As the financial industry continues to turn their sights towards the digital world, we begin to see greater demand for apps to assist in the transition process.
Consumers have begun to ask their financial institutions for online services, and it is quickly becoming the standard of the industry. Because of this, banks and financial companies are turning to software development teams to build them the next great banking app.
Apps like Monzo have taken the financial world by storm as they have established themselves as an independent financial institution that operates completely online. These apps and services have begun to rise in both popularity and demand as the ease of function they provide their clients is what the banking world is lacking. So how do you develop a Monzo like app?
With the right knowledge about what clients are looking for in a banking app, you too can create the next giant in the online financial world. Building banking apps can be simple as long as you understand the trends of the industry and the desires of clients. With the right expertise or development company at your side, creating the app will be simple.
Functions of a banking app
A banking app is different from an app for a bank. A banking app acts as its own financial institution with clients and accounts and payments. Essentially, if you’re looking to develop a banking app, you’ll want to make it as close to an online bank as possible by implementing many of the features that are already in place at banks – account hosting, withdrawal options, bill payments, customer support, etc.
One of the best features that an app like Monzo includes is the ability to spend money on other Monzo accounts. This promotes building a network of users who are each operating with your service – beneficial for both you and your clients. Another great feature to implement would be fee-free withdrawal. Taking your money out at an ATM shouldn’t cost you money and apps like Monzo are looking to change that.
One of the easiest ways to spend money via digital banking app is through services like Apple pay. This allows clients to spend their money directly from their phone without having to get money out before they go shopping. Many of the larger financial apps are implementing this feature to cope with the demand from clients for direct access to their money.
Benefits of digital banking
Ease of access is the biggest demand that banks are hearing from their clients. Consumers want access to their money wherever they go and don’t want to be tied down to where the closest bank is. If you’ve ever been out shopping and realize you don’t have any money in your spending account and need to transfer, you understand the demand for digital banking.
With online banking comes a new level of security. Financial institutions are a targeted spot for fraud and hacking, but software developers have worked to create a nearly impossible to breach solution with their apps and services.
