Asp.Net Core Technology is the most recent open-source technology that efficiently builds cross-platform and custom core financial solutions for online banking platform providers. But do you know what makes this latest version of Microsoft.Net technology the best choice for developing robust and cost-effective business banking applications? This blog will cover the salient features, importance, and benefits of ASP.Net core support, besides why CG Vak could be your apt internet banking/mobile banking web application development, solution provider.
Demand for Business Banking Apps is on the Rise Post COVID
Digitization and the current scenario have forced most business sectors to adapt to online solutions in order to serve customers. While the pandemic has disrupted many’s lives, it has also paved the way for businesses to deliver streamlined and customer-centric products and services. Inevitably, we have witnessed massive changes in the banking sector. Financial solution providers are rapidly taking their services online to accommodate banking needs – right from opening an account to securing a loan to paying bills – everything is made available at the fingertips.
The banking industry is the backbone of a country’s economy. As a result, it needs to be agile and flexible all the time. That being said, it is reported that 30% of global banking consumers prefer online banking applications on smartphones for bill payments and money transfers. 90% of the customers said they use the app to check their balance, 79% to view bank statements and 59% for transactions. The number is going to rise in 2020 – 2021.
With the advent of user-experience rich technologies, customers are looking for secure online mobile banking platforms. An average millennial customer is more likely to choose a bank with online facilities than an institution that does not.
The above stats tell us the importance of providing free mobile banking options for the finance industry’s consumers.
So, why ASP.Net Core Banking Technology?
If you are in the banking and financial sector, you must have realized by now that transparency, flexibility, and digital could help you meet the rising demands of your customers.
You must make sure that you build an online mobile banking application that:
- Is 24/7 available for the customers
- Provides comprehensive security
- Is Mobile-friendly and responsive (can be accessed across all mobile devices)
- Offers major banking facilities
- Offers various bill payments options, such as NFC and QR Codes
- Has the best speed, UI/UX, and efficiency
- Lowers overhead costs
PS: When you lower overhead costs, you can reduce banking charges and EMI rates and increase interest in deposit/savings. This will get you more loyal and committed customers.
ASP.Net Core is a high-speed, 2020 version of Microsoft.Net technology that has the capabilities to create the best mobile banking applications with unmatched personalization options and security.
ASP.Net Core provides the following benefits in Banking Application Development:
Best Cross-Platform Development Technology
It serves every developer’s dream out there – The need for a framework that can be used to build applications for multiple banking and financial platforms. ASP.Net core technology allows multi-platform development with one-time coding, including Mac, Windows, Linux, etc.
Developers can combine Xamarin and ASP.Net Core application to deliver optimized features and functionalities for mobile apps.
Supports Major Containers
The debate between utilizing containers and Cloud is never-ending. However, containers prove better for the banking industry as they can be easily transported and deployed as and when needed. They are similar to physical boxes that can be shipped via any medium, regardless of the size and content. Microsoft ASP.Net core technology enables developers to use Container technologies, such as Kubernetes and Dockets.
Provide Best Speed by Far
In banking and eCommerce, speed surpasses performance and efficiency. We are looking for a technology that works glitch-free when making online payments, transfers, or answering several questions regarding accounts, funds, and shares. ASP.Net Core automatically optimizes the code and boosts its performance after compilation, making it one of the fastest frameworks ever created.
Perfect for Cloud-Based Development
This is the era of cloud-based applications, especially for projects that are heavily loaded with data. ASP.Net Core supports feature-rich, best in class cloud mobile banking application development for IoT, AI, backend, and web-based.
Protects Site from Forgery and Cyberattacks
Nearly three-fourth of banking customers hesitate online banking because of security issues. Most stick to basic features and shift as soon as they encounter an error. ASP.NET MVC banking applications actively protect sites from CSRF attacks by using Anti-Forgery tokens. They are also referred to as request verification tokens, where one token is used as a cookie, and the other is set in hidden form fields.
Best Microsoft Productivity
The Microsoft developers’ community has used all of their resources, experience, and expertizes to develop the ASP.Net Core Framework. As a result, the framework comes with the best libraries (SignalR, EntityFramework, WebAPI, and Odata) and language features (Linq) that boost developers’ productivity and efficiency manifold.
In a nutshell, the Benefits of ASP.Net Core for Banking and Finance App
Development Solutions Include:
- AI and Analytics will allow you to check the performances of your banking services using different metrics. The reports will help identify customer habits and app usage and change/modify solutions.
- Banks can also customize value-added solutions based on service scope, including earn loyalty points/ credit points, book travel insurance, pay utilities, apply for a credit card online, convert expenses into EMI, and so on.
- Banks will enjoy improved security from cyber-attacks with integrated tools and libraries like in-built identity providers and third-party identities, such as Twitter, Facebook, etc.
- Built-in push and in-app notifications will increase communication and engagement between you and customers. As a result, customers won’t miss any Key Information, such as EMI due, new card dispatched, submit KYC, etc. The Push notification will also prevent sending lengthy emails and text messages.
