logicabeans-logo-software-company
Talk with an Expert
logicabeans-logo-software-company
LogicaBeans

Development of Complete Banking Software

Objective

The objective of this project was to create an online platform to digitally connect with both present and new customers. The objective of this project was to create an app as a platform where both customers and non-customers can use the Banking services of a particular bank. Currently available digital banking solutions, such as cards and mobile/internet banking, are only able to serve account holders and current clients. A customer's banking journey doesn't start until they open an account. The app had to enable banks to connect with consumers and non-customers digitally. This app had to integrate the banking transaction from account holders to non-account holders.

Clients Requirement

The requirement was to build a platform for users which will enable them to use any financial service or to open an account without visiting a bank’s physical branch. The client wanted to make the product for everyone (even non-account holders and users). They required a system which can connect with consumers and people who are simply interested in the merchant’s products digitally for any banking transactions.

Client: Banks

Services: Banking Software Solutions

insurtech

Challenge

The difficulties our team encountered were in creating application security, which required a variety of tools and continual monitoring of security problems through code reviews. The majority of the teams' time and resources were used in the process. Therefore, to manage the required resources and coordinate in a timely manner for completion of the project was challenging.

software development company
software development company

Features Developed

The user can simply register by a 2-step registration process. The user can verify their mobile using the number verification code. They can simply enter their basic information: Name, Email, Nearest branch, and login into the app.

Note: During the mobile number verification phase, if it is identified that the mobile number is mapped to an existing account, the customer is redirected to the account linking phase.

Once registered, the user’s bank will always have access to the data through the app’s admin module. The data is effectively a lead that the bank can use to personally contact your potential consumers.

Customer Service Dashboard

  • Product demands (e.g., Savings, FD, Cards)
  • Requests for services (such as appointments, card blocking, password/PIN reset)
  • Customer data
  • Change Status and Add Comments (e.g., In progress, Completed)
  • Lookup using Name and Date Range
  • Activity Each request's timeline, used to spot delays and examine the conversion cycle

Converting the Leads into Customers

This product is an effective tool for advertising and promoting a company’s product. The user interface displays a complete list of all the goods and services that the bank chooses to promote on the app and website. Products are correctly organized for simplicity of navigation, and all it takes to get information about a specific product is to click on its name or image. The customer care dashboard will generate a record when you press or click the "I'm interested" button, which the bank can review to begin the conversion cycle.

Digital Deposit Vouchers

By allowing consumers to fill out digital vouchers that are available on the app or website. The product aims to digitize the procedure of staying in line for long hours for filling up the vouchers. Users receive a code after finishing the process, which they can give to the branch's teller along with the money. The code is entered by the teller in the admin module, and this causes the Core Banking System to perform the necessary transaction.

Receiving e-Cash

This function enables registered users to receive a code that they can use to e-cash at any of the bank's branches, much like receiving remittance. The main purpose of the feature is to assist non-account holders and encourage them to sign up and make use of the service. Users can receive e-Cash codes that have been sent to them by other banks. The transaction is then activated in CBS and money is given to the receiver once the receiver gives the teller the verification number.

Scheduling Appointments

Using a web browser or the mobile app, appointments can be scheduled. The appointment requests are shown on the customer service dashboard, where the bank can designate certain personnel for each request based on its nature. Customers receive a notification with a fixed date, time, and the information for the staff member who will be responding to the call after the bank confirms it.

Product and Promotion Management Module

It gives banks a strong mechanism to control how items are presented on the app and website. Banks may categorize products and offer comprehensive information about each one thanks to this extremely dynamic module. Additionally, Banks can also customize where the products will appear and choose which products to advertise.

Features:
  • Creating and Managing the Product Categories (eg. Savings, FD, Loans)
  • Creating and Managing Products with image and description (eg. ABC Super Savings)
  • Highlighting Featured Products
  • Setting Product Order
  • Creating and Managing Promotions/campaigns and advertisements (eg. Cashbacks and discounts)

Cross-selling through App

The steady digital customer onboarding experience provided by the product leverages the bank to convert users into customers. Once converted into customers and account holders, the system opens up a host of accounts and transactional features that enable users to bank digitally from anywhere and at any time. With in-built features and seamless integration with other systems, it delivers a truly digital banking experience to the customers. This also eliminates the hassle of banking through branches and helps to keep the customers convinced and satisfied through fast and secure digital services.

