From Siri in the phone to Netflix recommendations on Smart TV, the Artificial Intelligence technology is revolutionizing our lives. It has become the hottest technology of the present time. Every small to medium businesses- from food chains to personal fitness centers are employing this technology to reap higher benefits. And finance industry is not at all lagging behind. Finance companies are also hiring the top mobile app developers to invest in this technology and enjoy its perks. Before we begin to delve the benefits of Artificial Intelligence in Finance and Banking sector, let’s have a quick recap of what is it all about.
Artificial Intelligence (AI) is a fusion of three state-of-the-art technology, namely Machine Learning, Natural Language Processing (NLP), and Cognitive Computing. The main idea behind this technology is to mimic the human intelligence and provide better communication between the humans & machines.
Artificial Intelligence Technology & Banking Mobile Apps
In the war of gaining a competitive edge in the marketplace, it is quite tough to rely completely on humans. The humans have a limit to the speed with which they do any task. They can’t act with the speed of light to deliver an impressive experience to multiple users at the same time. However, human intelligence machine can do this. And this is the prime reason they are gaining such a huge traction in the market.
Following are some of the benefits finance and banking industry is enjoying with the help of AI:
Customer Support
The banking sector is adopting the AI technology to enhance its support system and offer better value to users. The AI-based customer service Chatbots are imitating the human interactions and providing them desirable information/result in no time. This feature is helping users with relevant information and in tasks like recovering passwords. This way, it is cutting down the workload of financial specialists, empowering them to focus on more crucial tasks.
“Artificial Intelligence allows us to offer an experience that doesn’t require our customers to go through several pages on our website; they can easily get the information through simple conversations. This is a great time-saving convenience for busy users who are already using Messenger.”
– Steve Ellis, Head of Wells Fargo’s Innovation Group
Fraud Detection Technology
Fraud detection is one of the key areas excelled by Finance world with the implementation of Artificial Intelligence. The AI equipped apps easily identify the fraudulent activities and alert the customers. It also helps payment providers and retailers in examining and securing financial activities in connection with their firms.
Financial Planning
The Artificial Intelligence plays a significant role in assisting the users to choose the right plan for them. Using the data from the past activities of the users and offers from banks such as credit card plans, investment policies, funds, etc., the AI-enabled mobile applications are offering the most optimal recommendations to the users.
This feature is the core factor behind the revenue growth in the major banks and so, is highly in demand by many other entrepreneurs. If you are also in the finance business, reach to the top mobile application development companies today!
Automated Transaction
The users love automation and the opportunity of running timeline crucial tasks. Because of the same, the AI-based applications are ruling the industry. At Anteelo, our adept mobile app developers have built various projects based on automated functionalities.
Personalized Remainder
Various finance companies are implementing the AI based personalized reminders into their mobile apps. Just like an alarm clock, these reminders remain active for a certain period of time to enable users to perform a particular task on time. This feature is helping the users in renewing their policies and other such financial transactions before the time passes.
Wrapping Up!
Artificial Intelligence is heavily influencing the market, especially the finance industry. The industry’s leading giants have already begun to enjoy its benefits, setting a new stage of the competition. If you are a finance or banking corporation, it’s high time to hire the best mobile app developersand get your own AI-integrated app. Otherwise, you might find difficult to remain on the apex of the market.
A massive percentage of the finance sector is willingly switching to mobile banking. But how much does mobile banking app development cost?
Irrespective of how slow we call the adoption of technology in the finance sector, there is one transformational event that can not be ignored – a massive percentage of people willingly switching from desktop and branch-visiting banking to mobile banking.
Mobile banking apps have today become one of the primary ways in which people log on to their bank accounts and perform transactions. The attraction towards mobile banking is so high and prominent that banks, across size and geographical locations, are not just expanding into the online banking app development offering but are also looking for ways to make them new-gen technology-rich.
In this article, we are going to deep dive into the different facets of banking application development and the feature-sets that come together to define how much does it costs to create a mobile banking app.
A Peek Into the Mobile Banking App Market
The ease that banking apps come with – real-time access of account information, ease in transactions, card-less ATM withdrawals, etc – has led to the fact that every bank now comes with their own banking applications.
But does it mean that the time for entrepreneurs to join the bandwagon has passed? No!
There are a number of statistics that validate the need for a mobile banking application. Here are some prominent ones –
In a decade’s time, mobile banking apps have taken over the combined user count of internet banking, branch-visit banking, and telephone banking. We can only imagine how big the market will be in the years to come.
The Top Players That Every Mobile Banking App Development Company Looks Up To
The experience that these brands offer has played a massive role in increasing the adoption of mobile banking apps in the industry by showing the users that the process can be extremely seamless and automated.
Another factor that helps these applications become revolutionary is the feature-set that they come with.
Let us look into some of those features.
