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Development of a Mobile Banking System

Objective

The objective of this project was to create an application that would facilitate secure online financial transactions. Because of the user-friendly and simple navigation of the interface, the application had to be able to create streamlined online banking transaction facilities so clients may perform the bulk of banking procedures without any assistance or with minimal assistance.

Clients Requirement

The requirement of a client was to develop a service that enables its clients to carry out financial transactions remotely utilizing a mobile phone or tablet. The necessity made by client was the development of a convenient, safe and secured app that can facilitate users banking needs anytime and anywhere.

Client: Banks

Services: Mobile Banking Software

insurtech

Challenge

Some of the challenges our team had to face while developing the app are:

Security Concerns

Different approaches are used by attackers to exploit security holes in mobile banking apps; however, some incursions happen more frequently than others. The biggest challenge for our team was to develop a system in time that can combat the prevailing cyberattacks on the internet.

Two-factor Authentication Problem

Two-factor authentication is crucial and should be used when performing essential transactions on mobile devices. When making significant online purchases on portable devices, consumers typically choose static passwords over two-factor authentication. It was challenging to create a system that customers can utilize for secure transactions.

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Features Developed

Account Creation

The application can provide a speedy and secure approval process for account registration and sign-up. The multi-factor authentication provides a secure sign-in option for the users. The option is much faster and even more enjoyable: biometric identification using the actual user metrics.

Account Management

The features including the management of various services are incorporated in this feature. Users can check their credit cards, bank accounts, account balances, and history, among other things. Even some more functionality can be put in place. Personal account management via mobile banking. With the help of this feature, users may set a savings goal, create investment strategies, and schedule recurrent payments. Account management includes features like:

  • Extract account information, such as bank statement information
  • Change the status of transactional SMS alerts
  • Organize your fixed and regular deposits
  • Understand the loan's terms and statements
  • Obtain debit card information
  • Take a look at credit card statements
  • Knowing and using insurance information
  • Implement investing in securities

Fund Transfer

Clients can conduct transactions in conjunction with other applications or prepaid service providers, perform self-account transfers, pay third parties (such bill payments), and transfer funds to accounts at the same institution or other institutions via transactional services.

Advanced Security & Fraud Alerts

Strong security features that go above and beyond just logging in with a PIN or password were created for the banking app. A singing-in procedure must also be quick and simple in addition to being secure. Because of this biometrics and multi-factor authentication are kept into the apps.

Core Banking Features

A CORE banking system includes everything from a single integrated back-end platform that enables banks to quickly carry out important banking operations, such as accessing bank accounts, executing transactions to updating user accounts. It also provides financial data, analytics for customer management and more.

Peer-to-Peer Payments

The mobile payment application needs to be adaptable enough to support bank account transfers for users.

Bank to Bank Transfer

The most fundamental m-banking activity is transferring money between bank accounts. All transfers made using banking apps are now protected by two-step verification, which uses an app password and OTP-based transactions. For the security and convenience of clients, two-step authentication is used in fund transfers, utility bill payments, and online shopping.

Bill Payments

Customers can use the app-based mobile utility to check the status of their loans, pay their EMIs, and even apply for minor digital loans. They can also use the feature to pay bills like: bills of utility services such as: electricity bills, internet bills, school fees etc.

QR Code Payments

A QR code scanner is built into the app to allow for payment at merchant sites. The consumer can scan the merchant's QR code at their stores in order to pay for the goods using the account information from the QR code.

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Results

The project had a significant impact on the users as it reduced their redundant bank visits and paperwork by almost 80%. Users can now perform their transactions without having to visit banks, which saves time and effort. As per the benefits banks had, we came to know via the survey that the operational cost (including the cost on resources like paper, time and human resource) was decreased by almost 40%. Also, the customers were extremely satisfied with the software. The Bank’s had overall revenue surge with more than 80% satisfied customers.

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Office: 01-4534586

Sales: +977-9801022387, 9801879217

HR: +977-9801880284

Email : [email protected]

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Lal Colony Marga, Kathmandu

01-4534586

+977 9801-022-389 (Sales)

+977 9801-880-284 (HR)

[email protected]

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Company

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Copyright 2022 |All Right Reserved