How ASP.NET Core is Revolutionizing the Banking and Financial Industry

Banking & Financial Applications

The banking and finance industry has transformed over the years. Like every other business, the banking industry also went through the digital revolution. Digitization of data and business operations have changed the way everything works.

Gone are the days of standing in long queues to get an account opened or a cheque deposit. Customers expect seamless and efficient online experiences through finance apps or websites.

ASP.NET Core is a popular web framework that provides developers with the necessary tools and features to build scalable and secure web applications, making it the perfect fit for developing banking and financial applications.

Let’s look at some data to understand the significance of finance apps:

  • According to Google, 73% of smartphone users conducted their financial activities through an app.
  • 90% of customers view their bank account balance through a banking app.
  • 89% of consumers use the finance mobile app for different banking purposes.
  • You can grow by 15% of revenue by delivering personalized experiences through banking apps.

Why ASP.NET Core is the perfect fit for banking and financial applications?

Cross-platform support

Security features

Performance optimization

Scalability options

Developer productivity tools

Let’s understand why ASP.NET Core is an ideal choice for banking and financial application in detail:

Growth of mobile banking app revenue over the years:

mobile banking app

Now that we’ve established the importance of fintech applications, let’s discuss the most trusted technology used for finance app development – ASP Net Core

A  Dot Net Development Company is ideal for building high-functioning and secure web applications for executing banking operations. Consumers are demanding user-centric online experiences, and ASP Net Core can deliver that precisely.

In this article, we’ll why ASP Net Core is a perfect fit for financial app development.

What is ASP Net Core?

ASP NET Core is an open-sourced and free-to-use web development platform, specifically used for developing futuristic and high-functioning web applications, which is ideal for the banking industry. This framework allows efficient development of compilers, APIs, runtime modules, etc.

Released in 2016 and developed by Microsoft, ASP NET Core became the first choice for many developers because it is simple to use and offers high-end versatile features in the development process.

ASP NET Core development is one of the most prevalent web development options around the globe for building modern web and sophisticated web applications.

A few distinct features of ASP Net Core:

  • Open-sourced nature
  • Cross-platform functionality
  • Supports container technology
  • Robust security from CSRF (Cross-Site Request Forgery) attacks
  • Cloud integrations for finance app development

When it comes to banking app development, it is important to pay close attention to every aspect of the web application including privacy, data security, flexibility, speed, and so on.

The nature and architecture of ASP Net Core provide a comfortable way of finance app development, delivering enhanced online banking experiences to the end-users.

Looking for robust financial app development? Check out the benefits of ASP Net Core for the Banking and Financial Industry.

Why Choose ASP Net Core for Finance App Development?

The major benefits of ASP Net Core can be found in its framework. The banking industry can benefit from ASP Net Core in the following ways:

  1. Supports Major Containers & Cross-Platform Development
  2. High-End Performance
  3. Enhanced Security
  4. Supports Cloud-Based Applications
  5. API Integrations
  6. Excellent Communication Push Notifications

1. Supports Major Containers & Cross-Platform Development

ASP Net Core is preferred for banking app development because it can be used to develop web apps across multiple platforms- Windows, Linux, and macOS.

With cross-platform functionality, ASP Net Core also allows containerization, a significant feature for many industries. This finance app development platform allows the use of technologies like Docker and Kubernetes.

The ability to function across different platforms and provide support for containers makes ASP Net Core the best fit for finance app development.

2. High-End Performance

High-End Performance

The digital era demands more and more efficiency and speed. Loading speed makes or breaks a web application.

Decent speed retains customers but delayed responses spike up your application’s bounce rate.

Banking-related functions like online purchases, bill payments, funds transfers, and more are expected to be seamless and rapid. Nothing short of perfection can execute the plethora of services provided by a banking app.

ASP Net Core lets you build high-functioning and high-performing finance applications with seamless navigation and a bug-free experience. The ASP framework optimizes after code compilation to enhance performance, making it one of the most rapidly functioning frameworks.

3. Enhanced Security

There’s no doubt that security is of utmost importance when it comes to financing app development. This industry involves personal information and sensitive data like passwords, bank details, and transaction details, making it one of the prime targets for cyberattacks.

CSRF (Cross-Site Request Forgery) is the most frequent type of cyber threat faced by the banking industry. When a website’s security is weak, hackers can send requests to modify user data and access their finances. That’s why security should be airtight when it comes to financing app development.

ASP Net Core effectively prevents CSRF attacks. It has request verification tokens, one is used as a cookie and the other is hidden to combat security breaches. This process optimizes the web application’s security and privacy.

4. Supports Cloud-Based Applications

Cloud-Based Applications

Many industries have been moving towards cloud-based web applications over the years. Cloud integration provides high flexibility, safety, and accessibility to data. For banking companies with endless data and digital information, a cloud-based architecture works best.

ASP Net Core supports cloud-based web application development. Also, this opens the possibilities for integrating modern technologies like AI and IoT to deliver enhanced online banking experiences.

5. API Integrations

API integration is a significant consideration for finance app development. ASP Net Core has an MVC (Model-View-Controller) architecture, which is quite preferred by developers around the globe.

The MVC structure of the framework lets you execute web API integration, allowing better testing of web applications. This feature enhances the all-around efficiency of the web application, making it one of the best choices for finance app development.

6. Excellent Communication Push Notifications

Push Notifications

Financial and banking web applications are not just for transactions and fund transfers, they also facilitate communication between the users and the bank. Important announcements and information should be seamlessly conveyed through mobile notifications.

Information like branch timings, bill payment deadlines, or app maintenance should also be updated for the end-users.

ASP Net Core utilizes a library that is perfect for server and client-side operations. This framework leverages SignalR Java technology to enhance push notification efficiency.

Banking companies get huge benefits by using ASP Net Core as they can easily send push notifications to their users for communicating critical information, which is appreciated on the client side as well.

These were the top 6 perks of the ASP Net Core framework for banking app development.

Final Thoughts

The banking and financial industry needs to structure its web application very meticulously. From low performance to data breaches, banking apps need to have a robust core to perform efficiently and securely for their users.

ASP Net Core solves most of these issues with a framework that suits best finance app development.

We hope this blog has helped you in understanding the importance of ASP Net Core for banking application development.

Looking for a high-performing and robust banking app? Feel free to contact us!

With 17+ years of hands-on experience and a wide range of clientele, Communication Crafts provides expert .NET developers, delivering high-performing web applications with utmost usability and security.

Building a secure present, for a fruitful future!

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