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”
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
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
“Accenture’s Study Recorded That 80% Of The Online Banking Users Would Share Their Data For Personalized And Convenient Services.”
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.
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.
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
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.
For more information read blog Source - Banking & Finance Web App Development