Mobile applications have become a must-have for banks today as a majority of the big players already have one and others are following suit. The main reason for their popularity is that they have elevated the customer experience beyond imagination as they can now process transactions anytime and from anywhere, without the hassles of queuing up for everyday services. However, there is another side of the picture too as there are several challenges that impede the adoption and use of these apps, both for the users as well as the banks. Several solutions have been devised as a part of mobile banking app development services to address these challenges. Let’s explore these challenges and their solutions:
Security is the key concern
Undoubtedly, security is the biggest concern for these apps because the financial details of the users are involved. There is always a risk of the hackers accessing this information and misusing it to reach the customer accounts. Conventionally, banks used multi-layered password systems to enhance the security; however, it is not practical to ask the customers to remember loads of passwords for accessing the app every time they need to use it. Developers have come up with a smart solution by implementing creative security protocols, such as biometrics and TouchID.
Catering a cross-platform experience
Another challenge that plagues banking apps relates to catering a cross-platform digital experience. This is because banking customers are everywhere, across diverse platforms and devices. The best way is to opt for cross-platform apps, while there is also the option to take up both iPhone and Android app development service to ensure availability across both the platforms. It is also vital to extend omnichannel experiences so that customers can move seamlessly between mobile and desktop platforms.
Compliance with regulations
The banking sector has to follow several rules and regulations to keep up the standards of services and ensure the security of their financial data as well. Those who provide services through the mobile platform need to comply with these regulations as a part of their deployment technology. Expert developers make sure that the current regulatory protocols are implemented seamlessly as a part of the app’s features.
Following the latest tech trends
Staying updated with the latest tech trends is another massive challenge for banking and financial app development today. For instance, most apps are taking up cloud integration these days to ensure easy management and high level of security. Similarly, there is a race to embrace innovations such as AI, AR, VR, and the IoT to improve the customer experiences offered by these apps. Tech experts are leveraging these technologies and making them a part of these applications to deliver top-notch digital experiences.
Reducing the development time
The complexity and advanced functionality requirements of banking apps increase the development time, making it a long-drawn process. At the same time, there is a need to make them faster-to-market as banks cannot afford to stay behind their competitors in the cut-throat scenario. Once again, it becomes important to look for the right technology partner that knows the significance of balancing quality, time, and cost.
Mobiindia is a leading mobile app development company in India that offers quality services and solutions for diverse needs. It has a team of expert mobile app developers who specialize in creating high-tech smart apps for various platforms. Get in touch to discuss your requirements and get tailor-made mobile applications to match.