Must-Have Features of Banking App
There are a number of features that come together to define a well-strategized mobile banking app creation process. In order to get an idea of which is the best one, it can be helpful to look into the reasons why people use banking applications in the first place.
While the image gives a good idea of the kind of features that must be considered when you are looking for answers on how to develop an online banking application, let us reinstate the primary features.
1. App access
Like a majority of applications, a banking application also starts with authorization and registration. The sign-in option in the banking application should be simple but also highly secure. There are two options that brands generally follow when building a banking app – PIN entry and Fingerprint. A multi-factor authentication system can help secure the application to a great extent.
2. Account information
You should enable the users to access their bank account information – account number, balance, card number, name, etc. There are a number of success stories that highlight the need of showcasing the feature of checking balance and other information in the first screen that opens when the user logs in. However, even if it goes differently than your plan, at least make the sections easily accessible for the users.
3. Payment and transfer
The next must-have feature of a banking application would be the ability to make real-time payments and transfers. There should be a specific section for the transfer activities containing the ability to add beneficiaries, view account balance pre and post-transfer, etc.
At the payment stage as well, you should ask the users to put in their password/PIN or fingerprint to allow money transfer.
4. Transactions history
Another primary feature of a banking application is real-time transaction history. On a usual note, you should give your users the feasibility of viewing their transaction history for the period that they want, i.e custom date setting.
5. Push Notifications
A well-thought-of push notification strategy can not just help you retain your customers but also increase the engagement levels in your application.
Generally, push notifications are divided into three parts:
Transaction-based – notify users of everything related to their bank accounts
Promotion-based – inform the users about offers, discounts, and deals
Application-based – document submission or password change request
6. Bank and ATM locations
It is one of the most convenient features present in a banking application. You should integrate Apple or Google Maps in the application to help guide the users to the nearby bank locations and ATMs.
7. In-app chat
There are a number of ways chatbots make banking better. The number one is making banking accessible to the users on a 24*7 mode. A securely devised chatbot can help keep updated with their account details, check if x amount was credited from their accounts, etc.
While these are the must-have features that define how to build a banking mobile app, there are a number of advanced features that can elevate the returns on mobile banking development services investment. They can be – regular payments, QR scan, integration of third-party services like investment portals, hotel or travel booking options within the app, etc.
Now that we have looked at the must-have feature sets of banking applications, let us get to the point where we look into the cost of banking application development.
How Much Does it Cost to Develop a Banking App?
The banking app development cost is dependent on a number of factors. Here are the top ones –
1. Features
Mobile banking app feature-set is the first thing that contributes to the development cost estimate. The more advanced the features, the greater would be the development cost. For example, the more you move away from a standard mobile banking app and gravitate towards the integration of Blockchain for IoT in the application, the higher would be the overall cost range.
2. App design
There are a number of information present inside a banking mobile application – account information, money transfer details, customer service information, an active chatbot, etc. It is very easy to create a design which tries to add all the information in place. But what is needed and appreciated is minimalistic design – something that carries its own place in the mobile app design cost list.
3. Technology Integration
The other key factor that has a direct impact on the banking app development cost is technology integration. While we do suggest adding new-gen technologies like AI or Blockchain to future-proof your banking applications, it can increase the development cost to a great extent.
4. Location of the agency
The last element is the location of the agency. As you move from East to West, the cost of app development increases. The average hourly rate of mobile banking app developers in the US is usually in the $100 to $120 range, while in India it can be anywhere between $60 to $80.
All the elements come together to define the cost of banking application development. If you are looking for a numeric value, share your idea with our banking software experts. They’ll help you validate your app idea while giving you a costing estimate.
While you are working on your banking application idea, keep the banking trends into consideration which would help make your app 2021 ready.
Mobile Banking Development Trends That Will Rule 2021-22
ATM connectivity
Innovations in QR code scans and near-field communication technology will help customers manage their ATM transactions without fumbling to find their debit cards, while saving them from entering passwords in a public setup.
Voice commands
Voice technology will find itself getting adopted by the banking sector by a greater extent. Users will now be able to check their bank balance or transfer money to people in their contacts simply by initiating a voice request.
Greater integration of AI
This year will see a number of innovative use cases of AI in the payment & banking sector. Right from fraud detection to establishing a 24*7 connectivity between users and banks, AI and Machine Learning will be integrated by the banking institutions to a great extent.
Improved app security
Although the banking sector is still one of the most secure sectors, 2021 will see it become unhackable. Here are a few elements that we will be adding in the banking applications to make them breach-proof:
Multi-factor authentication system
End-to-end encryption
Fingerprint authentication
Real-time alerts
Incorporation of AI to identify fraud instances, etc.
At this point, you have all the information needed to initiate a mobile banking application and the factors that will help you get an estimate on the project. The next step? Find a team of developers who can help you with the project. We are one of them.
