Must-have Features of a Mobile Banking App

Mobile banking apps have become mainstream in many banks and financial institutions. A well-designed and user-friendly banking mobile app can make things easier for consumers. And especially if you compare it with a visit to the bank.

Customers can use mobile banking applications to process transactions, examine their account history, and track their expenditures. The convenience of mobile banking apps may soon remove the need for bank visits altogether.

The following statistics show the growth of mobile banking applications:

• According to Cision PR Newswire, the value of the mobile banking market will be $1.82 billion by 2025.
• And Statista reports that the number of American mobile banking users will rise by 65.3% compared to 61% in 2018.

Crucial Features of a Mobile Banking Application

Here are some mobile banking app features that bank/financial institutions should keep in mind to meet consumer expectations:

Simple Sign-in

The sign-in feature is consistent across all the applications regardless of the type of the mobile app. The customer enters your app and examines its design throughout the login process.

The security and efficacy of the login mechanism are essential in every mobile banking app.

Make sure your mobile banking app offers a safe and convenient sign-in function. And do not exhaust users by asking too many security questions that can irritate them.

Biometric authentication technology can assist you with this. It validates people with voice recognition, facial scanning, or fingerprint scanning.

Digital Payments

Digital payment is the most widely appreciated feature in mobile banking apps. It is at the top of the list for most clients. Mobile banking apps should have quick access to digital payments like mobile wallets and UPI for hassle-free transactions.

Customers can quickly pay their bills, manage their accounts, and set up regular payments. They can also set up recurring payments with an automated deduction from their account if they often forget payment dates.

A banking app with digital payment modes helps users perform transactions and check account information. It further eliminates the need to visit the bank for money transfers and account management.

Peer-to-Peer Payment System

Peer-to-Peer (P2P) payment service is a popular mobile banking service that helps users transfer money directly from their bank account to another. These payment solutions are rapidly gaining a large customer base globally.

P2P payments provide a secure platform for instant money transfers to your friends, family, and commercial establishments.

The P2P payments feature can also assist you in attracting more loyal users for your bank. You will save your consumers from a tediously long payment process with the quick operations of P2P payment apps.

Peer-to-peer payments help customers become more independent with money transfers as they do not rely on the bank.

PayPal is a prominent peer-to-peer payment tool with a global customer base. It provides better security and fraud protection for your transaction. And with the convenience of quick/one-click payments.

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Notifications and Alerts

Notifications are critical for staying in touch with clients and promoting certain services based on their requirements. These notifications must not be invasive or frequent as they can annoy your customers.

Users should be able to set up the type of information alerts they want to get, when, and how frequently. The notifications should include clear calls to action like opportunities to make payments, manage bills, apply for a credit card, or pay credit card bills.

Advanced Security

Security has always been a significant concern for the banking sector. It is critical for your mobile banking app if it provides features like P2P payments.

Such payments make you responsible if the bank account details of consumers become prone to theft or fraud. It should be your priority to protect consumer transactions and crucial financial data.

Securing your banking software solutions and incorporating critical security tools in your mobile banking apps ensures the safety of consumer financial data and transactions.

Adding end-to-end encryption, KYC, two-factor authentication or OTP, facial recognition, fingerprint scanning, and security questions can help you safeguard consumer financial data and activity.

Excellent Customer Care

Customer service is the most critical component of any bank or a multinational corporation. You have to deliver excellent customer care to your consumers to make a lasting impression in the global market.

A well-developed customer care service with AI chatbots, chat executives, and call executives can make it easy for consumers to deal with their doubts and problems.

Your mobile banking applications must have such a customer care service to complete the all-in-one banking services package.

All your customers must receive 24/7 customer care service and skilled guidance in your mobile banking app. You can utilize any innovative technology you have to modernize the efficiency of your customer care service.

For example, AI-powered chatbots are becoming increasingly popular as they can handle client inquiries without human participation.

Cashback

The cashback option is another sure-fire technique to increase the number of users on your mobile banking app. Many millennials and Gen Z users prefer to purchase almost everything on their mobile phones.

And a cashback offer from your mobile banking app payments can make things interesting for them.

It’s highly beneficial for your banking app to offer rewards to your customers for using the mobile banking app for transactions.

What benefits your customers will accelerate the growth of your bank’s digital presence. And lead to a long-lasting success of your banking app as well.

You may also provide specialized cashback offers to loyal customers. It will strengthen your relationship with your customer base and lead to more customers.

Conclusion

Banks and credit unions frequently focus on the functionality of their mobile banking app. But what requires more attention in the app is customer service and security. A credible mobile app development company will take care of perfecting such integral aspects of your mobile banking application. 

The banking sector has thrived due to its safe/secure operations and exceptional customer care service.

Knowing what features should be in your mobile banking app will help you meet the requirements of your target audience. And it may also help you add features that can make things more convenient for customers.

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