Learn about features that should be included in mobile banking and financial apps today.
Technological breakthroughs and the rise of fintech played a crucial role in reshaping the banking industry. This disruption in banking led many banks to leverage the power of mobile banking apps to extend their reach of services to a broad customer group. And the rise of smartphones further gave mobile banking apps a further boost.
Mobile banking applications provide great convenience to users by enabling them to access vital banking services on their smartphones. With mobile banking apps, the customers can seamlessly make transactions, check account history, and track their daily spending.
After looking at the attractive benefits of a mobile banking app, you may think of making one for yourself. If you are a bank or financial service provider planning to digitize your business by implementing a mobile-first strategy, then creating a cutting-edge mobile banking solution is the right choice for you.
But before you start with your mobile banking app development, you need to check out this post. In this article, we will discuss with you in detail the features of a mobile banking app. So, let’s dive in.
There are some essential functionalities that you need to integrate into your mobile banking solution. You can choose different approaches to implement it, but we recommend you pick the latest tools and technologies. To help you out, we will discuss the features of a mobile banking app in detail:
1. Easy customer onboarding
Gone are the days when a potential customer prefers to physically enter a branch to speak with a representative to open an account. Today customers do not want to spend much time in bank account opening. That is why many leading banks today offer faster onboarding features in their mobile banking app, which makes it easier for new users to embark on their banking journey.
Now the customers can open their account within a few minutes by using a mobile banking app. They need to fill in their details and upload valid ID proof to open a bank account. Besides this, customers who want to take home loans don’t have to wait longer for approval. So, this is how a mobile banking app makes the onboarding process smoother.
2. Advanced peer-to-peer payments
Peer-to-peer payments, or P2P payments, as they are popularly known are the type of payments that facilitate customers to transfer funds directly from their account to somebody else’s account.
Mobile apps with P2P payment integration assures the user that his money is transferred safely, securely, and instantly. The mobile banking app requires the user’s ID number, and the bank oversees the transfer of funds.
Apart from this, it is highly recommended to opt for peer-to-peer payments via a mobile banking app rather than a third-party provider because most banks don’t charge a fee for the transfers, unlike third-party vendors.
3. Scan any QR code seamlessly
QR codes are gaining immense popularity among the mobile banking app users as it offers the users to make quicker contactless payments. After witnessing the ease of accessibility offered by QR codes, many banks are implementing QR payment features into their mobile apps.
A majority of customers possess their own smartphones nowadays. QR codes are an excellent alternative for both issuers and merchants to expand their customers’ mobile payment options. They are extremely convenient, are easy to use, and provide enhanced payment security to the customers.
4. Consider cardless ATM withdrawal.
An excellent mobile-based branchless banking solution offers you the feature of cashless ATM withdrawal provides an excellent solution for reducing the points of contact at the time of operating an ATM.
Cardless ATMs allow you to do transactions without the need to insert your debit card into a card machine. Instead, they link your mobile app to the ATM. Once you complete essential security steps, you can complete your transaction at the ATM.
Bank of America, Wells Fargo, Chase, and BMO Harris have empowered their mobile payment solutions with cardless withdrawal access.
5. Plan your budget efficiently.
Traditional bill payment methods like cheques or cash are inconvenient, time-consuming, costly, and not so eco-friendly. It is not even the most secure option either. In the case of cheques, they are lost or stolen in the mail system or get buried under the piles of papers of the recipient.
There are many significant benefits of a mobile banking app to pay your bills. Now, users can set up automatic bill-pay features so that they never miss a payment. Furthermore, they can schedule single-time or recurring payments by setting up customized email or SMS notifications.
6. Make investments on the go.
Mobile banking apps use data analytics to make financial decisions concerning investments and financial planning. They do complex calculations and analytics that are more effective than humans.
Moreover, a mobile banking app offers top-notch investment management services that enable clients to manage their portfolios or get their real-time view. In this way, it becomes easier for the customer to invest in their desirable securities by just making a few taps over their smartphones.
7. Use your voice to pay bills.
Voice payment is the future of the global banking sector. As per Statista, the voice payments adoption rate will be 31% in the USA by the year 2022. In such a scenario, you should adopt a voice-based transaction feature in your mobile banking app.
Voice-based payments became quite popular amongst the global audience in a brief span. Using mobile banking apps, the customer can now ask Siri or Alexa to pay their bills or check out a particular transaction. Thus, a voice-based feature of a mobile banking app will boost your brand’s overall value and build massive success for your mobile banking services
In today’s scenario, many business houses have also started exploring the possibilities of mobile banking. There are so many new applications are been launched and being explored which are helping people to manage their finances more efficiently and effectively. A mobile banking application is considered to be a revolution in the financial world. With more number of users increasing day by day, there is no dearth of mobile banking solutions. With more number of options to choose from, you can select any one that suits you the most.
As per latest statics, there are estimated to be around 6.5 billion people who have used various types of bank services on a daily basis. Thus, it is obvious that there would be huge potential for growth and expansion in the banking industry. Nowadays, several banks have also started exploring and implementing the latest technologies in order to provide more convenient services to their customers. Hence, if you are looking for banks that are evaluating and testing new, innovative mobile banking apps, then it is better that you try out leading banks like HSBC, ING and ANZ
These are some of the most innovative mobile banking apps that are available for you to choose the one most suited for your company. You can also make use of such apps in order to check your customers’ cash transactions, credit card transactions, balance enquiries and so much more. Apart from this, there are numerous other apps available that help you to manage the funds of your account the simplest way. If you wish to know more about such financial apps, then you can check them out from the official websites of these banks. Moreover, these are some of the most useful and popular mobile apps that are used to access various types of bank services like bill payments, cash advances, mobile balance transfers, ATM cash withdrawals and many more.
To conclude, we can say that today’s world is changing faster, and so are customer needs. What was once considered a luxury has become necessary to service, and banking services are no exception.
In this article, we have shown you seven unique features of a well-designed mobile banking app that can thrive your business towards success, get you more customers, and help you create a positive customer experience.
If you are looking to make a profitable mobile banking solution, then you can reach us at any time. Our specialists will help to determine the best strategy for mobile bank development and provide you with in-depth guidance on all mobile banking features and benefits.