HOW TO BUILD A DIGITAL BANKING APP LIKE RAK BANK?
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Digitizing life has greatly simplified our lives in a multitude of ways, and one of them is the banking system. A decade ago, you would go to your bank branch and wait in its long and never-ending queue to make basic transactions such as money exchanging, bill paying, or depositing the funds. It would take weeks or even months for some complicated transactions, like signing insurance contracts or investing money, to get executed. All of this is possible in this digital era with a finger tap–in the new mobile banking app.
Online Banking figures are staggering. Let's just take a quick look at some digital mobile banking stats in Great Britain:
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Nowadays, banks are recognizing customer needs and attempting to move online to digitize all of their operations. But they often suffer from bureaucracy in this transition phase and the job moves not as quickly as it should. For this reason, financial start-ups have been given a head start as they can quickly provide solutions for digital banking. Such startups now adopt the latest technology technologies and give their customers a seamless experience that the classic or mainstream banks can only dream of.
One such example is the digital banking platform RAKBANK. This is also listed as a Public Joint Stock Company by Ras Al Khaimah National Bank. It is among the most competitive banks in the UAE. Founded in 1976, this bank underwent a significant transition in 2001, with a shift in focus from corporate banking to corporate banking and personal banking.
We'll address how you can build an app like RAKBank in this blog and what is the cost and process of making this kind of application. Let's start with:
WHY YOU SHOULD BUILD A MOBILE BANKING APP
Let’s find some of the reasons why you should think of creating a FinTech or digital banking application
· The mobile traffic share is going at a rapid rate and it has grown up to 63.4% in the year 2019, which marks even a higher shift from desktop computers to smartphones;
· 36% of users consider mobile app banking as one of the most favorite activities, which means every 3rd person with a mobile phone in their hands is verifying transferring or depositing funds;
· Millennials tend to use smartphone applications frequently than other generations. If your services and solutions are geared towards the youth or younger generation, you should take a quick note of it.
· 33% of the present respondents admit that mobile app experience is one of the key reasons why they stay with their current bank. You can just imagine, it is one-third of your customers!
Let’s find some of the reasons why you should think of creating a FinTech or digital banking application
· The mobile traffic share is going at a rapid rate and it has grown up to 63.4% in the year 2019, which marks even a higher shift from desktop computers to smartphones;
· 36% of users consider mobile app banking as one of the most favorite activities, which means every 3rd person with a mobile phone in their hands is verifying transferring or depositing funds;
· Millennials tend to use smartphone applications frequently than other generations. If your services and solutions are geared towards the youth or younger generation, you should take a quick note of it.
· 33% of the present respondents admit that mobile app experience is one of the key reasons why they stay with their current bank. You can just imagine, it is one-third of your customers!
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TYPES OF DIGITAL BANKING SOLUTIONS
There are different types of digital banking, that can be created to succeed in the fintech industry. For instance:
Mobile banking– It allows users to manage their online banking accounts via mobile phones or tablets using a special application of banking. These types of mobile apps are available 24/7 to its users.
Client-banking– the PC-based banking service for corporate clients. The banking software solution is installed on the personal computer and opens access to the banking system, database, and allows its users to make payments.
Internet banking app– It works directly in a web browser and offers its users to manage all their accounts details online.
HOW CAN YOU START USING ONLINE BANKING?
The first and foremost thing you need is to open an account by concluding an online banking agreement. Upon signing these documents you will receive instructions on how to access your bank account online. Generally speaking, you need to enter account data such as password, name and digital banking keys that are usually given during a contract signing process. To protect your account, it is recommended that you use a 3-factor authorisation.
· Download the mobile application or open a banking website. Some of the banks have already created their own apps for Android and iOS, while some have a web app only.
· Sign in. In this next step, you’ll be asked to enter the personal data and the digital key.
· Completed the payment process. After successful registration, you can use all online banking functions.
· Seek support if necessary. Even if the bank does not have physical offices, there is always a support team at your disposal.
WHAT IS MOBILE-FIRST BANKING?
