A modern bank is a mediator between people and their money. Banks control the money flow, provide the public with credits, assist with payments, transfers, and savings. With the overall amount of money and monetary systems around the world, it’s hard to imagine how we could manage all of it without banks.
Banks are evolving, and so do the technologies they use. More and more people start trusting fintech with managing their finances. For example, Statista reveals that almost 65% of US citizens are already using digital banking. It sets a trend for banks to have user-friendly and convenient online solutions.
A website is the first and foremost way of online communication between a bank and its clients. The face of the bank, if you like. Developing a banking website is a process that requires a lot of effort, so here is a small guide that will show the most crucial steps to create the best possible solution.
Step 1: Define the target audience
The target audience is one of the most decisive factors of any software development. Your final product should be useful for your clients and address their most urgent needs. When thinking about the target audience for a banking website, you should answer the following questions:
- How old are my clients?
- What is their income?
- What is their education level?
- Why are they visiting the bank’s website?
- What would they like to see there?
If the final audience seems too big and too general, you should segment them and define what these categories need.
Step 2: Choose the necessary features
When the audience’s segments are set, you can define how the website is going to help them. To do it, you should decide what features you want to implement. A standard set of features for a banking website should include user profile, balance check, card and account management, payments, transaction history, financial information, and customer service (chatbots will be perfect).
For more advanced features, you should research your target audience and find out more specific needs.
Step 3: Hire a development agency
If you already have several tech specialists with relevant experience, then you can skip this step. If not, this is a crucial part of creating a website for a bank. While looking for a team that will assist you in developing your project, pay attention to their location, hourly rate, and business model. It will help you quickly discuss all processes and start the development.
For example, Sumatosoft—a web development company—can become a great partner in creating your web banking solution.
Step 4: Develop and release an MVP
A minimum viable product (MVP) is the first version of the software that includes only its core features. This stage will help you understand if your solution corresponds with users’ expectations. It’s a cost-efficient and fast way to validate your idea before spending money on a huge release.
It doesn’t mean that you should show an unfinished website to the public. An MVP should have complete functionality and all the necessary design elements so your audience can assess it correctly.
Step 5: Listen to feedback and update
Another purpose of an MVP is to collect clients’ feedback. Your audience will tell you what they want to see on your banking website and what to fix in an existing version. You and your team’s job at that point is to carefully listen to what they have to say and provide the relevant updates.
Tips for banking web development
- Make it responsive. Mobile Internet usage continues to grow, so your web solution should be ready to appear on a mobile screen. Make sure the website functions the same way on all devices.
- Don’t reinvent the wheel. There are plenty of banking websites already released. If we analyze them, we can clearly see the pattern of placing icons, buttons, and texts on the page. In order not to confuse users, you should stick to that pattern while designing a new website.
- Security is a key trend in banking software development. You should provide your users with the utmost level of data protection. Since they are going to enter their private information like card numbers and ID data, security is the bank’s top priority.
Developing a website for a bank has a lot of pitfalls and points to take into account. Following the above-mentioned strategy will facilitate the process and make sure the bank’s clients will get the best user experience possible.
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