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I wanna create banking app for my store. But I need ur help. What steps should be taken to effectively test banking applications, particularly in terms of conducting penetration testing to uncover vulnerabilities in the application's architecture, APIs, and data storage mechanisms, as well as performing security audits to ensure compliance with industry standards like PCI DSS and GDPR? Additionally, what encryption techniques should be implemented to safeguard sensitive data transmission and storage, such as SSL/TLS for communication and encryption algorithms for storing passwords and other sensitive information? Lastly, if you were to create a banking app for your business, how would you ensure its security and compliance with industry standards?