What Is The Market Size Of Digital Banking In UK & USA?

Everyone wants everything at their fingertips, from food to transactions. The system of traditional banking is almost at the end of the era. 

The last decade and the past two years have brought a revolution in the industry, and each of the banks is moving toward the digital banking system to reach the last customer possible and get maximum user engagement. 

Let’s see some of the stats to understand the rise of digital banking.

Market Size Of Digital banking In UK & USA

• The digital banking market size in US was about $5.2 billion in 2022 and is expected to grow by 10 times by 2030.
• The digital banking market size in the UK, which was about $1.5 billion in 2018, will reach upto $2.5 billion by 2025. 
• In UK, 93% of the total population is using the digital banking platform.

The market size was just for you to show how digital banking is taking over the world. And now, the question that comes up is how you can develop a digital banking platform for your user with high-end features to give a secure, faster, and better digital banking platform. 

What will you get from this blog?

• Key features of a digital banking platform. 
• Benefits of the digital banking platform.
• Steps to build a high-end digital banking service platform.

Key Features Of A Digital Banking Platform

The features of any of the platforms help the business to make user engagement much faster, more secure, and better protocols. Here are some of the best features that will help your platform to be a good option. Let’s see what those features are:

Biometric Login System

Biometrics is necessary for any banking application as it provides high-end customer account security. The biometric login could be with the fingerprint login or with face recognition, or it can be both. It is up to you what you want on your platform. 

Card Controlling Feature

Nearly 390,000 credit card frauds were reported by FTC in 2022; to tackle fraud and cyber fraud, building a high-end card control feature is necessary thing to do. Buildings a feature by which users can control their card transactions. For example, a user can set the limit of the transaction at their convenience. 

Instant Chat Support

Building instant chat support on your digital banking platform will help your users to get better instant chat support whenever they have any sort of query. For a high-end chat support system, you can integrate your platform with an AI chatbot. It will be helpful for the users to get assistance with waiting for a long time, and the AI chatbot can resolve the issue more accurately and faster than any other human.

Self Service

With the self-service features, the user can order checkbooks, customized debit or credit cards, instant account opening forms, etc. The self-service option will omit the necessity to be in the queue for hours just to apply for a customized credit/debit card.

P2P Secured Transfer 

The next feature that should be developed with extra care and high-end coding is the money transfer with a secured transaction protocol to avoid any type of fraud. P2P payments include exchanges between partners who have different banks. By enabling users to transfer money to another person's bank account via a third-party website or mobile app, a P2P service mediates these exchanges. P2P services are widely used by customers, but you could still have questions about how they operate and their safety.

Benefits Of The Digital Banking Platform

Let’s see the benefits of digital banking platforms and know why people are getting onto digital banking platforms.

All Time Availability

Where traditional banks are only available from 9 to 6, the digital banking platform is available 24*7 and 365 days for their users. The 24*7 availability of the digital platform helps the user to make transactions to anyone at any time without waiting in long queues for hours. 

Any Type Of Transaction

No matter where a user wants to transfer their money or wants to receive it, it can be done within a few minutes and without filling out long forms. AI will help the digital banking system fill the obvious sections. 

Increased Transparency

The digital banking platform provides complete transparency in everything from transactions to account openings and everything. The digital banking platform gives a sense of ease and no running out of time feeling. This helps the users to read each of the terms and conditions thoroughly and without missing any points.

More Secured

Although there are constant concerns about cybersecurity, digital banking is a safer way of doing business. When you think about your online current account, you can now have your money paid directly into it. There is no need to carry cash or a cheque to a branch. 

Cash can get lost or stolen; even though this can happen online, it is much more difficult to recover lost cash.

Financial institutions are constantly monitoring their security features, and many have introduced things like biometric ID and OTP codes for an added layer of security.

For business, money can be transferred directly to accounts, and payments made to third parties. This reduces the risk of stolen cash and creates a trail of transactions that can be referred to if something goes wrong.

