Banking & Finance Web App

This Blog brings out the synopsis of using dot net core technology to develop a banking/financial application. Along with this it also speaks about the future, benefits, importance, and features of .net core.

We here will be talking about the Digital money with ASP.Net core technology and the below-mentioned topics that will help you in understanding the ASP.Net core for banking and finance app development solutions.

What we will be covering in this article is:

  • Chronology of the currency
  • Introduction to ASP.Net core
  • Why banking and finance Businesses Needs ASP.NET CORE?
  • Reasons for using mobile banking apps in the USA
  • How big is the US banking industry?
  • What are the benefits of using mobile banking apps?
  • Features to build better banking and finance web applications with ASP.Net core
  • Banking industry analysis
  • Advantages of ASP.Net core

Chronology of the currency:

  • Commodity money (barter system)
  • Metallic money
  • Paper money
  • Credit Money (Check/cheque)
  • Plastic Money (Debit/Credit card), last but not the least
  • Digital Money

Introduction to ASP.Net core:

ASP.Net Core is the latest technology that is an open-source, cross-platform, upgraded version and high-performance framework from Microsoft. This version of Dot net core empowers the developers to build modern feature-rich web apps and backend for mobile applications for variant industry domains such as Banking/Finance, Entrepreneurs, eCommerce, Health, Education and many more.

For your banking and finance industry,

  • A developer can build modern, cloud-optimized, mobile backends and IoT applications
  • ASP.NET Core application can be run smoothly on Windows, Mac, and Linux operating system
  • Developers can deploy the app built-in asp dot net core on the cloud or can even run on-premises
  • The ASP.NET core framework is the outcome of two that is MVC and Web API

Why banking and finance Businesses Needs ASP.NET CORE?

  • ASP.NET Core is the open-source web application development platform
  • A part of the technology is free to use
  • Assures the high performance
  • Guarantees security than any other technology
  • Majority of the world developers trust and contribute to it
  • It allows existing and new bank and finance businesses to come up with new ideas that can solve critical problems that were only thought of before
  • Banking mobile apps work 30% faster when backend is built-in asp.net core and frontend in xamarin
  • It has scalable software that can be used to transform the complicated technical lives to easier one of people linked to the banking and financial sector.

Reasons for using mobile banking apps in the USA

“As per one of the surveys, it is recorded that 28% of the banking consumers prefer using mobile banking via smartphones and tablets. Quality banking solution is offered by 25% of the top global banks to their customers who have gone mobile already”

using mobile banking apps

As per the statistics and graph, when asked by the people of USA their reviews were as shown in the graph where,

90% of bank customers said the reason behind using the mobile application of the bank is to check/view their balance

79% recent transaction, 59% wanted to ease their billing cycle easy and wanted to pay their bills on the go, 57% hate visiting a branch to transfer funds.

The other 3 results are having less ratio as 20% wanted a mobile app to contact customer support, 19% wanted to open an account online without visiting the branch and 17% wanted to have their checks ordered and accessed in a single click by reordering it online.

So, above we had a stats of reasons why you should have a mobile app for a bank or finance industry. With the deep research, we also were able to get the stats on mobile banking usage which will help you in knowing how important it is for you to have a mobile app.

Also Read: How to set up a full-stack ASP.NET web development environment on Mac OS

Business insider intelligence recorded that mobile banking is no newer now and users need easy to use with security assuring mobile app of their bank where they can trust and perform an economic transaction without any fear.

With the study, mobile banking users recorded 89% and when it comes to millennials’ indication, it was recorded a huge 97% of mobile banking users.

Mobile banking usage statistics

Do you know how big is the US banking industry? US banking industry can be termed as the backbone of the US’s economy where concerned authorities are liable to offer easy, liberal, consumer-centric and society benefiting mobile banking solutions which can be made possible by having the skilled and expert finance management software personnel.

“Important: Maintaining the publics’ trust is the key subject of the banking sector’s regulation.”

Let us see,

How big is the US banking industry?

The USA alone is the huge market of the world where its banking system had $17.9 trillion at the end of the year 2018 which constantly growing. With the private credit assigning the policy to any country of the world and diversity in banking institutions, the US’s banking sector stands like a strong elder brother in the world’s economy.

