10 Must-Have Features and Benefits of Mobile Banking Apps

1. We live in a digitally enabled-world where everything is virtual. From communicating with others and checking our Facebook status to streaming videos and even doing business, we harness the power of digital mobile devices! Technology is ruling the world these days. Mobile applications are powerhouse technologies that give us the advantage of performing virtually all the actions we do on a desktop computer while on the go. Banks and financial institutions everywhere are going mobile. So, if you're a bank owner who hasn't jumped on the mobile app bandwagon yet, prepare for a world of pain. Recommended To Read: Artificial intelligence in banking sector The only reason banks have leading positions in the market is that they have a well-designed, user-friendly banking mobile app that customers love. Going into a bank to perform specific needs like depositing checks, transferring funds, checking balances, etc. is almost obsolete.

2. With a mobile banking app, customers can do all this and more directly from their smartphones. It doesn't get more convenient than that! In this article, we discuss the nine must-have features to have a successful banking app. Let's dive right in, shall we? Features of the Mobile Banking Apps Here are some must-have features for mobile banking applications in 2023 that financial institutions should consider implementing to keep up with client preferences: 1. Intuitive interface and ease of navigation The app's user interface should first be straightforward and user-friendly. Many applications provide users with a conflicting experience with navigational instructions, causing them to abandon it. The app should make it easier to navigate by including an in-app search capability that allows users to execute a voice search or written query as well as smart shortcuts to commonly used app functions. Recommended To Read: How much does it cost to develop a FinTech App 2. Personalized experience Nowadays, the most important aspect of a mobile app is a personalized experience. This function helps attract and retain a younger client population. Consider in-app virtual assistants and personalized insights based on customer cash flow or purchasing trends. Such features help you grab the attention of your audience and have proven successful in modern times. 3. Customer Service Options The best mobile banking applications offer excellent customer service and support through self-help, live chat, phone, and/or other means. Customers can contact companies more easily if they have any

3. problems or queries. Whether the app provides a chatbot or other options for users to contact customer care representatives, the app should make it clear how to get help if they get stuck. 4. Warnings and Notifications Notifications and alerts are needed to stay in touch with clients and promote specific services based on their needs. Customers may find alerts too intrusive or too frequent to be annoying. Users should be able to choose or set up what information they want to receive, when, and how often. Customers will benefit from this functionality as they will not miss important alerts. Recommended To Read: Fintech mobile app development companies in texas 5. Secure sign-in With the current rise in data breaches, cyber theft, and hackers, security is the most important feature. Consumers want unequivocal assurance that their sensitive data is safe from harm. In this regard, multi-factor authentication with secure sign-in options and current technologies such as biometrics, fingerprint readers, facial recognition, codes and more make signing in easier. Mobile apps enable users to have a secure mobile experience. Provide a great degree of security. 6. Digital Payments Another must-have feature is digital payment, which may be at the top of most clients' lists. For frictionless transactions in this cashless era, every mobile banking app should have quick access to various digital payment alternatives, mobile wallets, UPI, etc. Customers can easily pay their bills, set up regular payments, and manage their accounts. As users tend to forget payment dates, it is beneficial to set up recurring payments with automatic deductions from the user's account.

4. 7. Peer-to-Peer Payments With the pandemic problem, paper money is losing favor and fewer people are carrying cash if any. Peer-to-peer payments, often called P2P payments, enable online money transfers from one customer's account to another's account using a mobile app. Adopting a mobile app with P2P payment functionality ensures that money is deposited promptly and securely, providing greater convenience to users. Recommended To Read: How much does it cost to develop P2P payment apps like Venmo 8. Selection of regional language According to estimates, 72% of Indian consumers cite language as a barrier to using digital applications and payments, as well as insufficient comfort in accessing online material. As mobile banking spreads to the rural sector, it may be beneficial to develop a multilingual app to make the digital ecosystem accessible to everyone. 9. Account Management Providing clients with a personalized approach is critical to developing a unique user experience. As a result, banks can offer a personal account management page that can be adjusted or customized based on user preferences. 10. ATM Locator Although it may seem like a simple function, ATM Finder is an important tool that many users demand. Furthermore, it can demonstrate customer care, which can be made more entertaining with the use of virtual reality technology. This allows clients to perform a faster search within the app without having to look elsewhere.

5. At the same time, banking apps also offer many benefits to their users, the most important of which are: Convenience – Customers can check their bank account balances, conduct financial transactions, deposit checks and more, avoiding the need to visit brick-and-mortar financial and banking facilities; Recommended To Read: How much does a learning management system platform cost ? Speed – Banking app users can complete any finance-related tasks instantly, all they need to do is log into the app; Pocket-Bank - Customers no longer need a desktop computer; Now, they can use all banking services on their mobile devices while commuting to work or with their families; Better operation control – Banking apps allow to track history of transactions made, check balance quickly or send notifications e.g. on payment day or when money transfers are successfully completed; Processing of paper documents outside banking facilities – Many banking apps have integrated portable scanners that allow checks to be deposited or ID data entered without typing; Personalization – Bank app users can customize apps according to their needs, e.g. establish shortcuts to the most used services, set payment reminders or get better currency exchange rates for brand loyalty; Cost-free – Most banking apps are offered free to bank customers. Recommended To Read: Best mobile application development companies in Philadelphia The End

6. More and more banks are realizing the benefits of creating custom mobile banking apps for their clients. By offering these apps for free, banks can build closer relationships with them, further personalize their customer approach, improve their services, plan better marketing campaigns and more. With mobile banking apps, banks can attract new clients and retain existing ones. However, to do this effectively, banks must constantly look for fintech mobile app development companies that can update their digital solutions with the latest banking and finance features. In this way, banks ensure steady and sustainable growth of their business and also meet the needs of the most demanding customers.