The banking and finance industry is undergoing a major transformation, with an increased focus and need to digitalize processes and operations to better serve today's tech-savvy users, improve workflow efficiency and reduce overhead costs.
A recent study from S&P Global Market Intelligence revealed that many people today would be willing to pay for a mobile banking app - with more than 20 percent of respondents saying they would be OK with paying a monthly fee of $3 and twice the number of people indicating the same if it was $1. According to the source, by charging monthly service fees for their apps, banks could generate an additional $500 million in annual revenue. These findings demonstrate the value and advantageous opportunity companies in the banking, financial and insurance industry have with mobile application development.
"Banks must embed security into the mobile and digital content strategy."
Crucial aspects of banking app development
However, as in any market or type of organization, there are certain aspects of app development that need to be prioritized - security being among the top of the list. The banking, financial and insurance industry has always been a prime target for thieves and cybercriminals. However, our digital devices and the Internet of Things is providing them with new channels to breach a system and gain sensitive data and information. The Wall Street Journal recently reported that more hackers are starting to use malicious software programs that target users who log into their bank accounts via their mobile phones. Furthermore, federal investigators are now looking into mobile-malware that is used specifically with the intent of penetrating a banking app.
Another critical aspect of app development in the financial sector is having to transform, manage and distribute an immense volume of content and documents. From regulatory filings and credit applications, to loan boarding and income verifications, there is no shortfall of document processing needs companies in this industry have to deal with and, therefore, must ensure their apps are capable of handling.
Although banking applications are becoming increasingly popular, they also pose a serious security threat for financial institutions. And, given the sensitive nature banking firms deal with, leveraging secure software and solutions should be of utmost importance. This is why it is highly recommended that firms partner with a single vendor for their digital content production and app development needs. Outsourcing to a third party that specializes in these areas gives banking, financial and insurance institutions a competitive advantage and ensures their unique needs will be met.