The first and foremost thing you need is to open an account by concluding an online banking agreement. Upon signing these documents you will receive instructions on how to access your bank account online. Generally speaking, you need to enter account data such as password, name and digital banking keys that are usually given during a contract signing process. To protect your account, it is recommended that you use a 3-factor authorisation.
· Download the mobile application or open a banking website. Some of the banks have already created their own apps for Android and iOS, while some have a web app only.
· Sign in. In this next step, you’ll be asked to enter the personal data and the digital key.
· Completed the payment process. After successful registration, you can use all online banking functions.
· Seek support if necessary. Even if the bank does not have physical offices, there is always a support team at your disposal.
WHAT IS MOBILE-FIRST BANKING?
Today, when there's no time for people to visit a bank to open an account, only mobile banking has arisen. Therefore, mobile banking does not only consist of of offline offices, reducing expenses like armed security, rent, trade, office equipment, etc. Mobile banking services are just a mobile application downloaded from the user's smartphone.
SOME COMMON FEATURES OF THE MOBILE BANKING APP
· Low-cost banking. As mentioned above, the mobile-first banks have lower expenses and therefore their service fees are also lower.
· Grace period. Some mobile banks provide their customers with a longer grace period to attract new customers.
· High deposit rates. In addition to a grace period, higher deposit rates are made to get more customers.
· Discounts. Mobile banks can only become partners with shops, bars, cinemas or any other service provider and offer discounts to their loyal customers. These mutual offers are both win-win.
Mobile-only banks may usually only represent people, as companies require complex legal documentation to operate with a bank. Owning those clients who use the App Bank only for their personal needs, however, has its own advantages. Only digital banking customers, for example, are more financially competent than traditional banking clients. Some studies have shown that people who use banking apps at least once a week know their money better than those who do not.
SOME COMMON FEATURES OF THE MOBILE BANKING APP
· Low-cost banking. As mentioned above, the mobile-first banks have lower expenses and therefore their service fees are also lower.
· Grace period. Some mobile banks provide their customers with a longer grace period to attract new customers.
· High deposit rates. In addition to a grace period, higher deposit rates are made to get more customers.
· Discounts. Mobile banks can only become partners with shops, bars, cinemas or any other service provider and offer discounts to their loyal customers. These mutual offers are both win-win.
Mobile-only banks may usually only represent people, as companies require complex legal documentation to operate with a bank. Owning those clients who use the App Bank only for their personal needs, however, has its own advantages. Only digital banking customers, for example, are more financially competent than traditional banking clients. Some studies have shown that people who use banking apps at least once a week know their money better than those who do not.
APP-ONLY BANK DEVELOPMENT TIPS
Developing the application software for mobile banking includes a reputable app development company backed by experts in financial technology. However, as an employer, you need to understand and be aware of this process, the rough plan for the creation of online banking mobile apps.
For this reason, some of the tips in banking applications we have compiled a shortlist:
Banking APIs. Whether you are building a mobile app for an existing bank or just want to run a new mobile banking program, you need to use the bank's APIs. In the first example, they are asked to open the mobile application and allow for the management of bank account. In another scenario, you should only familiarize yourself with mobile banking technology to create a secure and mobile banking app.
Security. This is the key and most important aspect of banking applications as users entrust their personal information and money to online banks. The mobile banking application has to meet all the guidelines of the local government and have all the requisite licenses. You may consider adding encryption and support for various electronic signatures & data code while thinking about some of the technical aspects of protection. Users should not be allowed to create weak passwords and use multi-factor authentication to log in to the network.
UX / Simple UI. While traditional or digital internet banking users are young people who are familiar with modern tips and technology, it is crucial that everyone understands the mobile app design.
Personalization. This can adjust your personal alerts, color scheme or guidance on personalized money management. New customers love the privacy feeling so let them.
Developing the application software for mobile banking includes a reputable app development company backed by experts in financial technology. However, as an employer, you need to understand and be aware of this process, the rough plan for the creation of online banking mobile apps.
