Banking Application Development Report: Analysis and Strategies

This report details the development process of a banking application for Nedbank, focusing on serving corporate sector employees. It begins with target audience analysis and marketing strategies, followed by feasibility analysis to determine resource allocation. The report then addresses the challenges faced during application launch and details the testing phases, including unit, final, and performance testing. The final steps involve launching the application, promoting it through various channels, and gathering customer feedback for continuous improvement and future development. The report emphasizes the importance of customer behavioral patterns and leveraging feedback to innovate and promote the application across various platforms. References to relevant literature are also included.

Product & Service Development

Steps involved in the
Banking application development

Analysing Target Audience
This is the first stage in the process to develop new
banking products for Nedbank. Bank focuses on
businessmen and employees working in the corporate
sectors who does nit have time to go to bank to do
their transactions. With the help of new banking
application it will help to assess their account on their
personal system according to customers which will
help them to increase their satisfaction.

Formulating Marketing Plan
The second step of Developing Banking
application involves identifying factors
which helps in formulating marketing
strategies to to reach target audience
effectively and increase the transactions
of bank with effective services.

Feasibility analysis
In this stage Nedbank will determine the resources which are available to increase the
efficiency of marketing strategies which helps to increase the use of application for target
customers. Nedbank will also analyze the income level and standard of living of the target
customers to ensure the success of new banking application.

Challenges Faced in launch
In this stage bank will evaluate the problems and issues which the customers can face while
using the banking applications and what are the issues customers are facing in present. With
the help of new application it will help to solve the problem of customers or nots.

Application Testing
Once the application has been developed then it is the time to test the Banking application.
This testing of application can be of different forms i.e. unit testing, final testing and
performance testing. Unit testing is similar to functional testing, while final testing involves
testing of the complete application. Moreover, in performance testing the beta versions is
tested for feedback by some specific consumers of the application.

Launching
Launching is the final step of Launching application development. Launching means
introducing the application for the public use, this could be done either on hosting eitherby
banking websites. Once launched it could be marketed through various sources such as
magazines, newspapers, Nedbank banking websites.

Distribution
After launcging banking application it is very importnat for Nedbank to promote
It to customers with free trial session which will help bank to understand the
Customer behavoural patterns about the efficicny of the apllication developed.
Distribution is very essetial aspect of marketing which will alsop help to increase
customer base of Nedbank.

Feedback And Further Development
Nedbanks in this stage will take the feedback about the efficicny of the application form the
target customers. This will also help bank to inccrease their information about the customers
which helps to innovate the application and also help to ptomote the application on the internet
platform.

References
Books and journals
 Yang, Y., Lee, P.K. and Cheng, T.C.E., 2016. Continuous improvement competence,
employee creativity, and new service development performance: A frontline employee
perspective. International Journal of Production Economics, 171, pp.275-288.

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