Development of Internet Banking: All You Need to Know for Creating a Powerful Business Tool
According to recent studies, the development of internet banking and other innovative channels in this niche has a significant and positive impact on increasing the market share. Internet banking, mobile solutions, ATM, and POS development has become an important part of everyday life, making payments faster and easier than ever.
Due to user-friendliness and time economy, digital banking services are gaining more and more popularity among users of different ages.
How to attract the users and make your own internet banking service stand out among competitors?
At Surf, we have been working with startups and large companies, including world-famous banks, since 2011. Our portfolio includes successful cases when we created online services, customer and employee management systems, mobile apps tailored to the business needs, and more. In the article, we’ll discuss challenges of internet banking development and highlight to you the top features for today.
Development of internet banking and its benefits
In recent years, the development of internet banking has come a long way. Having realized the potential of the internet as a delivery channel for their services, banks have invested heavily in developing their own platforms.
- For them, internet banking provides a cost-effective way to reach a large number of customers. With an opportunity to cross-sell the products and services to a wider audience, banks spend less time and money on reaching customers and answering their numerous questions and requests.
- For customers, it offers a fast, convenient and secure way to manage their finances efficiently, having a greater sense of control over their finances than ever before. People can conduct transactions and access banking services from anywhere in the world. They can check their account balances and transactions, transfer funds between accounts, and pay bills online 24 hours a day, 7 days a week. Besides, they get an opportunity with a couple of clicks to compare products and services offered by different banks.
The Surf team has recently developed a banking app. Our Client is a member of Y Combinator startups, and the company is currently worth about $100 million. Together with the Client’s team, we built an innovative service to promote banking services in Pakistan and make digital payments accessible for people around the country. Read the case studies to learn more about the challenges and solutions we implemented for the project.
Internet banking will continue to evolve as technology advances. So, it is likely that we will see even more benefits for both banks and their customers in the future. Now, let’s focus on the top services that can be implemented today to attract and retain millions of users making their finance-related activities easier.
Services available with internet banking
Bill payment services. Online bill payment services are essential for internet banking. Thanks to it, users can view and pay all their bills in one place. Moreover, there’s no need to worry about regular payments—their amount can be automatically deducted from an account each month to help users avoid late payments.
Fund transfer. Users need a few minutes to transfer money to another account. It’s enough to enter the sum of money to transfer and the recipient’s account number.
Credit card management. The service offers users a great way to keep track of spending, make payments, and view an account history.
Railway pass services. Users can book their train tickets in advance, instead of queuing at the station. With internet banking, they buy other rail products and services, such as travel cards. For those who travel by train regularly, then railway pass services are especially attractive. Being easy to use, they help people save a lot of money in the long run.
Investing. Digital banking is used to invest in stocks, mutual funds, and other securities. Regular investments can be automatized so that users won’t have to spend their time on the operations.
Recharging the prepaid phone. Thanks to this service, a user’s prepaid account can be credited with the selected amount of money. It’s extremely fast and easy.
Online shopping. Users create virtual banking cards to pay for the goods online in a secure way, and it makes online shopping much more enjoyable for them.
Features to be added in 2023
To dive deeper into solutions for a great user experience, let’s review some top-notch functionality to implement while creating internet banking.
Offering numerous benefits to businesses and their customers, internet banking services, especially new ones, face some challenges. Let’s take a closer look at them.
Challenges typical for new internet banking services
Lack of trust. If you launch an internet banking service, prepare to win users who are reluctant to try it for the first time. Many users have doubts about the reasons to trust a new technology or service.
So, business owners should think carefully about how to warm the audience up before launching their new products.
Complicated interface. Creating an interface, a professional designer team will pay much attention to navigation logic and simplicity. The less time a user needs to understand how it works and do a planned financial operation, the more likely they are to come back and recommend a service to their family and friends.
A brief onboarding is one more step to success. Pre-warning about typical difficulties a user will encounter while navigating, and explanations about service functions will help you gain a good reputation among your grateful audience.
✅ To learn more about UX/UI in banking app development, read the article written by our UX designers.
Security fraud. Some people are still hesitant about using these types of platforms because they cannot help but worry about their financial security. Thus, it becomes extremely important to guarantee that any personal information remains safe.
Make focus on cutting edge technologies, practices, and security-providing approaches that can be offered by your developers or vendor team—and which are a must in fintech services development.
Internet banking development means many opportunities and pitfalls. As online services are becoming more and more complicated to offer their users top functionality, reliable and accurate technical implementation requires very much attention.
With 12 years’ experience, the Surf team will help you successfully pass all the processes of creating a new service—from choosing a design solution and tech stack to testing and analytics, and more.