Every aspect of life is becoming mobile. Without a mobile application, it’s as if you don’t exist! A contemporary bank can achieve market leadership only with a well-designed mobile banking app that is intuitive and convenient, enabling users to do all of the functions available on the website – and much more. This method offers several advantages for both clients and banks.
After deciding to design your own app for online banking, the first and most critical step is to choose the features that will transform your app into a useful tool for all your clients. In this post, we’ll discuss which features are necessary for online banking apps and which ones you can add to make them even more attractive and engaging. Let us begin with the fundamentals.
Essential features for a mobile banking app
This list represents the very minimum functionality that must be included in your mobile application. You may implement this capability in a variety of ways, but we strongly advise you to use cutting-edge technologies and tools. To assist you, we’ve compiled a number of case studies demonstrating how current internet banking apps address this problem.
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Simple yet secure sign-in
Multi-factor authentication is a safe but time-consuming solution that often upsets consumers, particularly when compared to biometric authentication.
Biometric authentication technology examines a person’s bodily characteristics in order to identify and validate them. This technology is capable of recognizing a user’s voice, typing rhythm, and even gesticulations. However, several additional qualities may be applied as well.
For example, Wells Fargo has included an eye-scanning verification tool in its business clients’ mobile app. A user must stare directly at the camera in order to be identified. As opposed to what you may believe, the software does not scan the iris; rather, it concentrates on the arrangement of blood vessels in the eye, which is likewise unique to each individual.
Bank account management
Users may monitor their cards and bank accounts, check their balances and transaction history, and make money transfers using a bank account management function.
This list is not exhaustive. Along with the standard features, ABN AMRO, a big bank in the Netherlands, adds the following to their accounts tab:
Create a savings goal
The user may enter the desired amount and a time frame for saving it.
Make an investment
If the user has an investing account, they may make an investment order.
Recurring payments
If users have previously transferred money to a friend or family member, they may tap on a prior transaction to send money again without inputting recipient info.
This enhanced capability enables users to do more tasks inside the app without requiring them to access the online application.
Intelligent chatbot for customer support
Providing the most customized service possible to your customers is critical to your success. You must ensure that your consumers have access to competent consultation and assistance 24 hours a day.
A chatbot powered by artificial intelligence is the optimal solution in this case. A clever chatbot can quickly respond to hundreds of consumers simultaneously without forcing them to wait in line. Chatbots are available 24 hours a day, are always courteous, and never fatigue. Wells Fargo Bank has profited from its chatbot-based customer service.
ATM locator
While an ATM location may seem to be a little feature, it should not be overlooked. The minor details demonstrate your concern for your consumers. Additionally, by incorporating new technologies into your app to increase its appeal, you might accomplish some fantastic outcomes. The Royal Bank of Canada exemplifies how this works.
RBC’s mobile app now has a unique function that enables users to locate the closest bank or ATM using Virtual Reality technology. According to the bank spokesman, around 90% of users upgraded to get access to these types of features of mobile banking apps, and approximately 25,000 additional downloads of the application have occurred since the new function was enabled.
Payments through QR code
Paying for products and services is made simple, quick, and convenient by scanning QR codes straight from a mobile banking app. Additionally, consumers just only have a smartphone to read QR codes.
Although QR codes are not a new technology, only a few bank applications now support QR code payments. ING and Rabobank of the Netherlands were among the first with their smartphone app Payconiq. Payconiq, first launched in January 2018, streamlines online and in-store payments with the use of a built-in QR scanner.
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Notifications and alerts
There is no need to emphasize how critical alerts are for a mobile application. They can assist you in maintaining contact with your consumers, engaging them, and successfully marketing your services.
All you have to keep in mind is that customers despise invasive alerts. That is why users should be able to quickly configure alerts to determine what information they get when they receive it, and how often they receive it. In this manner, individuals will get just the information that is really relevant to them.
What more features should you consider while developing a competitive application?
The characteristics described above constitute the foundation of your application. You may attract some of your current consumers with such an application, but that is all. You can only attract a wider audience if you provide something really unique and beneficial. That is why we propose that you explore the following extra features to differentiate your app and make it more engaging and interesting to non-customers as well.
Monitoring one’s spending habits
By employing mobile budgeting applications and expenditure monitors, users may regain control of their money and meet their savings objectives. Why not include this capability in your banking online app?
We’ve prioritized the following features for your mobile banking application in order to compete with the most successful solutions in this space:
Savings goals:
Users should be able to choose from established objectives, add their own, and schedule their completion.
Customized reports:
Analytical charts are an excellent approach to illustrate and stimulate users’ progress. Users should be able to choose the kind of information they want to get and how they wish to receive it.
Budgets:
Include a large number of expenditure categories, as well as the flexibility to create new ones. Customers should be able to create a budget for each category for a week, month, or year and track their spending and remaining funds.
Notifications:
Notifications may be used to remind users to enter data about their spending, display reports, and remind users about forthcoming payments.
Scheduled bills and payments:
Assure consumers that they may arrange bill payments to persons or firms and choose the frequency of money exchanges, such as weekly, monthly, or annually.
Wrapping up
A well-designed application that incorporates some really innovative and distinctive features has a direct influence on your business, assisting you in attracting new consumers, gaining a competitive advantage, and providing a great customer experience.
Are you prepared to build a banking app? Send us an email and we’ll assist you in determining your app’s feature set and advise you on the newest technologies and development methodologies.
Consult a development team with appropriate knowledge to help you pick the best choice. They can advise you on cutting-edge technology and strategies for optimizing your strategy. If you’re ready to discuss the features of an online banking app, contact Mobcoder, an app development company and we’ll get started.
