(Newswire.net — June 24, 2021) — Digitalization has become the main trend in the development of any sector of the economy. The banking sector is no exception. A modern user today needs a bank that will provide a range of services and services that can help in solving most of the issues related to managing their own finances. This is your chance to create a trending mobile banking application. Focusing on meeting the possible future needs of the client is generally ideal. If you anticipate the user’s desires, which he did not have before, he will not even think about changing the application. And the developer will receive his percentage of advertising or the number of downloads (depending on the company’s policy).
How to be in demand?
General trends are the same in all regions. Everywhere you need convenient, smart, fast, and intuitive applications. The differences are due to legislative nuances rather than different needs. If you want to learn more about the implementation of your idea, write to the specialist at https://diceus.com/industry/banking/mobile-banking/.
For example, Revolut mobile banking has been developing for several years in Europe. You connect a bank account to it, and the system helps you to save and increase money in a smart way – to invest, for example. The bank allows you to manage money with any service that the client has approved. So in the European Union. In other regions, different laws apply.
Is there a chance for fintech startups?
The development of fintech startups is different from other industries. Diceus specialists will help you not only evaluate your idea in terms of technology but also advise on the relevance and implementation of innovations. Unique solutions are appreciated more and more, but it is important to correctly assess the niche rules and determine the target audience.
You should understand that the development of the fintech industry is determined and limited by the regulator and large banks. Financial organizations often order development from trusted vendors, even if its cost is much higher than the same service from a startup. As a result, a startup needs to be offered something special in order to get into the bank’s system.
Projects that cannot do without the participation of IT startups
It can be noted that even large participants in the financial market have an interest in cooperating with startups in complex highly specialized areas. It can be:
- Solutions for automation and robotization of communications with clients and internal processes;
- Online marketing tools;
- Cybersecurity solutions;
- Anti-fraud systems.
Let’s note one more feature of mobile banking
Previously, solutions in the B2B sector were more in demand. They paid better and the projects were longer. The teams continued to make money from technical support after the successful release of the product. Now the situation is gradually changing. The largest American and European fintech startups create services for individuals. This trend is gradually spreading to other countries.
What will open banking change in mobile applications?
The development of the concept of open banking is changing the mobile applications of banks.
- First, the arrival of neobanks forced traditional banks to seriously redesign their mobile applications, improving the interface and adding new features.
- Second, banking service ecosystems are emerging. They require a lot of revision or even a complete redesign of the mobile application. From a technical point of view, an ecosystem can be implemented in two ways. Partner services are third-party applications linked to the banking unified infrastructure through an open API. Super applications are services integrated directly into the banking application. They have end-to-end authorization.
- Thirdly, all banks are required to implement the Fast Payment System in the mobile application. System implementation is a complex process with a huge number of regulatory requirements.
Whatever solution you want to implement, be sure to find a contractor with similar cases. This will ensure that the development team understands your objectives and has the necessary technical skills.