Financial services firms are increasingly developing apps to target an expanding number of mobile users. According to Banc Alliance Consulting, there were more than 1 billion smartphones worldwide in 2014, and the use of smartphones is increasing at a rate of 20% per year. A significant portion of the market share has gone to Apple’s iPhone (47%) due to its relatively high price tag.
The financial mobile app market is not just for banks anymore. We’re seeing messaging platforms like Facebook Messenger, WhatsApp, WeChat, and Kick enter into financial transactions with their bots. Even Amazon launched a payments service last month. This trend can be expected to continue as consumers demand more functionality on their mobile devices.
In order to provide a seamless and high-quality experience, there are several things to keep in mind when designing a financial mobile app from financial app developers. Most importantly, the user experience should be simple and intuitive while also being secure enough to avoid any security breaches or data leaks. Users may have multiple accounts with various institutions that require different logins, so it is important to establish a consistent sign-in platform for all users. Finally, a well-designed app will allow users easy access to account balance information and transactional history through an easily accessible dashboard.
How can you ensure that your app provides a positive user experience?
- Make the sign-in process as easy as possible by offering a variety of options that include text, voice, face, or fingerprint recognition. Incorporate features like the ability to select from frequently used devices for account access and synchronization across multiple devices. These measures will save users time and resources while enhancing security with multi-factor authentication.
- The app should be designed for flexibility so that it can adapt to changes in user behavior and preferences. Incorporate into your product roadmap plans to address upcoming technological trends such as more biometric authentication choices and cross-device syncytia.
How do you design a secure financial mobile app?
- We have numerous recommendations from the New York Fed on how to handle payments and account information. The most important thing is to take advantage of all security features offered by the device, networks, and apps you’re using. These include password requirements, encryption for data in transit, firewalls, anti-virus software, and multi-factor authentication.
- While a single sign-in feature seems like a positive quality, users should resist any temptation to use their main email address as their username since this presents an avenue of attack if the password is compromised. While not exhaustive, this list from BankInfoSecurity provides some additional considerations for maintaining account security. You should consult financial institution regulatory guidance when developing an app since it is likely that the regulators will have specific requirements in this area.
How can you design an app with a user-friendly interface?
- Users should be able to easily access all of their account information including checking, savings, credit cards, loans, and investments through one login. An effective portfolio management system is important so users can see how transactions affect their finances in real-time. Any new features or changes to existing functionality should be clearly communicated to the user before they are active on the platform. Financial institutions are increasingly partnering with third-party developers to provide a wide array of user experiences.
- In order to make the best use of screen real estate, try choosing a design that allows for larger buttons and fewer inputs. The app should also be designed for larger screens since many users prefer handsets over tablets. If you choose to include a chat feature, ensure that it is not intrusive or disruptive by requiring users to take action before initiating a conversation.
What features should your financial mobile app contain?
- Your app should allow for account monitoring so users can see their balances and transactions at any time. Users have quick access to transactional history as well, so including a search function will enhance the user experience. For users who have trouble viewing small text, it is important to include an option for font resizing throughout all app menus and toolbars.
- To reduce the time lag between account updates, incorporate push notifications into your app design that let users know when transactions are initiated or completed. Alerts can notify users of low balances, significant changes in asset prices, or any other relevant information for which they want real-time alerts. These alerts should be presented in a way that does not distract from other tasks on the platform.
- The app should also provide calculators to determine monthly payments, savings goals, and other financial decisions. When choosing which features to incorporate, the most important thing is to provide an experience that will be beneficial for your users while keeping their security in mind.
How do you design a flexible financial mobile app?
- Users should be able to receive alerts about changes in account balances or transactions. If they wish to make a transaction, they should be able to seamlessly transfer funds from one account to another. In addition, users should have the option of customizing the appearance of their app through changing colors or fonts.
- It is also important for a user’s data and preferences to be stored in the cloud so they are not lost if they switch to a new mobile device. Having an option of storing this data also means that users won’t have to re-enter it every time they log into their account.
How do you design an app for security?
- To ensure adequate password protection, use a minimum 10 character password with at least one number, one symbol, and two capital letters. Once you have chosen your username and password, confirm them again to reduce the likelihood of typos causing user lockouts. Users should be able to register by phone without having to divulge any credit card information since this can give thieves access to their money. After the initial registration, users should receive an email to confirm that they are who they say they are before they can begin making transactions.
- Also, ensure that your app is protected with advanced anti-spoofing technology. This prevents scammers from logging on as a user without them knowing about it. Since this kind of cybercrime usually happens after hours or on weekends, you should also enable round-the-clock support so customers can be assisted no matter what time it is.
Many financial institutions are increasingly looking towards mobile apps to provide their customers with financial services. A well-designed iOS or Android finance application doesn’t just make it easier for users to monitor their accounts; it can also provide streamlined transactions and strengthen security. Now that you know the most important considerations in designing a financial mobile app, you are ready to go out into the world of app development.