The Features That A Successful Banking App Must Have

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Must-Have Features For A Successful Banking App

Mobile applications are powerful technologies that allow us to conduct practically all of the same tasks on the go as we would on a desktop computer.

Banks and financial institutions are going mobile all over the world. So, if you’re a bank owner who hasn’t yet gotten on board with mobile apps, you’re in for a world of hurt.

Having a well-designed, user-friendly banking mobile app that clients love using is the only reason banks dominate the industry. Walking into a bank for certain needs, such as depositing checks, transferring funds, checking balances, and so on, has practically become obsolete.

Customers may perform all of these things, and much more, simply from their smartphone using a mobile banking app. It doesn’t get any easier than this!

In this article, we’ll go through aspects that every banking app should have. Let’s get started, shall we?

1. Maintaining a bank account

The purpose of a mobile banking app is to allow users to manage their bank accounts directly from their mobile devices. Users can monitor their credit cards and bank accounts, check balances, read transaction history, and transfer payments from anywhere at any time using bank account management capabilities.

When it comes to developing a banking app, there isn’t exactly a one-size-fits-all solution. You should always include the necessary functions, but you can still be creative while designing your app. You can use goal settings to allow users to work toward a savings goal directly from the source of their financial data.

This feature allows users to specify the amount they want to save and the time frame in which they want to save it. What about financial investments? That would be a fantastic tool to include in your banking app so that people can plan their investment orders. Furthermore, most people have struggled with budgeting at some point in their lives. Isn’t it fantastic if customers could set a budget right from their banking app?

Third-party budgeting apps are available, however, they do not record all credit card transactions in real-time. This means you could be spending money with your credit card or even withdrawing cash from an ATM, and the third-party app won’t register the transaction in time for you to make an informed budgeting decision.

2. Fraud & Advanced Security Alerts

These days, you can never be too cautious. Users seek the absolute best protection against hackers and cyber theft when it comes to sensitive data. To create a successful banking app, you must first make sure it has a secure sign-in feature. You want to create it so that joining into a user’s online banking account involves particular procedures without adding too many that will frustrate consumers.

The line between being careful and being paranoid is thin. A good banking app guarantees that the sign-in procedure is quick and simple while also being safe, giving the user peace of mind. Multi-factor authentication, for example, is a very safe technique, but it takes a long time to set up. This feature isn’t the best choice for a banking app because anything that takes a long time is never appealing to the user.

Biometric authentication, on the other hand, confirms users by examining their physical characteristics. This powerful technology, among other things, can distinguish a person’s typing rhythm, voice, and even bodily gestures.

For business customers, Wells Fargo has created an eye-scanning verification function that allows them to log in to their online banking by merely glancing into their smartphone camera. Instead of scanning the iris, this software examines the blood vessel pattern of the eye, which is also unique to each individual.

 

3. Features of CORE Banking

CORE banking, or centralized online real-time exchange banking, is a back-end system that handles transactions and changes practically instantly. All kinds of services are offered via different digital channels thanks to cutting-edge financial software.

The CORE of your mobile banking app should be CORE banking. Retail banking, wholesale banking, and securities trading are all possible specializations for CORE banking software. Here are a few examples of service-oriented CORE banking capabilities:

Enrollment in new accounts and account management for existing accounts
Withdrawals and deposits
Loan administration
Calculation of the interest rate
Management of customer relationships (CRM)
New financial products are introduced.
Upkeep of records

 

4. Payments with QR Codes

QR codes are becoming increasingly popular in mobile apps, allowing users to scan their code on a barcode reader to make purchases quickly and without having to use their hands. Leading banks are already incorporating QR code scanning technology into their applications, capitalizing on the QR code trend.

For both issuers and businesses looking to increase their consumers’ mobile payment options, QR codes are a great alternative. All that is required of users is their smartphones. Customers appreciate QR code payment solutions because they are simple to use, convenient, and give added security.

 

5. Check Deposits on the Go

For those who still bank the old way, this feature may appear to be science fiction. Customers all around the world, on the other hand, are becoming more and more accustomed to utilizing it. Remote deposit capture, often known as mobile check deposit, is quickly becoming one of the most popular mobile banking capabilities.

When making a mobile deposit, the user scans a check with their smartphone’s camera and sends the digital image to their chosen financial institution. The most obvious advantage is the time savings. Users can deposit checks without having to drive to a bank branch or credit union and stand in line for a teller.

