Mobile-only Banking Steadily Gains Momentum Among the Connected

Has it ever happened to you that you were out of cash and the only thing you had was a cell phone? Well, I have recently found myself in such situation. And I have paid for some services with my banking app. And at that moment I appreciated mobile banking to the fullest.

Many of us hate going to a bank to pay bills, right? Lately, online banking picks up steam because you can do payments 24/7, without queues and slow managers. So what is mobile banking, how to benefit from banking app development and what influences the cost for an app? We are going to tell you now!

What is online banking and what is so great about it?

Basically, it is the same as in a bank, but in your cell phone or a laptop! You can do the following things:

• pay your utilities
• transfer money
• top up credit
• check bank card balance and more

But before being able to do all that, you need to show up in a bank at least once to conclude a contract and get all the credentials to enter your account online, on a website or via an app. After that, all you need is your login, a password and access to the internet.

But is it possible to never go to a bank, just download a software, register and start using banking services? Sure it is! And this is pure online banking which has blown up the market and it’s a no-brainer why it is acquiring so many customers, especially among millennials – your bank is in your pocket!

Why mobile banking is so popular

Mobile phones have influenced all spheres of our lives, including financial one. Surveys say that in 2016 51% of mobile phone owners in the USA were expected to use mobile banking. And you can be absolutely sure that the number continues growing.

As it was mentioned above, people try to avoid visiting a bank as much as they can because of lack of time, slow service, and many other reasons. But banks themselves also benefit, providing their customers with better remote services. The most obvious reasons are:

• savings on staff and rent
• savings on most of the banking equipment
• the easier management process
• encashment

So, both sides can gain in this situation.

The advantages and disadvantages of mobile-only banking

Except saving time, as clients we can get more profit, using mobile-only banking apps as:

• сheaper loans
• longer grace period
• more attractive deposit rates
• numerous discount programs in buying goods and services

All these became possible mainly because of 2 reasons: banks can save with remote services and want to attract new clients who don’t have much trust in new technologies yet.
But everything in the world has its dark side. And the main disadvantages are:

• Cash withdrawal fees – yes, you will be charged if you need to get cash. So, consider whether you really need to pay with cash or not.
• Paid account – you may first register and use the service for free, but in a year or so you will be able to use the account on a paying basis only. However, the access fee shouldn’t be high.

Anyway, as we see, the pros overweight the cons and the service is equally beneficial for both clients and banks. And now we will cover the main components which can help your mobile-only banking app bloom.

Components of a qualitative mobile-only banking app

It’s not easy to create a safe and easy-to-use banking app. Your future prospects will entrust their money and personal data to your app, so you should find a highly professional team of developers to do the job.

So what is needed to get a decent mobile-only banking application:

• Certified APIs
• The best and the newest security techniques
• Sandbox environment for safe development and testing process
• Intuitive yet attractive UX/UI design is very important – don’t clutter your app, make it clear to use for people of all ages and professions
• Test your app thoroughly – it should perform perfectly on any device with any OS
• Get a financial license from your government – this is the final stage to bring your app to life

Mobile-only banking is one of the hottest FinTech trends for today. The world goes virtual and the industries revolutionize. People appreciate remote and online services more and more day by day. So, if you are interested in creating a mobile-only banking app and need a detailed consultation, our developers are always ready to help!