Features you will get building better banking and finance cross-platform web applications with ASP.Net core

The key benefits of using web banking applications are:

  • 24/7 account and service access
  • Speed and efficiency
  • Online bill payment
  • Low overhead can mean low fees
  • Low overhead can mean high interest rates on deposit accounts

“Accenture’s study recorded that 80% of the online banking users would share their data for personalized and convenient services.”

Along with these benefits below are the key benefits of using asp.net core for your banking and finance web application development and combination of xamarin and .Net core gives unmatched, user-friendly and secure mobile banking application

Cross-platform

cross platform
Banking and financial web application can be built for multiple platforms with the one-time coding in asp.net core technology

Banks and finance web applications need to support all platforms. With the introduction of .Net Core, it is now possible and easy to create apps and deploy them on Linux, Mac, and Windows platforms.

It is now possible to create a cross-platform solution with the use of xamarin and asp.net core to avail of maximum features and capabilities for your mobile banking application.

Container Support
Containers are eating clouds and madness is with few technologies such as Docker, Kubernetes, etc. Microsoft ASP.Net core allows developers to use these technologies and Azure supports in deploying the application to containers and Kubernetes.

High performance

high performance
I agree when someone says that speed matters to experience better performance and better results of your application. And also have the answer to that query. The latest ASP.Net Core and Kestrel web server, after compiling the code .net core automatically optimizes the code and enhances the performance and makes ASP.Net core the fastest application framework.

Don’t forget to read Why Microsoft .Net Technology is best for Enterprise App Development

Cross-Site Request Forgery Protection

using mobile device for mobile banking
When it comes to money, personal information (Data) in technology, security is one of the most important factor to prevent cyber attacks. It becomes the need to work hard stop cyber attackers from stealing the data or money.

  • -67% banking customers worry about the security using mobile device for mobile banking
  • -48% users switch the bank if experienced the poor security of the app
  • -38% will use basic features only

Breakdown by country

  • Brazil = 84%
  • Singapore = 77%
  • Mexico = 71%
  • USA = 54%
  • UK = 49%

CSRF is the attack where a cyber hacker is sending the request to a vulnarable site (that is weak in sense of security) from the malignant site where the user is logged in. If the attack is successful, this will allow hacker to step in the account completely and will be able to change email address, can change password of the account, or can even transfer funds.

ASP.NET MVC uses anti forgery tokens to prevent sites from CSRF attacks. It is also called request verification tokens where server includes 2 tokens, one token is sent as a cookie and the other is placed in the hidden form fields.

Here is an example with an hidden form token of an HTML form:

<form action="/Home/Test" method="post">
  <input name="__RequestVerificationToken" type="hidden" 
    value="6fGBtLZmVBZ59oUad1Fr33BuPxANKY9q3Srr5y[...]" />    
  <input type="submit" value="Submit" />
</form>

Updates are not a pain: It was hard for the ASP.Net development company to update new changes as it was mandatory for them to launch a new framework version with it.

.Net core is diff from the .net framework and it has the NuGet package to manage every update which manages and updates the new changes whenever it comes.

Productivity: Microsoft has utilized all money and experience in introducing .net core with libraries like WebAPI, SignalR, Odata, EntityFramework, and language features like Linq which ensures the high productivity which is just dreamt by Java Developers.

Supports cloud-based development: It is always advised to develop a cloud-based application for heavy loaded projects that need world-class quality. ASP.Net core support completely for cloud-based application. You need a rich-featured app or world-class app, ASP.Net core offers development for all no matter if it is IoT apps, Mobile backend or web applications.

Advantages of ASP.Net Core

advantages of asp.net core

  • Supports client-side framework templates like AngularJs, ReactJs and React with Redux, etc.
  • Fast, lightweight, high-performance
  • It can be hosted on IIS, Apache, Docker or even self Hosting
  • it is a cross-platform framework that can run on Windows, Mac, and Linux.
  • It supports built-in Dependency Injection.
  • Supports modular HTTP requests.
  • Open-source and the community-focused web framework.
  • ASP.NET Core runs on .NET Core which supports the smooth and simultaneous running on multiple versions of applications.

