In the past few years, the use of mobile banking apps grown tremendously. In a survey of smartphone owners, it was reported that 79% of users had used their mobile devices to transact online. Features like cashless transactions, digital wallets, and improved security are some major factors that have contributed to the wider adoption of mobile banking apps.
This seems to be an exciting opportunity for banks and payment services to invest in mobile banking application development. But to make an app successful there are some essential features the app must have. From full-proof security to smooth user-functionality, the mobile app must do what it is intended to – make mobile banking a seamless experience for the customers.
To make this happen, you need to understand what are the common features offered by leading banking apps around the world. In this post, we will discuss that.
5 Essential Features that Mobile Banking Apps should have
Security is one of the major factors that still resists many customers from using mobile banking apps. 93% of attempted mobile transactions in 2019 were reported fraudulent. With such startling facts, their concerns are not over-hyped.
To make the app secure, in addition to SSL encryption for transactions, banking apps should also use biometric verification, two-factor authentication, and similar security protocols to minimize fraudulent activities. At the same time, it must be easy for the customers to log into the app. Making it difficult for the customers to sign in and conduct transactions can demotivate them from using the app.
2) Account Management
Most leading banks provide account management options within their banking apps. Customers can use the app to check account balances, make scheduled transfers, and pay bills. These are some of the basic features but some banks take it a step further. They offer investment management features within the app which allows the customers to start investment plans like SIP, RD/FDs, and other savings schemes.
Mobile banking gaps have also reduced the time gap between the request and the approval of financial advances like loans. Customers can submit the required documents through the app. All these account management features ensure that the customers can perform all banking activities, right from their mobile apps without having to visit a bank branch.
3) Support Features
New or existing customers might have queries about different functionalities of the app or regarding their personal banking information. Having a chatbot or FAQ section built inside the app can help to resolve their queries.
AI chatbots can look handle thousands of customer queries at the same time. The biggest advantage of chatbots is that they can provide round the clock professional support to customers. This results in savings in terms of employee costs and fast resolution of customer queries.
4) Local Payment Options
Many countries are encouraging cashless payments by making use of unique payment gateways. For example, the Indian government developed the UPI or Unique Payments Interface which allows customers to transfer money by simply entering the mobile number of the recipient.
Similarly, in many countries, customers can scan QR codes displayed at gas stations, departmental stores, or movie halls to make payments. This is a popular form of P2P (Peer-to-Peer) payment option that is gaining popularity around the world. Integrating such local payment options in your app can give a big boost to your banking app.
5) Notifications and Alerts
Keeping customers updated with the latest activities on their account and sending reminders about upcoming payments are a few important alerts that can enhance the experience of using the app. Push-notifications can be used to send immediate notifications to customers. This will keep them updated about current and upcoming transactions.
Since notifications can sometimes become intrusive, your mobile banking app should have the feature to allow customers to control which notifications they want.
The features mentioned above are essential to ensure your app gains traction in the market. That said, you can add additional features to make your app stand apart from your peers. Some banks provide budgeting and scheduling options within their apps to help customers monitor their expenditures and payments. This allows customers to keep track of their monthly activities.
You can also curate special offers or reward programs for customers to make them feel more valuable. Availing the services of a leading software development company can help you create a mobile banking app that provides end-to-end solutions to your customers. Make sure to plan ahead what services you want your banking app to have to ensure the app development process is smooth and fast.
About the Author
Liza Bradbery is an experienced writer who has handled a variety of topics, including tech and business articles for a software development company. She has vast knowledge on most aspects related to businesses considering her 10+ years in article writing.