Banking is one of the largest and most dynamic service providers globally. With the world moving towards technological advancements, the banking industry is not left behind.
Unlike earlier, customers now have the privilege of having digital banking solutions to transfer funds, open accounts, and check balances at their fingertips. Smartphones and mobile banking apps have changed the face of banking altogether.
Today, banking and financial applications are among the top five categories of regularly used apps. Consumers now don’t need to access a computer system or go to the bank premises to go through their accounts; they can do it all virtually, on the go. Waiting in lines or taking time to visit a particular bank branch is now old news! However, despite the many benefits of mobile banking apps, several distinct challenges can hamper fintech solutions. An experienced app development company needs to be mindful of these challenges when working on mobile banking app development.
The two most significant issues with financial and mobile banking apps that users experience are app freezing and a dropped internet connection. Next in line is the inability of apps to display transaction details or to connect with a customer service executive directly. If we were to categorize the problems into three broader domains, they were related to accounting management, reward management, and problem searching.
Challenge to Maintaining Data Security
Fraud is the bugbear of banking and finance. As with the number of smartphone users, so do the opportunities for fraudsters. A McAfee survey suggests that mobile threats are steadily growing by 40% with the rise in online banking. One such Trojan is the infamous ‘Faketoken,’ which overlays a fake UI and can even steal SMS codes sent to second-factor authentication users.
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Maintaining security is one of the crucial challenges for app development services. Cybercriminals must ascertain personal information to break into your account and take away your treasure! It becomes all the more dangerous if you are on more than one online platform.
Another essential factor to note here about mobile banking and data security is user behavior. An ACI report found that more than half of consumers show risky behavior and don’t understand fraud-related risks.
A survey also found that 74% of organizations implementing second-factor authentication had several complaints from their clientele. Because of the user experience and review, many mobile banking applications do not have second-factor authentication even while doing transactions.
How to Fix the Challenges of Mobile Banking and Security
The banking community needs to be more specific and aware of the measures they need to take to fix data security challenges. A recent report from Accenture concludes that multi-factor authentication makes iOS app development (banking) way more secure by reducing the exposure to account takeover and other theft-related crimes.
Along with that, banking institutions must also take care of the customer experience. It would help if you found an intelligent balance between security and user experience to serve the purpose. The use of biometrics is the answer. It takes behavioral multi-factor authentication to a new level – ensuring safety and maintaining a pleasant user experience.
Challenge of Time
Using banking and finance apps is almost always subject to time constraints. A consumer cannot use the mobile banking app for too long or stay on it without using it for too long since it increases the chances of fraudulent transactions. Customers rely on banking apps to accomplish many critical and time-sensitive tasks. These apps need to be compliant with user tasks and behavior.
According to recent studies, more than 70% of users experience frustration with one or the other mobile banking apps because they cannot complete their goals in time. When these problems are perpetually occurring, users generally opt-out or uninstall the app altogether.
How to Fix the Challenge of Time
When it comes to banking and financial apps, it becomes crucial to ensure that the user completes all its essential tasks in time. A mobile app development company must find the right balance between screen times and enhance the transaction times in banking apps. These are two significant enhancements you can make in your banking app.
Challenge of Problem Resolution
When mobile banking app users experience a problem within an app, 9% of users give up, while 35% seek help, and the other 23% temporarily give up but try to seek help later. Out of those trying to seek help, most users try to speak directly to the customer care executive. A range of obstacles prevents them from finding the support they need, ending in a dead-end experience.
A wide range of causes for dead-end problems were identified. The most common of them was user calls being dropped or disconnected or users merely hanging up while waiting on hold because of the long wait time. Another 27.6% are stuck with customer care executives lacking the knowledge or authority to help.
Fixing the Dead End Experience for Users
While trying to solve users’ problems through customer care executives, banking officials need to create an efficient ‘Conversation Bridge’ or a live customer service connection. One of the largest banks in Israel has a network of branches and offers an extensive range of commercial banking services. It works efficiently for customers to monitor their banking activity, make account changes, and access customer services without waiting on hold or repeating account information.
The Conversation Bridge uses intelligent business rules to change users’ callback options. An experienced app development company can use web services, application templates, and call flows, making it easy to work with the conversion bridge platform. An application program interface (API) provides additional development flexibility when needed. All in all, valuing user experience and understanding customer behavior is crucial to solving banking app problems.
The use of digital banking solutions is yet to rise, which is why it’s likely to enhance the mobile banking experience altogether. So partnering with a top fintech app development service ensures result-driven digital transformation for your business. It is crucial for business leaders to address mobile banking app problems and figure out how to fix them. As a renowned fintech development company, we hope we were able to address these issues for you and provide you with an efficient solution.