Endorse the check and capture front and back images immediately on your banking app in just a few minutes. The deposit information is sent to your account, and monies are usually available the next business day. The mobile check deposit option is extremely popular among customers. Even individuals who aren’t particularly tech-savvy will find the feature to be relatively simple to utilize.

Those concerned about security should rest easy knowing that the app will not save photographs of their checks on their phone. After using the mobile check deposit feature, hackers will be unable to access saved photographs or discover a user’s bank account number.

 

6. Peer-to-Peer Transactions

According to a survey performed by the United States Bank, paper money is losing favor. 50% of those polled claimed they only carry a little amount of cash if any at all. Peer-to-peer payments, or P2Ps, allow online banking consumers to send money straight from their mobile app to another person’s account.

P2Ps are the reason why married waiters no longer divide checks for groups of 12 people. In most situations, money is deposited safely, securely, and immediately using mobile banking apps with P2P capabilities. Many third-party suppliers offer the same service, but it’s considerably more easy to use a banking app. The bank oversees the movement of funds, and the banking app requires the user’s ID number.

Third-party services are not guaranteed to be secure. In addition, unlike many third-party providers, most banks do not impose fees for transactions. For enhanced security, reliability, and fast payments, it’s always a good idea to opt-in for peer-to-peer payments via a banking app rather than a third-party provider.

 

7. Payment of Bills

Paying payments via check is inconvenient, time-consuming, expensive, and harmful to the environment. It isn’t exactly the safest option, either. In the mail system, checks are lost or stolen. In the recipient’s mailbox, they get misplaced and buried behind documents.Plus, who uses checks these days when you have a bill-paying system at your fingertips?

Using a banking app to pay your bills has a slew of advantages. Users can set up automatic bill-pay capabilities so that they never miss a payment, in addition to the ease of paying bills from anywhere at any time directly from their smartphone. They can set up one-time or monthly payments, as well as personalized email or SMS alerts to tell them when money is sent to them, account activity occurs, and more.

Users can pay as they go for varying amounts, such as utility bills, anytime they are notified that their bill is due. Setting up recurring payments for things like mortgages and vehicle loans with fixed installments is the best way to go. When the invoices are due, the cash will immediately withdraw from the user’s account, ensuring that they never miss a payment.

It’s also worth noting that one-time and recurring payments can be linked to a user’s savings account. Payments are processed almost instantly. If the user remembers a bill at the last minute, they can generally pay it before the deadline. Depending on the bank, payments can be processed in a matter of minutes or the same business day.

Finally, nothing beats the convenience of checking your bank statements, balances, spending habits, and account activity from the convenience of your own home. Users can better manage their bank account information on the go using a banking app, eliminating the need to visit a bank to access their funds.

 

8. Chatbots that are intelligent

For any service, especially banking, providing exceptional customer service and a personalized approach to consumers is always a top concern. Simple client inquiries are frequently handled effectively by intelligent customer support chatbots. You can provide 24/7 service to your consumers by incorporating a sophisticated AI chatbot function into your banking app, enhancing your chances of success and customer happiness.

Chatbots are fantastic since they operate around the clock, can swiftly answer hundreds of inquiries, are always kind, and you don’t have to pay them! Many banks have seen considerable benefits from incorporating customer service chatbots into their mobile banking apps, and yours may as well.

 

9. ATM Finder

An ATM locator tool may appear to be a no-brainer to include in your banking app. It’s vital, no matter how simple it seems. Remember that certain apps are more popular than others because of the small details. Customers should be able to rely on your banking app to identify an ATM near them when they need one.

This function is included in most mobile banking apps, not because it is standard, but because customers desire it. Feel free to be as creative as you want with your banking app. But don’t overlook the necessities, such as the ATM locating feature.

Next Big Technology has been at the forefront of bank software development since 2000. All of our specialized mobile banking solutions demonstrate our expertise and steadfast devotion to our clients. Whether you require a completely new mobile banking app or wish to supplement your existing IT staff and enhance the capabilities of your banking app by hiring a few of our specialized developers, Next Big Technology has you covered.

 

Disclaimer:

The opinion of this article is unaffected by Next Big Technology, Inc. Unless otherwise stated, any mention of specific names for software, companies, or individuals does not imply sponsorship by either party. All case studies and blogs are prepared with the subjects’ full cooperation, knowledge, and participation. In no way is this blog meant to be construed as legal guidance.

Next Big Technology was founded in the year 2009 and is based in Florida. We provide world-class software development services to clients. Process and system design, package implementation, custom development, business intelligence and reporting, systems integration, testing, maintenance, and support are all included in our services. Next Big Technology knowledge spans the entire IT landscape.



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