Lower Fees

With the reduced need for overheads such as opening and maintaining physical branches, many banks have passed on savings to their customers in the form of lower fees and higher interest rates. Many will reserve their more inviting rates for online products to entice more customers to go digital.

Paperless

The era of digitalization has reduced paperwork, and it has led to two major benefits; one thing is that it has increased the speed of workflow to its extent. In the previous era, the normal account opening used to take place in approx. 2-3 days, but with the digital banking platform now, those 2-3 days came to 2-3 minutes. Secondly, it reduced the unnecessary usage of paper to a minimum. 

Steps To Build A High-End Digital Banking Service Platform

A customized digital banking service platform can help your business to grow if it consists of all the high-end features. Now let’s see the process of building a digital banking service platform. 

Research

It is essential to know what competitors are missing from their customers so that you can resolve that issue and can make a bridge between the user and the bank. Apart from that, the research will also include the features, tech stacks, cost of an average digital banking platform, etc. 

Blueprint

Make the blueprint of the platform development with the help of a software development company. RisingMax Inc. assists its clients with advanced solutions and an effective blueprint for digital banking solutions. 

UI/UX Designing 

Having a high-end UI/UX design is an important thing for any online platform. The user will engage on your platform only when they will find the platform faster and easier to use. The design should be very precise and high-end for the user and admin as well. 

Prototype

Creating a prototype of any of the platforms is beneficial for the business as it will help the business to know how the actual platform will look alike but at a very low cost. The prototype is a demo of the platform with all the panels but with limited features. 

App Security

The platform's security is one of the biggest things you should not compromise at any cost. Cyber crimes are increasing every day, and providing a high-end sense of security will be your responsibility. 

You can also take your platform on the blockchain for maximum security and a decentralized network to avoid fraud and cyber crime with the banks. Big industries are adopting the blockchain and creating high-end blockchain banking applications.

For the application development, here are some of the tech stack that RisingMax Inc. is:

Tech Stack For Banking App Development

Beta Testing

Beta testing helps the business platform to understand what are the responses for the panels and features of the banking platform. In the beta testing phase, a group of users test the application thoroughly and provide feedback. It helps the platform to fix the errors of the platform.

Final Deployment

After the beta testing of the platform, the final deployment of the platform will take place, and it will be available for users on iOS and Android Play Store.

Maintenance 

After the deployment procedure, it is necessary for the business to have a maintenance team to continuously maintain the flow and fix the issues if any take place.

Why Choose RisingMax Inc. For The Digital Banking Platform Development

RisingMax Inc. has been serving as the leading FinTech app development company in NYC since 2011. We provide high-end iOS, Android, and cross-platform applications on the global stage. Here are some of the reasons why we are the leading banking & finance app development company and have delivered more than 100 applications, Wallet & Digital Payment Solutions, Insurance App & Software Development, Customized Banking Mobile Services, Cyber Security & VAPT, etc.

Dedicated Developers

We are with a team of 150+ developers with the experience of more than a decade in application development. 

50+ QA Experts 

Our team of QA experts makes sure that each of the panels, features, and other technical things should be delivered perfectly to the users.

100% Transparency

We do not keep anything hidden from our clients; from the development procedure’s update to the development cost and specification, we keep our clients updated. We make deals with legal procedures as per the standard international business laws.

Experienced Project Manager

We will provide you with an experienced project manager who will help you in every step, from resolving your queries to keeping you updated with the development procedure. Our project managers hold more than a decade in serving the IT industry. 

Client Retention Rate

We hold a client retention rate of 80%. The major reason behind such a high retention rate is our flexible policies, our treatment, and our high-end project delivery to our clients at the global level. 

Flexible Engagement Models 

We completely help our clients with all sorts of things. RisingMax Inc. offers multiple engagement models to our clients. The choice of selection will be completely open to you. You can choose from multiple options.

Conclusion

The world is moving towards the era of digitalization, and it's time for you to move with the speed of time and technology. Get a high-end, secure, and reliable digital banking platform and build the bridge between the users and your banking service. Hire an experienced mobile app development company for a top-notch banking platform.