Account Linking

The app users who are also account holders of the bank can link their accounts securely using a 2-factor verification process. The customer is required to enter the account number and mobile number registered at the bank. The customer is then required to enter the verification code (OTP) received in the mobile number after which the login password and transaction PIN must be set to complete the account linking process.

Fund Transfers

Customers can transfer money between their own accounts, to other accounts or to other banks conveniently using the app. Transfers can also be pre-scheduled for a one-time or a recurring transfer. In some cases when customers exhaust the monthly transfer limit, they can send a request to the bank to extend the limit. Depending upon the situation and upon proper verification, banks can decide to override the transfer limit for a specific period.

Features of Fund Transfer
  • Transfer to own account
  • Transfer to other accounts in same/other banks
  • Fonepay Direct (Transfer using mobile number)
  • Scheduled Transfers (Recurring / One-Time)
  • Override Transfer Limit
  • Sending e-Cash

Account holders can use the e-Cash feature to send money to non-account holding app users. The modality is the same as issuing a physical bearer's cheque. The e-Cash replaces the physical cheque with a digital code and adopts a more secure withdrawal process.

Online Fixed Deposits

Payments for essential utility services such as electricity, water, mobile and internet shall be integrated with service providers and made available in the app. The app users can also purchase tickets for airlines, buses, movies and events to skip the queue while fees for schools and colleges can also be made within seconds.

QR Payments

Customers can also use the in-app Scan in order to pay for the facility to easily scan the QR codes presented by merchants in retail outlets and make mobile payments on the go. The merchant of the bank can accept payments from the customer’s end in a convenient and secure manner.

Card Linking

The app users can securely link their Credit & Debit cards through a 2-factor verification process. Once linked, customers can do the following:

  • View card statement & details
  • Block Cards (Real-time)
  • Change PIN (Real-time)
  • Make Payments
  • View Expense Summary

Expenses Tracking

The app can categorize a user's digital expenses (QR payments, Card payments, and Online payments) and show a summarized graphical representation of the costs over a given time period. This data can be used by users to create budgets and keep track of their spending.

Bill Split

Groups can split the cost of a purchase, such as gifts or meals, using the Bill Split feature. By using their mobile numbers, an app user can request funds from other users by using this feature. The amount to be moved is included in a Bill Split request notification that the other parties receive and must agree in order for the transfer to take place.

Other Exclusive Features:

Omni Access with a Native App

No matter the medium, mobile and web apps provide the same UI and UX. Customers can access apps and browsers using the same login information thanks to the single sign-on feature. No matter whether they are using a web browser or a mobile app, users will see the same forms, menus, and wizards. This suggests that the bank does not have to provide consumers with separate access to mobile and internet banking. The native mobile app offers a quick, dependable, and high-quality interface, increasing client satisfaction. More engagement and referrals are generated as a result of higher customer satisfaction. The web application is accessible through any browser, while the app will be available for iOS and Android.

SMS Mode

The mobile app for customers makes use of the internet as well as the SMS channel for connecting with the bank servers. Customers having internet access on their phones can use the default app interface and avail the various services. In areas where the internet is not an option, customers can easily switch to SMS mode to access limited essential services. The SMS channel requires customers to provide their Transaction PIN while using the service.

Merchant Offers with Geolocation

The mobile banking app also lists all the hot and trending offers provided by merchants. The geolocation tagging system makes it even more attractive for customers and merchants alike as the offers are listed based on the customer’s location. This value-added feature allows customers to see all the running discounts/offers that are available at the nearest outlets accepting QR payments. Integration with google maps also makes it easy to locate and navigate to all the outlets.

Locate Branches & ATM’s

Customers using the app now can find the closest branches and ATMs of your bank as well as navigate to them thanks to the integration of Google Maps.

Push Notifications

The app provides improved reliability on push notifications using Google Cloud Messaging (GCM) and Apple Push Notifications (APN). The bank can send notifications and promotional messages containing text and images. The app can store the record and highlight unread notifications.

User Management and Admin Features:

Admin Users Management

The system's Super Administrator can create and manage new Branch Administrators using the admin administration interface, which is accessible to him or her. The Creator and Approver accounts are then assigned to each bank branch to manage app subscription requests and services at that location. Additionally, only the Super Admin has access to the history logs for Super Administration and the ability to enable and disable Branch Admin users.

