IMPORTANT FEATURES FOR A SUCCESSFUL BANKING APP
We live in a digitally operated world where everything is virtual. We harness the power of digital mobile devices to do everything from communicating with others and checking our Facebook status to streaming videos and even running a business!
Nowadays, technology rules the world.
Mobile applications are powerhouse technologies that give us the advantage of performing virtually all the same actions that we would on a desktop computer, on-the-go.
Banks and financial institutions everywhere are going mobile. So, if you’re a bank owner who hasn’t yet jumped on the mobile app bandwagon, then prepare to be in for a world of hurt.
The only reason why banks hold leading positions in the market is that they have a well-designed, user-friendly Mobile banking APp that customers love. The idea that walking into a bank to handle specific needs, like depositing checks, transferring funds, checking balances, etc., has become almost obsolete.
With a mobile banking app, customers can do all of these things, and so much more, directly from their smartphone. It doesn’t get more convenient than that!
In this article, we’ll discuss nine must-have features to have a successful banking app. Let’s dive right in, shall we?
1. BANK ACCOUNT MANAGEMENT
The whole point of using a mobile banking app is to manage their bank account information directly from their mobile device.
By featuring bank account management capabilities, users can monitor their credit cards and bank accounts, check balances, view transaction histories, and transfer funds from anywhere at any time.
2. ADVANCED SECURITY & FRAUD ALERTS
You can never be too careful these days. When sensitive data is concerned, users want the absolute best protection against hackers and cyber theft.
To have a successful banking app, you must first ensure that the app has secure sign-in functionality. You want to make it so that there are specific steps involved in signing in to a user’s online banking account without adding too many steps that could irritate users.
Fraud alerts are another must-have feature to implement within a banking app. While fraudsters and hackers get savvier, so do software developers, engineers, and programmers.
Systems monitor thousands of transactions per second to prevent fraud. If suspicious activity is detected, then the user is the first to know.
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3. CORE BANKING FEATURES
CORE banking, or centralized online real-time exchange banking, is a back-end system that processes transactions and posts updates almost immediately.
Thanks to avant-garde banking software, all kinds of services are available across multiple digital channels.
CORE banking should be at the CORE of your mobile banking app.
CORE banking software can be specialized for retail banking, wholesale banking, or securities trading. Here are a few of the capabilities for service-oriented CORE banking:
New account enrollment and existing account management
Deposits and withdrawals
Interest rate calculation
Customer relationship management (CRM)
Introductions to new financial products
4. QR CODE PAYMENTS
QR codes are becoming more popular amongst mobile apps, enabling users to scan their code on a barcode reader to make purchases quickly and contact-free.
Now, leading banks are joining in on the QR code craze by implementing QR code scanning technology into their applications.
QR codes present a great alternative solution for both issuers and merchants to expand their customers’ mobile payment options.
All users need are their smartphones.
QR code payment solutions are easy-to-use, super convenient, and provide additional security that customers love.
5. BILL PAYMENTS
Paying bills by check is time-consuming, inconvenient, costly, and environmentally unfriendly. It’s not especially the most secure option either.
Checks get lost or stolen in the mail system. They get misplaced and buried under paperwork in the recipient’s mailbox.
Plus, who pays with checks anymore when you have a bill payment system right at your fingertips?
There are so many great benefits to using a banking app to pay your bills. Aside from the convenience of paying bills from anywhere at any time straight from their smartphone, users can set up automatic bill-pay features so that they never miss a payment.
They can schedule one-time or recurring payments, along with setting up customized email or text alerts to notify them whenever someone sends them money, activity occurs on their account, and more.
For amounts that vary, such as utility bills, users can pay as they go whenever they’re alerted that their bill is due.
For things like mortgages and auto loans with fixed installments, setting up recurring payments is the best way to go. The funds will automatically withdraw from the user’s account when the bills are due, so they never need to worry about missing a payment.
It’s worth mentioning here that one-time and recurring payments can also be linked to the user’s savings account.Payments process almost immediately. If the user remembers a random bill at the last minute, they can usually get their payment in under the wire.
It depends on the bank, but many process payments in a few minutes or within the same business day.
Lastly, nothing compares to the added value of being able to check your bank statements, balances, spending habits, and account activity with the touch of a screen.
With a banking app, users can better monitor their bank account information on-the-go, without ever having to walk into a bank to access their funds.
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