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Development of the Internet Banking System

Objective

The objective of this app was to make it possible for bank customers to access their accounts and send money via mobile devices, facilitating payment using simply the beneficiary's mobile number. The major goal of the project was to develop a system through which customers can access their bank accounts online while performing various financial transactions via the internet.

Scope of the Project

Online banking has many features that allow customers to feel at ease using the services. Without contacting a bank advisor, customers can check their transactions, pay bills online, move money across accounts, and track their expenditure. One of the essential services that a modern bank must now offer to its customers in order to stay competitive is online banking.

Clients Requirement

The clients required software that can be accessed for performing online monetary transactions effectively and smoothly. The client wanted to create a service that enables users to conduct financial transactions remotely using a smartphone or tablet. The client requested the development of user-friendly, safe, and secure software that can meet users' banking needs wherever they are.

Client: Banks

Services: Internet Banking System

insurtech

Challenge

Data Security

Data about customers and businesses must be protected from manipulation and theft by banking software developers. Avoiding even the smallest breach of the production servers is essential. The team faced difficulty in creating a system that operates on the internet platform and requires a robust security channel.

Cloud Technologies

One of the biggest difficulties in the development process was dealing with the changes in technology. Nearly all of the features must be covered by the technology being utilized, and it must also be updated to reflect changes in technology. The requirement for frequent updates was difficult enough.

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Features Developed

Updates about the Account Activity:

Transactions Updates:

These comprise your account activity and include funds entering your account (such as direct deposits and check withdrawals) and leaving your account (i.e., debit card payments and ATM cash withdrawals).

Notification Feature:

Each transaction will have a date, a summary, and a dollar amount. To make sure the user is familiar with each item and that there are no unauthorized charges on their account.

Pending/hold Transaction Check:

Transactions that are shown as pending on your account indicate that they haven't yet been fully or completely posted to your account.

Bank Balance Checking

In order to know exactly how much money is in the user's account after each deposit or withdrawal, they should be able to track the running total of their balance in their account activity. For this, the user can log in and access a statement and balance summary right from their phone.

Search

It's crucial that the user can readily view transactions from a specific date range to a specific biller, locate a check image, etc., in their account activity.

Easily Check Account Balance

Users can easily view their account balances anywhere, at any time, with online banking. If the user's financial institution has a service that enables users to view their balance, then they can easily use the app to check their account statements.

Account-to-Account Transfer

Users can easily use online banking apps that can rapidly transfer funds across internal accounts with only a few taps on their screen, saving them from having to go to their bank in person and fill out a slip. This is advantageous for those who often use their several accounts actively or who want greater freedom in their budgeting or savings.

Bank-to-Bank Transfer

If you have accounts with more than one bank, you can use a bank-to-bank transfer to move money among them. This is useful if you have accounts for several purposes or are transferring to financial institutions, especially if you moved and are no longer close to a bank's physical office. Bear in mind that bank-to-bank transfers often take longer than immediate account-to-account transfers between your accounts located in one location.

Online Bill Payment

Online bill payment consolidates all of your invoices into one location, saving you the hassle of tracking down many payments accounts each month. You must be able to:

  • Immediately add and plan billers for payment
  • To suit your needs, you can create one-time, future-dated, and regular bill payments
  • Set up alerts for upcoming bill payment deadlines
  • Receiving your monthly statements electronically (eBills) makes managing your accounts simpler and more environmentally responsible

View Account Statements Online

You can easily receive your statements quicker and more securely online than through regular mail, and you won't have to worry about the clutter that comes with getting paper statements each month. Making copies of your bank statements for things like applying for loans, proving your residency, rental applications, etc. is made simpler when you have online access to your statements.

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software development company
software development company

Results

The application was used by 60% of the customers within a few weeks of release. It certainly benefited customers as all their hectic banking jobs were made easier by the software. In addition, the software helped the banking industry reduce its operational costs significantly by 30%. Bank's half of the costly operational work was taken away by the application. Currently, our service is used by 26 commercial banks, 17 development banks, 17 financing firms, and 66 microfinance institutions.

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Lal Colony Marga, Kathmandu

01-4534586

+977 9801-022-387 (Sales)

+977 9801-880-284 (HR)

[email protected]

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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