A Resourceful Guide on Developing a Mobile Only Banking App Like BankMobile
If you are a business person who is interested in developing a virtual banking app, then this blog is specially written for you. Here, we will discuss how to develop a mobile-only banking app like BankMobile, a US-based virtual banking app specially targeted towards Millennials.
In the coming times, people are going to remember it as the Uber of banking. Things are going to change for the better in the near future. As an additional feature, we have integrated the benefits of a mobile-only banking app like BankMobile – which will work as a blessing in disguise if you are planning to develop a mobile-only banking app development.
Everyone today has a bank account with an installed mobile banking app on your phone. This has given rise to mobile app development where banking apps are in high demand. The reason being, they provide the ease with which it is possible to conduct the transaction. This has made more and more people sign up for the mobile apps of respective banks. Another benefit of mobile apps is the fact that it saves lots of time and energy of people. Banks today are trying hard to satisfy their customers with the help of quality services at a quick turnaround time.
This is all about the traditional banks that consist of a mobile app. However, we are talking about other payment apps or online wallets that are being utilized by people globally. Here, we are interested in talking about BankMobile, a mobile-only banking app that functions only on your mobile app. Let’s learn more about this mobile-only banking app.
What is BankMobile?
BankMobile is a US-based mobile-only banking app that is primarily targeting Millennials. In terms of popularity, you can consider it to be the next Uber of banking. The mobile app has been powered by Malauzai software. It is effortless and fast to sign up for the account with the option of photo capture of official ID, bills, and cheques.
It consists of a Venmo-style P2P transfer feature through which customers can get an ATM card that can be used at 55,000 locations. It is even possible for them to switch that option off from their app to get an added security. There are no charges on checking and also operating savings account. It provides a personal line of credit with a max value of $5,000.
Banks like BankMobile are also regarded as banks that do not have any branch network or direct banks. They provide services through online banking. You can access these types of banks through malls, mobiles, and ATMs. This model of bank assists in reducing the cost to a considerable level as it does not have to maintain an entire branch network.
If you are an owner of the finance business and have decided to create a banking app like BankMobile to assist customers in performing a transaction, follow the steps given below to create a successful bank app. While selecting the right mobile app development company, ensure that you choose one that follows a standard app development process. This way, you will be able to get a high-quality online banking and payment app.
In addition to this, security is also an essential aspect of app development, especially when you are dealing with people’s money payments. Remember, quality apps are more secure than the rest. Once you have selected the right mobile app development partner, follow these steps given below.
Determine the Target Audience
Before starting with the bank app development process, it is essential to determine your target audience. A banking app is not only targeted towards gadget-loving teenagers. Remember, there are lots of Millennials who are earning a decent pay-package and prefer to use banking apps instead of standing in long queues. Concentrate on satisfying the needs of these people while developing the mobile app.
Provide Additional Security
Since we are talking about money, everyone wants you to ensure that their hard-earned dollars are safe. Banks usually provide this assurance to account holders. You can take a leaf out of the BankMobile app’s book. All the accounts have secured sign-on technology that provides an added layer of security. They even have strong authentication checks through strong passwords.
Also, it is crucial to find and register with a scheme in your country, which can compensate people in case anything happens to the bank. This can increase the trust factor amongst your account holders.
Apart from this, ensure that your bank’s mobile app is secured too. For this, you will have to keep these things in mind while getting your app developed.
- Ensure that the latest technology and features are used in your banking app to maximize security;
- Integrate end-to-end integration to prevent hackers from accessing unprotected data premises;
- Use the right kind of tool to ascertain the strength and intensity of the passwords created by users to ensure optimal safety and security.
Deciding On Features For Your Banking App
Now that you have taken care of the security of the mobile app, the next step is to determine the features that the users will be expecting in your online banking app. A careful scrutinization can help you to decide the different features to be integrated into the app.
You also need to contemplate hard on the different types of services that you wish to provide your customers. Also, ascertain the interest rates and whether you wish to provide a debit card & ATM options. What should a user do if he/she loses their mobile phones? Will you provide online support? If yes, how? Once you answer these questions, it would become easier to determine the features that you wish to integrate into your banking app.
Create Your App Using Simple UI
It is important to note that the simpler your app looks, the more attractive it will feel to the users. Ensure seamless navigation with a minimalistic design that makes it easy for your users to your solutions effectively. Remember, not everyone who uses your banking app will be tech-savvy. Hence, it becomes crucial to concentrate on making your mobile banking app design look simple for the best results.
Direct payments are one of the most significant advantages of apps like BankMobile. Millennials have high regard for this, and it can assist you in retaining customer loyalty, which can increase the popularity of your app. In traditional banks, you need to enter bank details, the account holder’s name, etc. to transfer funds to an individual’s bank account. However, in the case of people-to-people payments, it is possible to employ phone numbers or email addresses. For example, look at PayPal. This way, you can get an easy way to transfer money which makes more and more people try your banking option.
Excellent Customer Service
Everyone hates the fact that you need to stand in a queue to get anything done at the banks. Also, who can forget the fact that banks are open only on weekdays? There are times when you need to skip your office to visit banks. It can be such a pain to adjust to your official working hours!
Now, imagine having an online banking app like BankMobile. With such an online mobile-only banking app, you can get quick resolutions to your problems. With the advancement in technology, we see chatbots being used that can help resolve your concerns in a matter of minutes.
The amazing part is, you can avail of their services at any point in time. You can even raise your concerns in the form of tickets directly from the app. Everything can be done with the help of a mobile app, which is the need of the hour in modern times. It also reduces wastage of time over banking related issues.
Let’s now look at some of the benefits of mobile-only banking apps like BankMobile.
Every time a user sends or takes money to his BankMobile app, the transaction happens swiftly, and the balance gets updated within seconds. The users can check the amount they have spent and evaluated their financial goals. This way, it is possible to have a level of transparency between the users and online banking systems.
Protection Against Fraud
Since the entire bank would function online, hackers would have possibly set an eye on it. However, this very reason makes it essential for the bank to provide an extra layer of security and protection that protects it from fraud or unethical hackers. This will ensure that the user’s accounts are safe and secure from any hacking and deception attempts.
Typically, opening a bank account involves lots of paperwork, long lines, traveling to banks, in-person verification, etc. However, in the case of a digital bank like BankMobile, it takes 10 minutes to get the scanned copies of the documents, and you are all set! The easy signup and simplicity is the key for people to choose a mobile-only banking app.
Frees Up Overhead Costs
In the case of physical banks, the overhead costs keep on increasing. You need to pay the bills; new branches need to be set up in every city, payment of salaries need to be done every month, and so on. However, with a mobile-only banking app, you do not have to worry about these overhead costs. Have a large office and carry out the functions all on your own. The amount saved in the overhead costs can be used to provide free services and 0% commission on all transactions made by users.
With traditional banking, it takes time to process everything. You also need to factor in the manual errors that result in rework, causing delays. However, in the case of a mobile-only banking app, most of the processes are online, which assists in enhancing the overall accuracy and speed.
The Final Frontier
It is high time people get the online banking services that they deserve. You can create that by developing an exclusive and full-featured mobile banking app using mobile app development services for Android and iOS platforms. With the help of better customer service and additional features than a traditional bank, your mobile app is bound to get great success in this modern era. It will become possible for you to get a better reach without even creating a new branch in every city.