Multi Product Architecture

Banks can design and create various sub-products with different services, limits and subscription charges using the app/system. Customers are then subscribed to individual products of their choice and enjoy the services assigned in each product.

Customer Management

The Branch Administrators are able to manage BankXP customers via the customer management panel. Branch Administrators can add, modify, delete and block customers and assign user profiles to them.

Dynamic Merchant Management

Bank admin users can also easily add merchants to the system. The flexible system allows admins to define the number and type of form fields (e.g., Student Name, Roll No, Class, Bill No. etc.) required to receive payments for each merchant. Customers can then fill in the required fields and make a payment to the merchant using the app. The fields are then used for identifying and validating the payments received by the system.

Maker/Checker for all operations

The app is modeled around the maker/checker concept practiced by banks. Any operations conducted by branch users undergo a maker/checker validation before being completed to avoid error and ensure authentication.

Security Features:

2 Factor Authentication (Mobile App)

For securing connections while using the GPRS Internet channel, the system registers the device ID when the customer logs into the app for the first time. The system then checks the device ID as well as the username and password of the customer on every login attempt. This allows the customer to log into the system using only their registered device as a part of their account security. Only requests originating from the registered device with the correct username and password are processed. Additionally, the transaction PIN is required for making any transaction using the app.

2 Factor Authentication (Web Browser)

Logging in from a web browser requires the username and login password of the app users. As a 2nd level authentication factor, users are sent an OTP (One Time Password) while attempting to make any transaction.

2 Factor Authentication (SMS Channel)

The first level of security is the mobile number of the customer itself. The mobile numbers of customers are registered in the apps system during the account linking phase. In addition, all requests generated through SMS mode are authenticated using the Transaction PIN. Only requests originating from the registered mobile numbers with the correct Transaction PIN are entertained and processed by the system.

Encryption & Masking

  • End to End Encryption between mobile/web app and the app’s server through Secure Socket Layer (SSL)
  • App originated SMS are encrypted using Standard Encryption Mechanism.
  • Sensitive information like customers Account Number and Card Numbers are masked in the SMS text received by the customer with only a few characters visible.

Biometric Authentication

The app can collaborate with the devices that support Biometric authentication to implement this new security feature allowing customers to confirm their identity with a single touch. Biometric authentication is a useful addition to securing the mobile app where users can secure sensitive features such as payments, or replace login screens with a much more convenient single-touch sign in and not have to remember multiple passwords.

Password Policies

The app makes use of different password policies to enhance and ensure security standards are met from the customers’ end. These include:

  • Forced Password Change Upon password age expiry
  • Password Format A combination of alphabets, numbers and symbols

Password History the System also restricts customers from using the same password until a certain number of different passwords are used.

Service Block

The app’s system automatically and immediately blocks the users for:

  • Maximum number of incorrect login attempts (username/password)
  • Maximum number of incorrect Transaction PIN attempts
software development company
software development company
software development company

Results

The software was downloaded by about 1.5 million people in just 12 weeks. Additionally, consumers transaction doubled as compared to the month before. Additionally, the Bank was able to cut its operational expenses by around 15%. Furthermore, our client conducted a customer survey, which revealed that the software's satisfaction percentage was greater after the software was implemented.

Download Our Case Study

Related Case Studies

InsurTech
Insurance Claim Management System
FinTech
Development of a complete Digital Wallet System
HeathTech
Complete Patient Management System
Check All Case Studies
Turn Your Thought Process into Solutions
Contact LogicaBeans
logicabean-best-software-company.png

Lal Colony Marga, Kathmandu

01-4534586

+977 9801-022-387 (Sales)

+977 9801-880-284 (HR)

[email protected]

Facebook Twitter Youtube Instagram Linkedin

Company

Services

Expertise

Copyright 2022 | All Right Reserved

logicabean-best-software-company.png
logicabean-best-software-company.png

Lal Colony Marga, Kathmandu

01-4534586

+977 9801-022-389 (Sales)

+977 9801-880-284 (HR)

[email protected]

Facebook Twitter Youtube Instagram Linkedin Tiktok

Company

Services

Expertise

Copyright 2022 |All Right Reserved