9 Ideal Features A Successful Banking App Should Have

Today, we live in a digitally controlled world, where everything is digital. We rely on mobile devices that can do everything from communicating with friends and checking Facebook status, to streaming videos and even running businesses!

Technology is now ruling the world

Mobile applications are a powerful technology that allow us to enjoy the benefits of doing virtually all the same functions as we do using a desktop PC, in the field.

All financial institutions and banks are moving to mobile. If you’re a banker who hasn’t yet joined the mobile app train, then be prepared for a lot of trouble.

The sole reason banks are at the top of the marketplace is because they have an attractive, user-friendly banking mobile application which customers enjoy. The notion that you can walk into the bank to address certain needs, like depositing checks, transfer funds, checking balances etc. It is nearly outdated.

With a mobile banking application customers can complete all of these tasks and much more, all through their smartphones. It’s not much easier than this!

We’ll talk about the top nine features you need to have for an app that is successful in banking. Let’s begin and see what we can find.

1. Bank Account Management

The main reason to use or create app for mobile banking is to control the bank account details through their mobile device.

With the help of features for managing bank accounts users can track their bank and credit card accounts and balances, look up their transaction history or transfer funds any location anytime.

It is always important to include the basic features. However you’re still able to get imaginative when creating your application.

It is possible to set goal-settings to allow users to achieve the savings goal right from the source of their financial data.

This feature lets users select the amount they want to save at a specific date and time at which they wish to store it.

What about investing? It would be a fantastic feature to incorporate into your banking app in order to allow customers to create an investment purchase.

Additionally, budgeting is something that everyone has encountered at one point or an additional. Wouldn’t you love it to make a budget using their banking application?

There are budgeting apps for third parties available, however, they don’t track the transactions made with credit cards in real-time. This means you may spend money using your credit card, or withdrawing cash from ATMs but the app from a third party doesn’t record the transaction fast enough to enable the user to be able to come to an intelligent choice on how you budget your money.

With a budgeting option accessible through your banking application, you’ll be able to check your balance as well as your transaction history in real time.

You can even make categories to observe what you’re spending your most on, such as food, entertainment online shopping, and so on. This way, you’ll be able to determine if you’re in line with your budgeting routine or if you have reduce your spending to meet your targets.

2. Advanced Security & Fraud Alerts

It is impossible to be too cautious these days. When it comes to data that is sensitive users need the most effective protection against cyber-attacks and cyber theft.

In order to have a bank app that is successful it is essential to make sure the app is equipped with secured sign-in capabilities. It is important to design sure that there are a set of steps required to sign into an online bank account, without having numerous steps that cause users to be annoyed.

There’s a fine line to walk between being cautious and paranoid. A reliable banking app will ensure that sign-in is quick and simple but also secure, offering security for the customer.

For example, multi-factor authentication is an extremely secure method of authentication However, it’s very lengthy. This isn’t a great option for banking apps to implement because anything that takes a lot of time isn’t a good thing for users.

The biometric technology for authentication, on the contrary, validates users ‘ identities by analysing physical indicators. This technology is able to recognize the rhythm of a user’s typing or voice and can even detect physical gestures, in addition to other indicators.

Wells Fargo launched an eye-scanning authentication option for customers with corporate accounts. It allows customers to sign in to their online banking account by checking their smartphone’s camera. The app’s feature is able to scan the eye’s blood vessels pattern, not the iris, as it’s distinct for each person.

Pretty cool, huh?

Additionally adding touch ID or voice recognition options are feasible alternatives. If you’re feeling adventurous you can add various security options to give an array of options for the user. This allows your mobile banking app to be more personalised to the individual and provides the most secure standard of security. It’s as if you kill the two birds that strike!

Fraud alerts are yet another essential feature to be implemented in an app for banking. As hackers and fraudsters become smarter and sophisticated, so do engineers, software developers and programmers.

Systems track thousands of transactions every second to ensure that there is no fraud. When suspicious activities are discovered and the user is the first to be aware.

3. CORE Banking Features

CORE bank or central online real-time exchange banking is a back-end solution which processes transactions and publishes updates in a matter of minutes.

Due to the latest bank software, all types of services are offered through various digital channels.

 CORE banking is at the core the mobile banking application.

CORE banking software may be specifically designed for wholesale banking, retail banking or securities trading. Here are some of the functions available to CORE that are service-oriented

4. QR Code Payments

QR codes are becoming increasingly popular with mobile applications, allowing customers to scan their codes on an electronic barcode reader in order to purchase items quickly and without contact.

Today, major banks are now joining the QR code trend by incorporating QR codes scanning technology in their applications.

QR codes are a fantastic alternative for merchants and issuers alike to extend their customers’ options for mobile payments.

 All users require are their mobile phones.

QR code payment options are simple to use, extremely practical, and also provide extra security that clients appreciate.

5. Mobile Check Deposits

This may sound like something from science fiction to those who continue to use traditional banking methods. However, the general public is getting more at ease with this feature.

The mobile check deposit feature, which is also referred to as remote capture of deposits is now among the top popular features of mobile banking.

Mobile deposits are made when the user scans a cheque by using the camera on their phone, sending the digital image to the financial institution they have chosen.

The primary benefit is the fact that it will save time. Customers don’t need to travel to the branch of the bank or credit union to stand in line to find an available teller to make the check.

