Digital banking solutions are now an essential part of any business. The world has become a digital place, and everyone is tech-savvy to some degree. The way people interact with brands is changing, and customers demand access to services via mobile apps instead of traditional websites. Users want faster responses and seamless experiences that they can get from their mobile devices by interacting with brands via apps.
Digital banking apps have become an integral part of consumer life, as they offer users new ways to manage money and pay bills in a safe environment. In this blog post, we will go through everything that you need to know about digital banking app development in 2022.
How Digital Banking Apps Help Customers
Banks want to build a banking app at an increasing rate because they offer a range of benefits over simply using mobile websites or other methods of serving customers. Here are some of the possible mobile app benefits that can motivate banks to offer apps to customers.
Ease of Use
Some customers will use the app because it’s easier than the website or traveling to the bank. Apps are becoming easier to use thanks to developments in user interfaces and improving technologies. People are also becoming more technologically savvy, making it easier to design an app that people find easy to use.
Improved Communication and Access
Banks are being pushed to offer better access to information and transparency. With a mobile app, customers have better access to communication and information that they need at all times. Customers may also prefer the app because it allows them to stay connected to their finances at all times, as well as communicate with bank representatives without having to meet in person.
Track Spending
Some apps also allow customers to track their spending and set budgets. With an increasing focus on controlling budgets and managing debt, having access to these systems at all times makes it easier for customers to manage their accounts. This is especially important for anyone preparing for major life changes, such as purchasing property or vehicles.
Pay Bills
Another common feature favored by banks that build banking apps is the ability to pay bills from your device. This can be very helpful, especially for customers who are always on the go.
Better Investment Management
Some banking apps allow customers to track their investments and receive notifications when certain stocks hit a certain price. Investment platforms are developing apps as well that allow customers to manage their investments entirely within the app. Banks make it possible to manage some investments, as well as to receive information about them, at all times.
Why Banks Should Develop a Digital App
While banks are taking on the task of developing apps as a means of benefiting customers, there are several reasons why experts make the argument that they should develop apps. Here are some of the reasons.
Apps Increase Customer Engagement
Customers will be able to access their accounts from anywhere, so they will be engaged and able to make financial decisions at any time.
Apps are More Accessible
Customers can also use their devices to talk to customer service representatives, so banks can be more accessible.
Apps are More Convenient
Digital banking apps are much more convenient than online banking. Customers can do everything from their smartphones, so banking can be very easy.
Apps are Inexpensive for Banks
Building a digital banking app is much less expensive than building a website.
Apps Improve the User Experience
Digital banking apps will also provide customers with a more engaging and enjoyable experience.
Security is the Priority
At the same time, banks must ensure these apps are secure and equipped with the best security features. After all, customers will use these apps to access their financial accounts. If these apps have security issues, then customers could fall victim to cybercrime. Any banking app developed today should have, at the least, some combination of these security features.
Two-Factor Authentication
One of the best ways to ensure digital banking apps are secure is to require two-factor authentication. This means users will have to enter a code in addition to their username and password when logging in.
Strong Passwords
Strong passwords are also essential. Customers should use long, complex passwords that don’t contain any sensitive information. It should also require resetting passwords every 90 days to ensure that they are constantly changing.
Data Privacy
Banks must also put strong data privacy policies in place. They should only collect the data they need to serve their customers. They should also delete data once it’s no longer necessary.
Data Security
Banks must also protect the servers where their data is stored. They should use top-notch security features, like firewalls and malware protection. These safety measures should improve over time to keep up with industry standards as well. Data security tools are constantly updated to address new threats that could open security holes in existing technology.
Regular Updates
Finally, banks should also regularly update their digital banking apps. Changes to security and technology make it vital that banks continue to update their apps to keep up with the latest advancements. Falling behind could make the app vulnerable, and major data breaches have happened because companies have not been as diligent as needed.
Voice and Facial Recognition Are Essential
Banks are also building voice and facial recognition features into their digital banking apps. This will allow customers to log in and access their accounts simply by speaking or having their faces scanned.
Touch ID
Touch ID is another feature that’s become more common. This feature allows customers to log in using the fingerprint recognition feature on their devices.
Voice ID
Voice ID is another option. Customers can use apps like Alexa to log in. The only limitation to this technology is that it requires audio capabilities to work. It is primarily used on smart home devices and smartphones but can be used on any device with the ability to hear audio signals.
Face ID
Face ID is another feature. This feature will scan your face to log you into your account. It measures the features of your face to try to match with previous scans. Facial scans are difficult to fake, making a more secure option. It does require the ability to process video, so is limited to devices with camera access.
Chatbots Continue to Be a Staple of Digital Banking
Chatbots are automated programs that use artificial intelligence to respond to customers through messaging apps. Digital banking customers can message a chatbot to get information about their accounts and make transfers.
Enhanced Chatbots
Chatbots are now more intelligent than ever before. They can answer a wider range of questions and do more for customers. Chatbots are an efficient way for bank apps to funnel customers in the right direction, which can be difficult in a bank that has a lot of departments and staff members.
Voice Assistants
Chatbots will also be able to respond to customers through voice assistants like Amazon’s Alexa and Apple’s Siri.
Customer Service Chatbots
Banks will also use chatbots for customer service. These bots will be able to answer certain questions and direct customers to human representatives when necessary. They make it easier to deliver a higher level of customer service at all hours of the day, even when staff is not available.
Better Customer Experience
Chatbots are already revolutionizing the customer experience. As technology progresses, these bots will only get better. They can help customers find the information that they need rather than leaving them to find answers on their own. As useful as a knowledge base for customers can be, having chatbots that can manage the customer service process is better.
Key Takeaway
The banking industry has been one of the first industries to be disrupted by the digital transformation. Now, digital technology has become an essential part of everyday life. As a result, there are now many digital banking apps available to provide customers with easy access to financial accounts. These apps can help you manage your money more efficiently while keeping you connected at all times.
If your company wants to build an app, work with KitelyTech to get it done. At KitelyTech, we work with companies to build and improve on company apps. Call us at (800) 274-2908 get started on your project today.
