Things to Take into Account in 2022 When Creating a Mobile Banking App
Recent years have seen a significant expansion of digital banking services, particularly during the COVID-19 pandemic. By 2026, the global mobile banking market is anticipated to reach USD30 billion, according to ResearchAndMarkets.com. People use banking applications because they save time, avoid huge lines at the banks, and can complete all transactions without ever leaving their homes. You must put a lot of effort into the design of your financial app if you want to encourage users to utilize it.
Banking in the modern day must be practical. You’ll learn what factors to take into account when creating a mobile banking app in this post.
Perhaps the deciding factor in whether a bank customer decides to keep doing business with the bank or end it is a mobile banking application. You’ll learn what factors to take into account when creating a mobile banking app in this post.
In the current digital era, banking must also be precise, safe, and always accessible.
Customers of banks today demand and expect 24-hour access to banking services, as opposed to the traditional banking hours of 9 a.m. to 5 p.m., Monday through Friday, excluding holidays.
Why Is the Design of Finance Mobile Apps Important?
First of all, it should be mentioned that the design of a finance app involves more than just eye-catching colors and buttons. User interface (UI) and user experience (UX) are 2 of their components. While UI design takes care of concerns with the banking app’s appearance, UX design is in charge of the interface’s usability, navigation, and intuitiveness.
Effective UX/UI design enhances user experience, boosts competition, and draws in new users. According to Forrester, an effective user interface boosts conversion rates by more than 200%. If a user likes your financial mobile app, they’ll tell their friends and family about it. Additionally, studies reveal that 23% of clients who had a satisfying experience notified ten or more people about it. Because of this, UI/UX designers need invest in a Discovery Phase to understand your buyr personas, also create the user journeys basis their research, thus giving your project their whole attention.
The design of the finance mobile app is nuanced because it was developed based on user behavior and caters to their needs and desires. Fintech applications come in a variety of forms and are used to manage money, view invoices, and send payments. With a simple interface, they let you enhance and automate financial services.
Contrary to popular belief, financial apps are not monotonous and uninteresting. These products may have distinct target markets, which means that they will address various corporate needs and goals. For instance, if young people are the primary consumers of your service, they will value the option to pay with a fingerprint or FaceID, whereas the more traditional elder age will not share this sentiment.
Always keep in mind the design of your app in addition to new-gen features. Young people want finance mobile apps that seem contemporary and vibrant, therefore UI design is crucial.
Pay attention to design trends and don’t be scared to try new things. Older users who are accustomed to traditional applications would also prefer to utilize chic and appealing finance software. Your product will stand out from competing banking applications and draw in its target market thanks to a fresh, contemporary style.
Top 6 Design Principles for Personal Finance App Development
So what should you consider while creating the user interface for a banking app? We provide the following 6 essential criteria for the best mobile banking app design:
Minimalism and simplicity
Hick’s Law states that the more alternatives a user has and the more complicated they are, the longer it takes to decide between them. People become scared and remove the program as a result of a visually intimidating UI design. As a result, avoid overburdening them with extra features and complex functionality as this will lower user interest and result in fewer conversions than simpler analogs. Allow users of your financial software to complete transactions in as few easy steps as feasible.
It is annoying and confusing for the user when there are too many elements, ads, pop-ups, and animations. Reduced functionality can let your users decide more quickly and concentrate on carrying out the tasks for which they downloaded and installed the app. People can more easily recognize the interface’s essential components because of the straightforward and minimalist design, which also promotes natural and focused user engagement.
Responsiveness
Every financial app has a crucial component that designers should never forget. There are numerous numbers and other details in it. The creators of banking apps use a variety of data visualization tools to convert enormous amounts of data into clear and understandable graphs and tables because, as we all know, people don’t like to read huge sheets of text with numbers. Your product will be able to display them correctly on various screens, from a giant monitor to a smartphone, thanks to responsive design.
People these days prefer using smartphones and tablets because they are so convenient. They let you use a banking app and do transactions from any location, including your home, a public vehicle, the street, etc. Mobile users are leaving solutions that are not designed for tiny screen devices. To correctly display all the information you require on your finance app, responsiveness changes it to fit the screen size of your devices.
Color
To create an emotional connection between the user and the product, color is a crucial element of user interface design. According to studies, 60% of people’s decisions to use or remove an app are influenced by color. Numerous research and polls, in which marketers, designers, psychologists, sociologists, and other experts participated, revealed that various colors elicit the following associations in people:
White: innocence, purity, and order;
Purple: success, wisdom, and wealth;
Brown: reliability, earth, pragmatism, boredom;
Orange: enjoyment, warmth, warning, enthusiasm.
Green: health, order, money, nature;
Blue: professionalism, technology, innovation, serenity;
Red: strong emotions, hunger, energy;
Yellow: warmth and amiability; please, note that this color can quickly cause eye fatigue;
For instance, a lot of financial apps employ the color green, which many users equate with wealth and development. Blue and white are popular color choices for mobile banking app developers and designers. Bright hues will also enable you to liven up and spice up your financial app. By using color, you may differentiate and personalize your offering while also keeping it from being lost among a sea of rivals.
Successful financial apps like Revolut differentiate between currencies, options, and accounts using colors and color tints. Users can better see crucial text messages and understand instructions by using different grey scale colors. Contrarily, calls to action and alerts are displayed in vibrant pink. Kind of out of the ordinary, yes?
