate and the bank must cater to both the current needs of the customer and those that are about to crop up in the future.

Appinventiv, has established a leadership position for itself, in a matter of two years time, under mobile app development company category along with a number of other verticals like education, retail and real estate and many more, using some of the latest technological advancements.

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