For this reason, some of the tips in banking applications we have compiled a shortlist:
Banking APIs. Whether you are building a mobile app for an existing bank or just want to run a new mobile banking program, you need to use the bank's APIs. In the first example, they are asked to open the mobile application and allow for the management of bank account. In another scenario, you should only familiarize yourself with mobile banking technology to create a secure and mobile banking app.
Security. This is the key and most important aspect of banking applications as users entrust their personal information and money to online banks. The mobile banking application has to meet all the guidelines of the local government and have all the requisite licenses. You may consider adding encryption and support for various electronic signatures & data code while thinking about some of the technical aspects of protection. Users should not be allowed to create weak passwords and use multi-factor authentication to log in to the network.
UX / Simple UI. While traditional or digital internet banking users are young people who are familiar with modern tips and technology, it is crucial that everyone understands the mobile app design.
Personalization. This can adjust your personal alerts, color scheme or guidance on personalized money management. New customers love the privacy feeling so let them.
WHAT IS THE COST OF CREATING A DIGITAL BANKING APP?
In general, some of the basic mobile banking apps mentioned above operate at approximately $50,000 while some more sophisticated and enterprise-grade mobile banking apps work around the $150,000 mark. For the typical mobile banking program, math is split into about 120 hours of work per week, with an estimated development time of about 10 weeks. It brings you some full time developers of mobile apps, product management, some graphic artists and some studies.
As for the interface, iOS mobile apps are generally cheaper, so if you need an Android mobile banking app, it will be more costly because the mobile banking app will need to work with a wide range of advanced and framework models. Certainly, some major app development companies in Dubai may have similar products or applications that you can license or re-employ and they will give you a fresh start in the production of mobile apps. For example, you want the mobile app to pull data from the database, handle some banking issues or submit reminders about credit points. It's already planned and you'll only need to transfer it to your bank, reducing the cost of creating mobile apps by 50 per cent or more.
If you are an entrepreneur who wants to get an awesome business oriented Mobile App development in Dubai with advanced online business strategies, then you could touch with us.
Brill Mindz Technologies is a web & mobile app development company in Dubai that is trusted over mobile space by leading brands and established companies. We are the best company in the Dubai area in Android and iOS Apps Growth, and deliver mobile solutions that stand out in every way. We have the most professional app developers who work on scalable platforms to make mobile applications accessible across mobile devices, tablets, notebooks and desktops.
Contact us for more information:-
link:- http://brillmindz.ae/services/mobile-app-development-comapny-in-dubai/
ph:- +971 50 282 6592
email:- info@brillmindz.ae
In general, some of the basic mobile banking apps mentioned above operate at approximately $50,000 while some more sophisticated and enterprise-grade mobile banking apps work around the $150,000 mark. For the typical mobile banking program, math is split into about 120 hours of work per week, with an estimated development time of about 10 weeks. It brings you some full time developers of mobile apps, product management, some graphic artists and some studies.
As for the interface, iOS mobile apps are generally cheaper, so if you need an Android mobile banking app, it will be more costly because the mobile banking app will need to work with a wide range of advanced and framework models. Certainly, some major app development companies in Dubai may have similar products or applications that you can license or re-employ and they will give you a fresh start in the production of mobile apps. For example, you want the mobile app to pull data from the database, handle some banking issues or submit reminders about credit points. It's already planned and you'll only need to transfer it to your bank, reducing the cost of creating mobile apps by 50 per cent or more.
If you are an entrepreneur who wants to get an awesome business oriented Mobile App development in Dubai with advanced online business strategies, then you could touch with us.
Brill Mindz Technologies is a web & mobile app development company in Dubai that is trusted over mobile space by leading brands and established companies. We are the best company in the Dubai area in Android and iOS Apps Growth, and deliver mobile solutions that stand out in every way. We have the most professional app developers who work on scalable platforms to make mobile applications accessible across mobile devices, tablets, notebooks and desktops.
Contact us for more information:-
link:- http://brillmindz.ae/services/mobile-app-development-comapny-in-dubai/
ph:- +971 50 282 6592
email:- info@brillmindz.ae
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