In the pre-digital era, if a bank had a luxurious office, it tended to be successful. But nowadays, nobody cares about how luxurious your office is; everyone needs their comfort zone. Moreover, modern customers are tech-savvy, and they don't want to wait in a queue for a long time. So, you should reach out to a banking app development company and get your mobile banking app developed for the solution.
Indeed, many people started working from home and used mobile banking applications for the first time. This proves that due to the coronavirus pandemic, user adoption of mobile banking has grown firmly.
According to research by Forbes, a 200% hike in the use of mobile banking apps has been witnessed. After observing this hike, it becomes necessary for banking institutions to develop their own banking app via the best suitable mobile banking app development company.
Now you know why you should have your banking app developed, but getting your app development done perfectly is a significant part. Because ample development companies are available in today's market, selecting the ideal banking app development company becomes hard. For helping you in this selection process, I've discussed several aspects of selecting the right banking application development company.
Prime Questions To Ask While Selecting Banking App Development Company
1. How Much Time Will It Take To Build a Mobile Banking App?
This question is very important before commencing the development of mobile banking app. This is why it is important to know the estimated time the banking app developers will take. The reason behind this is because there are so many stages like:
- Writing a project brief
- Designing a wireframe
- Researching
- Discussing your ideas with the developers
- Development process
- Prototyping
- Deployment, and many more
As a result, you can plan the launching of your app accordingly. Also, you can think about post-launch support and further continuous improvement.
Pro Tip: But, of course, time also depends on the complexity of your app.
2) Ask Them How Will They Insure Security Standards
Indeed, security is the most important part of the development of mobile banking apps. If your app is related to the FinTech industry, your customers tend to make monetary transactions through it. Therefore, it can easily attract cyber-criminals or hackers. This is why it is essential to ensure that the company you select for banking app development services clearly understands FinTech regulatory compliance to optimize your banking app security.
3) Ask for Relevant Work Samples
It is always important to ask the company for relevant work samples or look for any case studies on the development company’s website. Mobile banking app development gets more complex, considering banking as the most sensitive industry because it deals with confidential information that includes financial records.
Therefore, it is important to review its portfolio before selecting the ideal banking app development company. Thus, always choose companies with experience working with the same technology and domain you need for your banking mobile app development. Also, keep in mind that only checking a regular portfolio is not enough to outsource your project. The best approach for this is to ensure that your development partner must have a dedicated team of banking app developers with good experience.
4) Seek For Effective Collaboration With the Banking App Development Company
You need to have a strong partnership with the mobile banking app developers to enable effective communication with each other. As we all know, an authentic collaboration consists of unquantifiable qualities like innovative and creative vision, communication styles, and strategies. Your development approach must have these qualities to ensure the success of your project.
Furthermore, you should approach the mobile banking app development company with a clear vision of your goals for the app to ensure an authentic collaboration. You should also ask some questions to your development partner that focus on how they will bring your app idea to life. Finally, after asking all these questions, be ready to address various questions that may also come from the mobile app developers
Some More Mandatory Questions To Ask
- What will be the cost of banking app development?
- What development process your development partner will follow?
- How does their team approach project planning?
- How do they make sure quality deliverables?
- How will they manage the project?
- What are the particular methodologies or ways they follow for your banking app development process?
- What will be their team composition?
- Which platform will they opt for an android app, or iOS app, or a hybrid app?
- How often would the app require updates?
- How will they submit your app after development to the store?
FinTech Trends for 2021
1.SaaS
SaaS, aka Software as a Services, are technology solutions that use cloud-based technologies to help banks and FinTech companies provide mobile app security and meet regulatory demands. The SaaS model in FinTech enables companies to access and use all cloud-based FinTech applications without purchasing them. SaaS brings top opportunities for Banking App Development like:
- Improved Operational Control
- Higher Agility
- Higher Level of Security
- Real-Time Data Backups
- Data Analysis For Business Growth
- Cost Savings
2. Chatbots
According to Gartner, by 2021, Artificial Intelligence (AI) will be mainstream in CX (customer experience) investments. Around 40% to 45% will deploy virtual assistants, and approximately 47% of organizations will use chatbots for customer care. Indeed, quick complaint handling enhances the experience of personal banking significantly. In addition, Chatbots offer a conversational interface that customers like and provide 24*7 services for customers.
3. Blockchain
Blockchain will continue to disrupt financial services and ensure data security. For example, in banking and investment applications, this technology enables new streams of currencies (id est cryptocurrencies) and safeguards banking transactions and data from thieves. Indeed, blockchain will solve bank institutions’ challenges to help customers with safer payment transactions.
Conclusion
This article has mentioned some key questions you should ask while selecting the ideal mobile banking app development company. If they satisfy all requirements you need in your app, you can hire them and get your app development done. Also, you should ask the development company about their previous work on FinTech development. If they have developed FinTech apps before, you’re good to go with them. In addition, request a proposal from a few different mobile app developers and then decide the best one amongst them.
Indeed, FinTech App Development is very beneficial for your business growth, but it depends on the company you select for app development. So, always ask the questions mentioned above so that your app development goes in the right hands.
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