- Feature-rich and robust web/mobile application will help the double customer reach, improve customer satisfaction, and enhance trust, resulting in increased ROI.
- Financial institutions can use a single web application that can significantly cut-down operational costs. Besides, automation and digitization of banking services will reduce manual paper works and prevent long-standing queues, saving time, money, and human resources.
- Flexibility in development coupled with the user-centric design will allow bankers to offer end-to-end customer experience in several ways, such as – you are always available, both on mobile and web app; you can be reached anytime, anywhere; you can solve customers’ grievances faster, resulting in better satisfaction; and you can offer different options for customers.
- Reusability of ASP.Net Core code will ensure faster app development at a much lesser cost.
Best Features of ASP.Net Core Banking Development
If you are still skeptical about hiring an ASP.Net Development Company or hesitant in choosing Core banking technology, here are the features of ASP.Net Core that will make your decision firmer.
It is as if the Microsoft developers developed the .Core framework keeping the risks and requisites of the finance and banking sector in mind. Hence, these following fresh features standout: .
So that you know, mobile applications of the best banks across the world are powered by the ASP.Net framework
API Integration:
API integration simplifies a lot of development and operational works. Thanks to ASP.Net Core’s powerful API integration, rest assured you will be building an application that has excellent guided features and a fantastic user interface. Right from building exceptional web pages to embedding abstract classes, ASP.Net Core alone can set the stage for perfect online mobile banking.
Real-Time Push Notifications
Real-time push messaging sent over client and server time simultaneously is one of the best features of API.Net Core. The feature facilitates bidirectional communication (possible through WebSocket HTML API), providing smooth distribution of asynchronous texts, notifications, and updates to customers (client-side application development). Here, the Signal Java Client identifies the best channel for exchanging push messages.
Enhanced Security Compliance
In addition to speed, security is the number one concern in mobile banking. Banks deal with millions of cash every hour. And no one would want to lose it. API.Net Core technology is attack-proof and hacking-proof. The anti-forgery tokens, used by the framework, ensure protection from most recent and notorious banking-related online frauds, including CSRF attacks.
CSRF is a cybercrime where hackers identify weak and vulnerable sites and send requests to a user from a malignant site. If the hacker gains permits, he will be able to enter the users’ account and transfer funds, change password, email address, and contact details.
Open Source and Community-Focused Web Development Platform
Well, the benefits of being an open-source framework in mobile app development are innumerable. ASP.Net Core is the open-source version of the dot net technology. All aspects of the Core is open for developers to re-design and reuse, right from class libraries, runtime, and languages, to web framework, and Entity and Windows desktop frameworks.
What’s more, the DOT NET community aims to make every aspect of the .NET Core environment open. As a result, the documentation is open source. Developers also get the leverage to build their own version of the source code, thanks to the frequent regular official releases from Microsoft managed on Azure.
Better Performance
ASP.Net Core’s multi-platform capabilities can enhance the performance of the end product. If we compare ASP.Net and Core, the latter will exceed the margin by at least 10 points. Whether the banking company wants to cater to Android users or iOS, a Linux OS, or a Web Application – it can create applications that run on multiple platforms with single coding. Besides, you can utilize the Core framework as a PaaS with Docker’s aid or place the application on Cloud to test and deploy using Microsoft Azure.
Furthermore, the Net.Core supports modular HTTP requests by reducing the kb range to just 2kb. Whereas, the normal range of HTTP requests generally scale up to 30kb. This means the framework can manage up to 1.15 million requests per second, 2300% more than the older version.
ASP.Net Core technology can also self-host or be hosted on IIS and Apache. Besides, it supports the most significant client-side framework templates, such as ReactJS, Redux (React), Angular JS, and many more.
Once you connect with our ASP.NET Core developer, you will get a brighter and more precise picture of the application development scope.
Enhanced Cloud-Based Network
Todays’ web and mobile applications yearn for cloud computing. ASP.Net Core, being Microsoft Dot Net framework’s latest launch, comprises all the elements that are required to build modern internet-connected and cloud-based applications. This is possible because the framework is empowered by Microsoft Azure and is continuously refined by the Microsoft community’s competent developers..
Transform Your Banking Business with a Commendable Online Presence with CGVAK
CG Vak is 25+ years old, ISO certified ASP.Net Development Company. Our 250+ membered firm has consistently and successfully leveraged the power of Microsoft Dot Net to develop and deploy dynamic, affordable, and custom mobile and web applications for the banking and finance sector. ASP.Net is a globally trusted, free to use technology that can reduce your overhead cost. It can, at the same time, increase your customers’ experience in banking with you. We give you full access to ASP.Net technology to accommodate all your small to big banking projects.
Whether the performance is your metric, speed, or security, ASP.Net Core offers all three and much more efficacy and leads the race compared to its counterparts.
If you need assistance in developing your banking web application development solutions, contact us. We provide different pricing structures to match your exact needs.