Developing a Mobile App for the banking industry is a serious undertaking. It can be challenging to take security constraints and all the different technologies into consideration. Features including cybersecurity, online payment solutions authentication, UX/UI, and many others must integrate seamlessly for a banking app to be both functional and competitive.
With the increasing number of smartphone users, banking apps are gaining popularity in an instant. The sudden rise in people opting for virtual wallets and virtual money resulted in the banking app transactions going up by 57% with more than 30 customer transactions. On the other hand, there are multiple setbacks of mobile banking. The primary one being, security breach.
Now that more and more banks are investing in security, it’s time we look into the future of banking, before moving further, here are some interesting facts and figures about mobile banking apps:
Fact 1. Mobile banking is defined as a financial activity carried out using an app.
Fact 2. It was the year 2018 when mobile banking apps overshadowed banking through websites. Experts had earlier predicted that the revolution would not occur until 2020.
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Fact 3. According to YouGo Survey, 53% of bank customers in the UK conduct most of their banking activities through mobile apps. The rest of the 48% believe in desktop banking websites more than anything else.
Fact 4. Early forms of mobile banking involved text messages and later WAP (Wireless Application Protocol) technology.
Fact 5. A bank offered the first WAP banking service in Norway in the year 1999.
Fact 6. In May 2011, the Royal Bank of Scotland launched the world’s first fully functional banking app. It was initially available only on Apple devices but soon was made compatible with BlackBerry and Android users. Also, in the first six months, over a million users signed up to the free service.
Fact 7. Fintech and Challenger banks, which only exist in the form of apps, have struggled to penetrate the market. Only 8% of banking customers use these apps in the UK.
Fact 8. Apple’s operating system is the most popular platform for users to engage with mobile apps. Over 82% of iPhone users conduct their daily activities through these apps, followed by 61% Android users and 39% others.
Fact 9. According to a Pew Research Center report, only 52% of Americans use two-factor authentication, and a quarter uses simple, non-secure passwords.
Fact 10. Almost one-quarter (23%) of bankers in the UK are not comfortable using mobile banking apps and cite security as a major concern.
A successful mobile banking app developer needs to stay updated with the latest key trends that work for such a dynamic market. Analysing these interesting facts and noticing a consumer pattern is something that you should be focusing on. In all, effectively managing mobile banking data and ensuring security in your app will make the users come back for more.