What are the benefits of mobile apps in banking?

benefits of banking mobile apps

1) Improved security: Banks can influence mobile app development to ensure a high level of security from cyber attacks. Additional hardware security strengthens the app security, biometric authentication feature can be a key feature in the part of security.

Role of ASP.Net Core with xamarin: Having your bank mobile app built in ASP.NET Core and xamarin assures the security with its tools and libraries including built-in-identity providers whereas you can also use third-party identity services like Facebook, Linkedin or Twitter. ASP.Net core guarantees the easy managing of secrets without exposing it in the code.

2) Cutting operational costs: Banking and Finance Software Development Solutions will help in having banking operation in a single web app which can be promoted to spread awareness to reduce banks operational costs. It helps banks to go paperless, prevents bankers and customers from a long queue and form filling process which saves time, money and natural resources too.

Role of ASP.Net Core with xamarin: ASP.Net core supports the cross-platform technology xamarin where re-usability of the code helps developers and app owners in getting app faster and at affordable prices.

3) Additional revenue streams: Banking & financial development gives a bank a robust app that improves the reach and trust of the customers which ultimately results in better ROI for the bank. A feature-rich web app and mobile application can generate additional revenue by adding additional service features and offering value-added services like travel insurance, apply for a credit card online, online acc opening and many more. Mobile applications are more engaging than depending on the visiting branch which also boosts the trust factor and makes a bank app almost a brand.

Role of ASP.Net Core with Xamarin: Investing in ASP.Net core with Xamarin for your Banking and finance Software Development Solutions will help you in acquiring the app that is trusted by the developers due to its origin that is Microsoft, an open-source platform and offers higher performance than ASP.Net. You can be relaxed choosing .net core and Xamarin for your bank mobile app development as it ensures the additional revenue with its user-friendly output and reaches almost all OS users as it is cross-platform friendly.

4) Better customer experience: Better customer experience is possible due to the online availability and mobility of the services which made available to its customers by the bank and finance sectors. When you have online banking and mobile app your customer gets a better experience, how?

  • Mobile banking apps and web apps are always available
  • They are always within their reach
  • Customers are free to fulfill their needs anytime anywhere
  • Optin option for customers of products and services

Role of ASP.Net core with xamarin: Banking & financial web and app design and development process if performed in ASP.Net Core and with xamarin for mobile apps then it has enough capabilities in getting you developed an app of your dream that too with the features you need, user-centric design that will keep your customers engaged to ensure you better customer experience.

5) Power of mobile analytics: When you go online, you need data to verify and perform all actions for the user. From receiving customer feedback to collecting data mobile banking apps performs all. This helps banks in learning about the customer’s habits and needs which can be used as a powerful resource to develop, market and grow their product and services.

Role of ASP.Net core with xamarin: “Data is the new oil.” — Clive Humby You can either be a champion or a loser if you can protect and secure the data of your customer. ASP.Net core ensures the data protection stack as it offers a cryptographic API to protect data including key management and rotation.

6) Better communication with push and in-app notifications: As mobile is the future and 97% of people use mobile and 27% of the bank customers use the mobile application, it can also be used to communicate between bank and customer. Feature of push and in-app notifications can be used to pass key information from banks’ perspective which also increases the chances of preventing the reading of lengthy emails and important news can be read if push notification feature is on.

Role of ASP.Net with xamarin: Push notification and in-app notification is a feature that can be built in ASP.Net core using xamarin. You can hire .net developers who hold the expertise in app development of various domains who can assure a bug-free app. The feature can easily be created using the open-source framework and framework that supports in-app development in ASP.Net.

Final Words:
When it comes to bank and finance level web and mobile applications, you should choose no other technology but ASP.Net core and xamarin as it is fast, easy to use, free and globally trusted. ASP.Net Core gives you full access to your development and can be used on any project, any industry domain, big or small, banking/ financial or healthcare. Constant new updates favorable on app development are making it exciting for developers and their lives easier.

If you aren’t using ASP.Net core, xamarin or wish to build a bank application with a trusted asp.net development company, you can reach out to i-verve to know and flourish your business.

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Dai software

06 Apr 2020

very interesting , good job and thanks for sharing such a good information

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