Rory Brown, Managing Partner of Nicklaus Brown & Co., Reveals How To Successfully Develop a Virtual Bank App
Let’s imagine for a moment that you were considering starting a virtual bank. To compete in this market, players need to offer a robust mobile banking app that lets customers take care of their banking needs quickly and securely. Here are a few things to keep in mind when developing your mobile app.
Know Your Target Audience
It’s important to determine which demographics are likely to be using your app and then determine what features they’re most interested in.
Knowing what features are most important to your userbase will allow you to roll out features incrementally, which gets your app to market faster. Your initial release would include key features and only those that your target market is most interested in. You can then add extra features over time.
Make Sure Your App is Convenient and User-Friendly
Mobile banking is, by definition, done on the go. So customers aren’t interested in pushing through menus or hunting for functionality. They want a banking app that’s intuitive, responsive, and that makes it fast and easy to get done whatever it is they’re trying to do.
Virtual bank app designers should make sure their app interfaces are clear, labeled well, and that they work exactly as people expect them to. If customers are working hard to accomplish something, then the app still needs refining.
Security is Critical
Customers will be relying on your app to keep their sensitive financial data, and their money, safe. Make absolutely certain your app integrates the latest security measures, strong encryption, and ideally two-factor authentication.
A few banking apps are including biometrics in their security arsenal, requiring a mobile device’s fingerprint scanner to log into the app. Remember that security protocols and practices change on a near-daily basis, so it’s imperative that the app stays up-to-date on relevant security changes.
Make Sure Support is Easy to Reach
One of the things that attract people to a virtual bank is the promise of convenient, 24/7 customer support. This isn’t something you generally find with brick and mortar institutions. So don’t bury your customer support links at the bottom of the app, or on some hidden screen. Make sure that, no matter where a customer is in the application, they can get to support with just a click or two.
Simple Yet Powerful
If there were one phrase that summed up what you’re after when designing a mobile banking app, it’s this: You need to cloak a powerful banking engine behind a simple, intuitive interface. Customers should be able to accomplish a lot by doing very little.
About: Mr. Rory Brown has focused on financial technology and investment management for 30+ years. Rory Brown is currently working on a new app that will help consumers navigate online banking. The app will connect clients with the best virtual banks in the world, where they can get comparisons on rates for home loans, auto loans, and more.