It only takes an hour to sign the check and take pictures of the front and back through your banking application. The information you deposit goes to your bank account, and the funds usually are available within a few hours.

Customers are delighted with the convenience of the check deposit feature that is mobile. Even those who aren’t technologically adept find it to be quite simple to use when compared to the standards they have.

Security-conscious users can be sure that the app will never save images of their checks on their phones. This means there’s no way for hackers to get access to the stored photos or retrieve the bank account number of the user when using checks on the go with a mobile device.

Additionally, the app swiftly informs the user that their deposit was made in good time So they’re kept up-to-date regardless of what.

Financial institutions can save cash and time with every single check that doesn’t need to be processed or kept in the conventional way. They don’t have to charge for the service, making it all-in-one for everyone!

6. Peer-to-Peer Payments

According to a study that was conducted by the U.S. Bank, paper money is gaining in popularity. Half of the respondents reported that they carry only just a small amount of cash, if any.

Peer-to peer payments, also known as P2Ps, enable customers who use online banking to transfer money from their accounts to someone other’s account from their mobile apps.

P2Ps are one reason that couples who are married and waiters who split checks for groups of 12 are now a no-go. With mobile banking apps that have P2P capabilities, money is safe and quickly, and securely in the majority of cases.

A lot of third-party vendors offer similar services, however the use of a banking app is much more practical. The app that banks use will require the ID number of the user and the bank supervises any transfer.

There is no guarantee that services from third parties are secure.

Additionally unlike many third-party merchants many banks do not charge a fee for transfer. It’s highly recommended to sign up for peer-to-peer transactions using the banking app instead of an external third-party vendor for greater security as well as reliability and speedy payment processing.

7. Bill Payments

Making payments by cheque is tedious, unreliable, expensive and harmful to the environment. It’s not the most secure choice either.

Checks are lost or stolen within the postal system. They can be lost or are buried in documents in the mailbox of the recipient.

Plus, who uses checks any more when you have a bill-pay system that is in front of you?

There are many wonderful advantages to using a bank app to pay bills. In addition to the convenience of making payments from any location anytime, right via their mobile Users can also create automatic bill-pay functions to ensure they never fail to make a payment.

They can set up periodic or one-time payments, and set up their own custom texts or emails to alert them when they receive money and activity occurs within their bank account or other activity occurs on it, among others.

For amounts that aren’t fixed, for example, utility bills, customers are able to pay in instalments anytime they’re notified that the payment is coming due.

For loans such as mortgages and automatic loans that have fixed instalments, creating recurring payment schedules is the best option. The funds will automatically be withdrawn from the account of the user when it is due therefore they do not have to worry about not making payments.

It’s important to note that one-time or recurring payments can be connected to the user’s savings account.

Payments are processed almost instantly. If the customer remembers an unexpected bill in the last minute and they are able to pay the bill in less than the wire.

It’s dependent upon the institution, however most banks process transactions in only a few minutes, or in the same day.

Nothing can beat the convenience of having the ability to review your balances, statements on your bank as well as spending habits and account activity by pressing the button of the screen.

By using a banking app users can keep track of their bank account data on the move and never have to go to the bank to get access to their money.

Intelligent Chatbots

Offering exceptional customer service and individual approach to clients is an essential element for any service, but especially banking.

Often, smart chatbots that provide customer service are able to handle simple customer queries.

  Through the programming of a sophisticated AI chatbot function within your banking application and providing 24/7 assistance to your customers and increasing your odds of success and satisfaction of your customers.

Chatbots are fantastic since they’re available around all hours of the day, they can solve hundreds of questions in a matter of minutes and are always courteous and the best thing is that you don’t need to pay for them!

Many banks have greatly benefited by using chatbots for customer support in their mobile banking applications, and you can too.

9. ATM Locator

An ATM locator feature might seem as a basic option to incorporate into your banking application. Although it’s not the most basic of features, it’s essential.

Keep in mind that it’s the finer details that make certain apps more popular than others.

If customers are required to locate an ATM near their location they ought to be able to rely on your banking app to find it.

Many mobile banking apps include this feature, and not because everyone else is however, because the customers want it.

Absolutely, feel at ease to be creative with your banking application. But, remember the basic features – don’t overlook the ATM Locator feature.

  Chetu’s Custom-Tailored Approach

Since the year 2000, Chetu has remained on the cutting-edge of banking technological development. Our experience and commitment to our customers is evident in every one of our custom bank solutions for mobile devices.

If you require a freshly created mobile banking application starting from scratch or would like to expand your current IT staff and increase the potential of your banking application by bringing on a few of our skilled developers, Chetu has you covered.

Disclaimer:

Chetu, Inc. does not affect the views in this piece. Any reference to specific names for software, firms or individuals do not represent any endorsement by either party unless specifically stated. The case studies and blog posts are written with the complete involvement, cooperation, and knowledge of the persons named. This blog should not be considered as legal guidance.

Chetu was established in 2000. The company is headquartered in Florida. We offer World-Class Software Development Solutions serving entrepreneurs and Fortune 500 clients. Our offerings include design and implementation of systems and processes as well as package implementation and custom development business intelligence, reporting, system integration, and maintenance, testing, and assistance. Chetu’s expertise covers the entire IT range.