Consider the region and culture in which your future finance management software will be used when selecting a color. For instance, whereas purple is a hue associated with sadness in Thailand and Brazil, it is a color associated with piety, high society, and faith in Western cultures.
Regulations and Simplicity in Balance
Numerous regulatory standards for banking apps must be met. Users must, for instance, complete the Know Your Customer (KYC) process and supply other required personal information when enrolling. Even though we’ve already established that the interface should be easy to use and the registration procedure should be quick, there are situations when it’s not possible to meet these requirements because of legal restrictions. Users must submit their personal information, such as name, date of birth, phone number, residential address, and other details, which may extend the registration process.
Miller’s Law states that the average person can only hold 7 things in their short-term memory. The majority of consumers find it challenging to deal with numerous items. To enable the user to concentrate on a single job, UX/UI designers can divide the registration process into several parts. The lengthy registration process will become less tedious and bothersome as a result, and the user will be able to focus on the questions and answers.
Personalization
Because of the fierce competition in the banking app business, development firms are continuously coming up with new strategies to draw in and keep consumers. One such method is personalization. It aids designers and developers in foreseeing the requirements of a certain client.
89% clients of financial institutions base their decision on how well financial applications include tailored experiences, according to an Everfi survey. Therefore, financial app developers need to design the most user-friendly interface possible which puts lesser cognitive load on the users. In short, if your UX UI works hard, it makes it easier on the user while experiencing on the app.
For instance, they allow users to select a dark or light theme, modify the main page for their chores using the block selection feature and get to the needed items more quickly and add various bank accounts, social network accounts, and other accounts to their apps.
Security
Apps for banks deal with customers’ personal information. They must therefore safeguard personal information and guarantee secure financial transactions. Companies developing fintech applications must adhere to the security by design principle, test for all conceivable vulnerabilities, and put into practice tried-and-true safety precautions.
By removing numerous risks up front, the security by design philosophy increases the likelihood that your company will perform well financially and be successful in the marketplace. Apply methods like data encryption, SDL techniques, best development practices and standards, two-factor or multifactor authentication, and others for this goal.
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Unlocking new technology through the app
A banking app experience should be as frictionless as possible. Don’t just use your username and password to log in. Use modern tools like fingerprint unlock and facial recognition to avoid time-consuming log-in procedures by saving crucial seconds and minutes.
Banking Apps and India
People are transitioning from traditional banking to a more technologically advanced banking system as India’s financial systems change. The younger, tech-savvy generation is reluctant to wait in line at any congested Indian bank branch to carry out any straightforward operation. The Indian government is also pushing several policies and incentives to fully digitize the banking industry.
As an example, consider the implementation of the UPI payment system and IMPS for real-time money transfers, online address updates, ATM PIN generation, requests for chequebooks or ATM cards, etc. And you can accomplish anything from your smartphone, which is on the go.
Learn more about the mobile banking apps services and features from the examples shared below:
SBI YONO
SBI’s newest mobile banking service, YONO SBI, is an expansion of their reputable banking history that has given India safe digital goods like YONO Lite and SBI Net Banking. The app offers banking, shopping, bill payment, recharge, investing, IRCTC ticket booking, UPI money transfers, and movie ticket buying. All State Bank businesses, including credit cards, life insurance, general insurance, travel insurance, accident insurance, SIP, mutual funds, and investments, are simple to link to and view via the app. With YONO SBI, you can obtain pre-approved loans while on the go in under 2 minutes and without submitting any paperwork to the branch.
You can use this one-click feature to get an overdraft against fixed deposits if you need liquidity on the fly. Through YONO SBI, you can also request a chequebook, ATM cards, or debit cards, or use the emergency services to reset your ATM PIN, block your ATM cards, debit cards, or checks.
HDFC App
One of the greatest banking apps is the HDFC app, which gives users access to world-class features and services for all their financial needs. You may securely access your personal and corporate bank accounts at any time from the comfort of your phone. One integrated dashboard allows you to view your overall account balance in real-time as well as your fixed and recurring deposits, credit card payments, utility bills, and more. Through the app, you may quickly and simply pay your utility bills, DTH bills, electricity bills, gas bills, mobile bills, and recharge cards.
Customers can quickly email receipts over any platform after completing payments using the app, which also allows them to set up automated recurring monthly payments. Customers have the option to update their Aadhaar information, apply for loans, download e-TDS certificates, open savings accounts or credit cards, purchase and renew insurance, or purchase E-gift and Forex cards.
PNB One
The PNB ONE app is essentially a fusion of numerous banking operations that are provided through a single platform. One of the greatest banking applications is this all-in-one tool that lets you transfer money, invest in term deposits, manage debit and credit cards, and access a variety of additional premium services.
The application features an interactive user interface where the accounts are illustrated with a complete account statement view. Money can be sent and received through UPI. Through the app, you may recharge your phone and pay bills. Additionally, a PDF version of the account statement is available for offline use.
The Final Word
You can look more closely at some of the design trends for banking apps since they should be current and user-friendly. By using biometric authentication, for instance, you can boost the security of your product while relieving customers from the burden of creating, remembering, and entering complicated passwords. You can also pay attention to chatbots powered by AI and voice navigation. Because chatbots can respond to a variety of frequently asked inquiries, you may lessen the workload on your customer care staff.
The experts at Ikokas, a lead IT Solutions company specializing in new age sectirs like Fintech, Auto Tech, Health Tech and Edu Tech are here to assist you if you’d like to learn more about current trends or best practices in financial app design. Please visit our website or contact our mobile app development experts here for further information.
