As your customers' demands evolve, it is crucial that your bank evolves with them to stay ahead of competition and remain profitable. A robust mobile banking app will be an important part of this.
In this article, we'll take you through the top mobile banking app features to consider when designing and developing your app.
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When working on a mobile banking app, your main focus should be accessibility, simplicity and usability.
This is because, unlike traditional banking, mobile banking is all about easy navigation and management for maximum user friendliness.
Mobile banking is nearing ubiquity. 88% of Millennials access their bank accounts with a mobile device. The statistics are 78% among Gen X, 57% among Baby Boomers, and 41% of other seniors who use smartphones.
Only 20% of clients prefer to visit a bank branch to obtain information or complete a transaction. The remaining 80% prefer digital banking.
Hence, it is not an exaggeration to say that online banking is now an essential element of your industry. Let's take a look at how you can make it work.
There has been an increased use of contactless payments due to the Covid-19 pandemic.
Many people wish to avoid unnecessary contact with public surfaces. A way to cater to them is through cardless ATM withdrawal. Some banks that include cardless withdrawals include Wells Fargo, BMO Harris and Bank of America.
Through cardless ATM withdrawal, customers can access their cash through your mobile banking app without the use of their debit card. This will be a wonderful way to access banking services on the go, particularly if they do not have a card with them.
However, bear in mind that this option is not available for every bank, and may not be the right option for every customer. Furthermore, not every ATM will support a cardless withdrawal.
If speed and convenience are your goals, then using QR code payments is a good idea. Customers can make financial transactions just by scanning the code.
QR technology is not new and many banking apps have already implemented it. Hence, it could be a disadvantage to not include it. Furthermore, QR technology doesn't require a very large investment of finances and resources.
With the rise in cyber theft, data breaches, and hacks, security has become a vital feature of mobile banking apps. Customers need the reassurance that their sensitive data is protected. Due to this, multi-factor authentication is common now.
You can include features such as:
Enhance your customer service with the power of artificial intelligence!
Virtual assistants make it easier for customers to get quick help for routine queries. This way, your human staff will be able to focus on other tasks. Examples of virtual assistants include Bank of America's Erica, Capital One's Eno, and US Bank's Smart Assistant.
While not every bank offers voice-activated assistants with a wide range of complex insights and services, many provide chatbots for simpler queries.
It is likely that more sophisticated AI-powered options will continue to be developed and used by banks.
Cash had already been in decline, and the pandemic just sped the process up. Hence, consider peer-to-peer payments (or P2P payments), which facilitate cash transfers between accounts through your banking app.
Unlike with third-party vendors, P2P payments conducted through mobile banking apps are more reliable and secure, and do not involve a fee.
Certain features will help customers automate their savings. Examples of such features include Ally Bank's Surprise Savings, Chime's automatic savings tools, and Varo Bank's automatic savings tools.
Many users are not comfortable accessing online content due to language barriers. It could be beneficial to develop a multi-language banking app so that it is accessible to more people.
Furthermore, AI technology can automate localization services and reduce the need for manual app translation. Additionally, you can implement localized chatbots to improve user interaction.
With this, your customers will be able to check balances and make transactions without logging into their account. Examples of such bank features include Wells Fargo's FastLook, Citi Mobile's Snapshot, and Bank of the West's Quick Balance.
If you integrate these basic features into your mobile banking app, it will help to make it a success.
Once you're done brainstorming your banking app, you'll require custom mobile app development to bring it to life. BluEnt is a mobile app development company that serves banks, consulting firms, funded startups, and other large to medium sized businesses. See what we've developed for other businesses here.
Ready to get the mobile banking app you deserve with professional app development services? Contact us now!
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