Table Of Contents:
- 14 Steps to Developing an Online Banking Application
- Assemble a Team
- Decide on Strategies and Priorities
- Submit Authorized Capital
- Establish Connections
- Creat Design Based on Tasks
- Make a List of Tariffs and Services
- Make Online Banking Easy To Use
- Use Wire-Framing Prototyping
- Build Targeted Campaign
- Leave Only Features That Meet Your Business Goals
- Think About The Interests And Expectations Of The Target Audience
- Allow Users to Leave a Review Instantly on Your Bank's Services
- Don't Forget Analytics & Monitoring
- Example System Designing In Internet Banking
Designing a modern internet banking system is a rather tricky task. At the same time, several online banking application development tasks are associated with processing a large amount of data coming almost simultaneously from several data sources. For example, information from the remote banking system, instant SMS services, various information systems must be received and processed in real-time.
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14 Steps to Developing an Online Banking Application
The web server or Internet banking application is a platform for constant communication between the banking business and its clients. The profitability of financial institutions depends on the reliability and efficiency of their work. Below you will find step-by-step instructions on getting started for an internet banking site to sell banking services effectively.
Assemble a Team
One head is good, but two, three, four are better. So the first step is to gather a team of banking knowledgeable people around you. You will need lawyers, economists, programmers, managers, investors, etc. Together with them, you will be able to draw up a well-thought-out and, therefore, viable Internet banking development strategy. If you don't have the finances for a team of experts, you can contact students studying in these disciplines or use our economics homework help.
Decide on Strategies and Priorities
Answer yourself to the question "Why?" - why should a user stay on your web page and transfer money to your bank? Why should people pay for services through your internet banking in online stores or services? Why should people use your financial services? Start from what answers should sound to these three "why." Based on these answers, build a strategy, prioritize changes to your site or mobile banking, and get down to practical implementation.
Submit Authorized Capital
There must be money in the bank. The level of the minimum authorized capital depends on the country of registration of the bank - it can vary from $ 30,000 to $ 3,000,000.
Your internet banking needs a BIC bank identification code and a SWIFT code to become part of the financial world. In addition, to conduct transactions in currencies, either the permissions of the issuing central banks or agreements with correspondent banks that will process transactions in the respective currencies will be required.
Creat Design Based on Tasks
Everything rests on the home page, the main menu, the structure of the sections, and the organization of relationships. The tasks of promoting and selling online banking services should subordinate the website design. Don't put design in the first place if it affects Internet users' simplicity, functionality, and efficiency with your web resource.
Make a List of Tariffs and Services
Study the specifics of the banking sector in your chosen jurisdiction and customer needs. For example, what tariffs and services attract customers? What banking transactions do they make most often? The information found will help you create an up-to-date and effective customer acquisition strategy.
Make Online Banking Easy To Use
Your bank's website should be clear at a glance. After that, you have 10 to 30 seconds to gain the client's trust, or he will leave the site. Therefore, a relevant custom site search, section structure, and intuitive navigation menu on the home page is the central place to start designing your online banking.
Use Wire-Framing Prototyping
Prototypes help make navigation intuitive, remove unnecessary elements, and track customers' main paths to get to or leave your site. Don't forget about calls to action, banners, and buttons, organizing elements, and how different sections of your site relate to each other.
Build Targeted Campaign
There was a time when a bank could have the same deposit or credit card for everyone, and two interest rates were enough. It's that this time passed a long time ago: the design, the structure of the offers, and a set of promotional bonuses are needed separately for each group of consumers who come to your site or app. Personalization should start with the right CMS and plugins for content management and building targeted campaigns. Advertising on the site should be relevant, and the content you will give to search engines and social networks for various groups of your existing and potential customers.
Leave Only Features That Meet Your Business Goals
Many banks were fond of various interactive pages, website decorations, often sacrificing functionality and common sense for the sake of PR or external special effects. Meanwhile, potential clients of the bank are not very interested in the innovativeness of your design. Instead, they are interested in the reliability of storing money with you, the convenience of the user interface, and the speed of online service.
Full-fledged Internet banking for large financial institutions takes up to 8 months and turns into a rather large budget. Design and fashion trends are constantly changing, but the basic needs of Internet banking users remain. Therefore, design your website or application so that it works and looks equally simple, convenient, reliable on the screen of a laptop, smartphone, and tablet. Do not be lazy to make other language versions for those who do not speak your primary language.
Think About The Interests And Expectations Of The Target Audience
The brand book and website design must match. Even if your internet banking does not have a single list of design requirements, make it recognizable. The most important thing is that the future borrower or investor must find on the site exactly what he expects to see there. The user must get answers to those questions that arise. The site should benefit your overall image and not just be a business card to attach to the quarterly reports on the work done.
Allow Users to Leave a Review Instantly on Your Bank's Services
The voice of the buyer of banking services is no less important than the voice of the visitor in a household chemicals store or a candy store. Whatever they like or dislike, they want to tell the bank's management. So give them this opportunity on your site. Sometimes user feedback can point to severe problems in client management or security holes in the site - it is not too wise to ignore this possibility. In addition, establish communication with the bank's customers on social networks, through mailing lists, or other online communication channels.
Don't Forget Analytics & Monitoring
To find out whether an internet banking site is working or not, be sure to connect analytics and web monitoring services to it. The accumulated statistics of visits, views of specific sections, and the bank's products will help determine which you should promote services and services of your bank among the web audience. It is also imperative to monitor the conversion of visits to applications for deposits, loans, and other banking services. Every step and action on the site must be documented and evaluated through an analytics system.
Example System Designing In Internet Banking
The steps of system design in Internet banking are as follow:
- Firstly, the customer must request the URL.
- Customer login the system or creates a new account, and then the system checks user id and pin code.
- After the system checks the user id and pin code, then your system checks that this customer is valid or not.
- If it is valid, then that customer need to key in their OTP can access the machine so the customer can see the Main Menu page of the web banking website.
- Then the customer can choose from many menus such as viewing Username and Passwords, Account Information, Bill Payment, Funds Transfer, Payment, Pay Bills, Trading and Investment Services, Opening New Account, Remittance, and Update Customer Profile, Bank Account, Transaction History and so forth. For example, if the customer chooses the Funds transfer menu, the customer needs to select Transfer Funds types such as Funds Transfer to My very own A / C, Funds Transfer to Other A / C, and Funds Transfer Other Bank.
- Then customer needs to choose From Account, To Account, and Amount.
After that, submit these details to the system.
- And then ensure the detailed information and click Confirm button to accomplish the transaction.
- Key in his / her iB Secure PIN code (for OTP) to complete this transaction.
- After logout, the customer needs to clear the cache for security reasons.
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