Banks have been online for years, serving customers a lot faster than in offices. It didn’t take people too long to realise the benefits of remote account management; they started paying for services, making purchases, and transferring money, all over the Internet.
However, the proliferation of mobile phones made online banking not as handy as it used to be. Today’s bank clients want to make transactions with their smartphones — by contrast with computers, they are always at hand. This is how the era of mobile banking—initially called SMS banking—began. First prototypes of mobile banking systems appeared as early as in the late 1990s when banks offered their customers SMS-powered services.
Every modern smartphone allows extended access to the bank account, at any time and place. Neither of other remote service methods could provide such an opportunity. The UK market study showed users check their account with their smartphones three times as often as they do it using computers. We see that mobile phones transformed into smartphones and tablets found their place in the market: eventually, these two trends changed mobile banking.
Yesterday’s mobile banking types
Every contemporary banking organisation has and needs to offer mobile banking services, namely:
Basically, SMS banking enables users to manage their accounts by sending text messages to a bank’s dedicated number. Usually, service messages have standard templates to follow. Though this method could seem trivial and weak, it works brilliantly in places where one has no LTE or Wi-Fi available. Moreover, as SMS networks allow faster notifying customers of actions with their accounts, banks prioritise this type of communication.
Mobile online banking
Remote access to the account via the mobile-compatible version of the bank website. Essentially, this is the same online banking but tailored to smaller screens. As long as mobile layouts imply simpler and less loaded UI, such versions can be limited in functionality. And if the bank tries to provide full-power controls, some functions can be put away so safely that users will have to crawl across the website and tons of submenus to find them.
Basic mobile banking apps
Nothing-extra smartphone apps for mobile operating systems (Android/iOS/Windows Phone). Initially, banks rolled them out as marketing tricks to impress clients with a diversity of tools. And though basic applications could not give users the free rein in managing their accounts, they were fitted with essential capabilities:
- Mobile payments and transfers between bank clients
- Loan, overdraft, mortgage applications (including repayments)
- Currency operations
- Ordering debit, credit, and virtual cards
- Opening/closing deposits.
Such applications were unpretentious and still, they offered a better notification system than text-message banking, and individual advisory services (what online banking lacked). By using applications, banks could reduce spending related to text messaging and call centres.
We hope that every bank offers a branded app today. But if your bank doesn’t have one yet in 2023, then contract us to develop a mobile banking app. Polygant team is ready to start with the terms of reference for the app development right now.
Today’s mobile banking
The fourth and still relevant type includes modern apps with advanced functions. Though they are basically the same apps installed to smartphones, they are by far more advanced. Just like the web transformed from the information-storing vault into a pocket world for communication, entertainment, blogs, social media, etc., banking services transitioned from the motto ‘come to the office if you need help’ to the we-are-here-to-serve-your-financial-needs concept.
Not only connection evolvement, higher device productivity, and ideas from other industries influenced the modernisation of banking apps — the everlasting fight for the client also contributed to the process. People of today’s generation don’t want to go anywhere, they hate queues, disregard paper money and change. Moreover, they can earn money easily, spend or save them fast, and heavily rely on auto payments; the only thing they need to do all that is a smartphone… and a trend-tuned bank that provides fresh solutions both to individuals and organisations interested in new products.
The bank serves customers, we serve the bank
The bank, in its turn, needs a developer team who could implement such competitive solutions in software. And this is what Polygant can help you with. We are ready and fully armed to develop mobile banking apps with any-complexity functions — from typical as mentioned above to specific, namely:
- Smart autopayments
- Transferring money to other bank clients by phone number
- Handling cards and accounts of other banks
- Electronic payment system support
- Cashback, interest-bearing accounts, bonuses
- Investment account opening and management
- Extended transaction history, account/card statement, data export
- Nearest ATMs and offices
- Contactless payments
- Transactions and services previously available in offices only.
It should be noted that the functionality is not the only imperative. UI and UX are also significant features: the interface has to be friendly and intuitive, operation speed high, and bank response fast. Another way to win more client loyalty is to offer push notifications and support chats. But what if your customers are well aware of all these features and you need something special? Well, then we need to develop a…
Tomorrow’s mobile banking system
Cutting-edge technologies are what can let you hold your position in the banking market and provide your audience with superior and unique service. Having installed your brilliant app once, both individuals and organisations will be your long-standing customers. We can create a mobile app from scratch or complement an existing app with new future-hit features:
- Barcode/details scanning for payment.
- Biometric authentication.
- Voice-controlled payment templates.
- AI-driven chatbots.
- Robotised financial advisor.
This is not a complete list of what we can do for you. To learn more, please submit a request. We are highly experienced in working with blockchain, artificial intelligence, and machine learning, so we can integrate these advancements into your system. Polygant is ready to endorse any of your ideas and put them into effective action in the application.
The cost of developing a basic mobile banking app starts at 20,000 USD. The cost of creating a mobile banking system starts at 50,000 USD.