An Easy Guide To Create A Digital Banking Application
Friday August 21, 2020,
6 min Read
Technology is taking over different verticals and processes are moving along with the trend. The era of digitization is transforming the functioning of our day to day operations. This change is bringing a lot of convenience to multiple domains. Today we would be discussing one such domain, and that is none other than banking.
The banking industry was quick to adopt the technical transformation chapping all over the world. This move of banks all over the world supported the customers' interest to fetch seamless services. Creating online banking apps bridges the gap present between the users and the bank. The wide-ranging advantages delivered by applications have inspired the banks and businesses all over the world to create a digital banking application.
Are you looking for the same???
There are a lot of blogs present online that explain all the technicalities attached to the same. But there is almost no content that explains the complete concept to a non-technical person. So here we present you with a detailed explanation. Take a look further to boost your understanding.
What are the challenges involved in creating a digital baking app?
There are multiple challenges that you need to confront if you wish to create a digital baking app. Let us take a look at the common problems faced by the transformation.
1. The conventional system- People all over the world are accustomed to offline banks, even when online banks are more convenient. There is still ice present in between them, that needs to be broken. Convincing masses to switch to easier forms would present itself as a huge challenge.
2. Security- Another problem that is commonly faced by this particular domain is security. The activity of malicious entities is increasing day by day. Hackers keep trying to discover loopholes and enter the system. It needs to be taken care of because of any negligence in this particular department, a lot of users can be affected.
3. Technical glitches- In case a system crashes, online banks can face a lot of loss. Glitches in the integrated features of issues in the app can lead to loss of trust in the application.
4. Problems in transactions- There are a fewer number of ATMs for online banks, hence withdrawing and depositing money in online banks can become a problem.
5. Competition- Startups have to find a way to stand out from the persisting competition. This is a problem that is faced by almost everyone entering a new business. But this problem can be overcome by including excellence in your services.
These are the most common challenges faced by any newcomer in this industry. But there is always a way to win the hearts of the audience by improving the quality of the service that is being delivered.
Must-have features of a digital banking application
There are multiple apps present online. So if you want to create one for your own, a special set of features would be required to be integrated. Here we present you with special and regular features for an application designed for a bank. Take a look to develop a better understanding.
• Push notification
• Account management
• Customer support
• Account creation
• Unique services
• Finance sharing feature
• Spending trackers
• Secure transactions and payments
• Cashback service
• Bank and ATM branch location
• App for smartwatches
All the above-mentioned features merge together and form the core of this app. But there is always some scope for new. Innovation leads to better services, so think out of the box while integrating the features.
How much does it cost to create a digital banking application?
It is tough to give a fixed number when it comes to deciding the cost of creating a banking application. Any good team will never be able to give you the cost without discussing the project thoroughly. But here are a few factors that can influence the overall cost of development. These are the factors on which the cost os creating an app is dependent on.
1. Features- The type of features that you want to include influences the complete cost of the project.
2. Country- The cost of development changes from one country to another, as some of them provide cheaper services.
3. Technology- The technology that would be used in the development also influences the amount. for example, the use of AI, ML, Blockchain, etc can increase the cost.
4. Team- The professional company that you have selected also plays a huge role. Any good company would charge according to the services and efficiency they deliver.
5. Time- It also influences the cost. If you want the app to be created in a short span of time, it would require the team to spend extra resources on the same. This changes the complete scenario.
How will digital banking application help?
They have the capability to make the lives of every banker free of every complexity. Here are the advantages that an app for banks provides.
• One can access services 24*7
• It delivers a personalized experience
• Minimize the use of paper
• Manages time efficiently
• Delivers highly secured services
• Decreases the total amount spend on customer service
• One can access a variety of services
All these listed advantages and perks trigger the popularity of banking applications all over the world.
These are the necessary aspects attached to creating a digital app for the banks, and now you know about the necessary features, cost, requirements, and whatnot. it is easy to initiate development once all the related concepts are cleared. If you still have any doubt, then reach out to the leading development company for more information.
Creating an app for banks is not like shooting the fish in the barrel, but it involves a lot of technicalities. That is why you need to have the support of the professionals. Do mention your views about the complete blog, and how you wish to utilize the progressive technology behind the mobile applications. And stay tuned to this space for more information.