The surging popularity of intelligent digital banking applications is heralding a new era for the banking industry. These applications serve not only as payment tools but also as effective assistants in personal financial management.
By incorporating features such as QR code payments, advanced security measures, and streamlined account management, these applications strive to deliver a convenient and secure banking experience. With its emphasis on convenience and flexibility, this trend is gaining traction among users, propelling the banking industry toward a promising digital future.
1. About the Project
Developed by Evotek, the Smart banking application enables customers to effortlessly and swiftly open a payment account entirely online, eliminating the need to visit a physical branch. Furthermore, this application provides customers with the capability to oversee their financial affairs through online savings services, apply for loans, manage accounts in both local currency (Lak) and foreign currencies,settle bills, and conduct QR payments across various platforms. This encompasses QR acceptance points, mobile top-ups, and transfers from payment accounts to Umoney e-Wallet.
The development of a smart banking application yields significant value for both financial institutions and their clientele.
For the bank, this application serves not only as a channel for service delivery but also as a tool for optimizing internal processes and improving customer interactions. It contributes to operational efficiency, cost reduction, and heightened customer responsiveness, fostering a flexible and efficient business environment.
For customers, smart banking applications offer substantial convenience. Whether making swift payments through QR codes, managing accounts, or monitoring transactions, the app ensures a banking experience that is both convenient and readily accessible. Advanced security features safeguard personal information and financial transactions, bolstering customer trust. In summary, smart banking applications not only contribute to operational efficiency for banks but also deliver convenience and safety for customers in an ever-expanding digital financial landscape.
2. Features of Banking Application
- Swift, hassle-free account opening via the app, eliminating the need for direct branch visits.
- Access to savings services conveniently through the application.
- Effortless registration for loans, enhancing user convenience.
- Seamless tracking and management of both local and international accounts.
- Effortless online bill payments for added convenience.
- Utilization of QR codes for payments at Lao QR acceptance points.
- Convenient mobile top-ups for uninterrupted connectivity.
- Rapid transfers to Umoney e-wallets for swift transactions.
- Ensuring a secure transaction environment, prioritizing user safety.
- Facilitating fast and convenient transactions for a seamless experience.
3. Technical Challenges
- Ensuring the safety of users’ personal information and accounts during data transmission and storage.
- Mitigating risks posed by cyberattacks, viruses, malware, and other security threats.
- Efficiently integrating the application with various systems and services such as internal banking systems, databases, and external payment services.
- Ensuring smooth functionality across diverse platforms and devices (iOS, Android, various smartphones, tablets).
- Optimizing app performance to seamlessly meet user demands without experiencing lags or slowdowns.
- Enhancing app download times and responsiveness for user-interaction features.
- Adhering to legal regulations concerning information security, safeguarding personal data, and complying with banking industry standards.
4. Evotek’s solution
- Applying the microservices architectural model helps create small, flexible services that can easily integrate with other systems effectively.
- Apply edge computing to process data right at the origin, helping to reduce latency and increase processing speed.
- Use automated testing tools to ensure application quality and minimize errors.
- Use monitoring tools to track and detect errors, thereby quickly repairing and improving the system.
- Upgrade infrastructure with new technologies such as virtual servers, SSD storage, 5G network, to improve system performance and capacity.
- Use smart UI/UX design to improve user experience, reducing time and effort when using the application.
- The application has garnered a user base of up to 200,000 accounts, indicating a significant adoption and utilization by the user community.
- Ranked top 5 applications on the App store in Laos, Finance category.
- The number of transactions made through the app, including bill payments, transfers, etc. increases every year
- Users have positive reviews about the application experience (4* Rating)
- Drive growth in the partner’s sales and profitability.