7 amazing features for an innovative mobile banking app

The technological breakthrough played a crucial role in reshaping the banking industry. This disruption in banking led many banks to leverage the power of mobile banking apps to extend their reach of services to a wide customer group. And the rise of smartphones further gave mobile banking apps a further boost.

Mobile banking applications provide a great convenience to their users by enabling them to access vital banking services on their smartphone. With mobile banking apps, the customers can seamlessly make transactions, check account history, and track their daily spending.

After looking at the attractive benefits of a mobile banking app, you may think of making one for yourself. If you are a bank or finance service provider who is planning to digitize your business by implementing a mobile-first strategy, then making a cutting edge mobile banking solution is the right choice for you.

But before you start with your mobile banking app development, you need to check out this blog. In this blog, we are going to discuss with you in detail about the features of a mobile banking app. So, let’s dive in.

7 Must have features of a mobile banking app

There are some essential functionalities that you need to integrate into your mobile banking solution. You can choose different approaches to implement it, but we recommend you pick the latest tools and technologies. To help you out, we will discuss the features of a mobile banking app in detail:

1. Easy customer onboarding

Gone are the days when a potential customer prefers to physically enter a branch to speak with the representative to open an account. Today customers do not want to spend much time in bank account opening. That is why many leading banks today offer faster onboarding features in their mobile banking app, which makes it easier for new users to embark on their banking journey.

Now the customers can open their account within a few minutes by using a mobile banking app. They just need to fill in their details and upload a valid ID proof to open a bank account. Besides this, customers who want to take home loans don’t have to wait longer for approval. So, this is how a mobile banking app makes the onboarding process smoother.

2. Advanced peer-to-peer payments

Peer to peer payments or P2P payments as they popularly known are the type of payments that facilitate customers to transfer funds directly from their account to somebody else’s account.

Mobile apps with P2P payment integration assures the user that his money is transferred safely, securely, and instantly. The mobile banking app requires the user’s ID number, and the bank oversees the transfer of funds.

Apart from this, it is highly recommended to opt peer-to-peer payments via a mobile banking app rather than a third-party provider. Because most banks don’t charge a fee for the transfers, unlike third-party vendors.

3. Scan any QR code seamlessly

QR codes are gaining immense popularity among the mobile banking app users as it offers the users to make quicker contactless payments. After witnessing the ease of accessibility offered by QR codes, many banks are implementing QR payment features into their mobile apps.

A majority of customers possess their own smartphones nowadays. QR codes are a great alternative for both issuers and merchants to expand their customers’ mobile payment options. They are extremely convenient, are easy to use, and provide enhanced payment security to the customers.

4. Card less ATM withdrawal

An excellent mobile based branchless banking solution offers you with the feature of cashless ATM withdrawal provides an excellent solution for reducing the points of contact at the time of operating an ATM.

Cardless ATMs allow you to do transactions without the need of inserting your debit card into a card machine. Instead, they link your mobile app to the ATM. Once you complete essential security steps, you can complete your transaction at the ATM.

Bank of America, Wells Fargo, Chase and BMO Harris have all empowered their mobile payment solutions with cardless withdrawal access.

5. Plan your budget efficiently

Traditional bill payment methods like cheques or cash are inconvenient, time-consuming, costly, and not so eco-friendly. It is not even the most secure option either. In case of cheques, they are lost or stolen in the mail system or get buried under the piles of papers of the recipient.

There are many significant benefits of a mobile banking app to pay your bills. Now, users can set up automatic bill-pay features so that they never miss a payment. Furthermore, they can schedule single time or recurring payments by setting up customized email or SMS notifications.

6. Make investments on the go

Mobile banking apps use data analytics to make financial decisions concerning investments and financial planning. They do the complex calculations and analytics that are more effective than humans.

Moreover, a mobile banking app offers top-notch investment management services that enable clients to manage their portfolios or get its real-time view. In this way, it becomes easier for the customer to invest in their desirable securities by just making a few taps over their smartphones.

7. Use your voice to pay bills

Voice payment is the future of the global banking sector. As per Statista, voice payments adoption rate will be 31% in the USA by the year 2022. In such a scenario, you should adopt a voice-based transaction feature in your mobile banking app.

Voice based payments became quite popular amongst the global audience in a brief span. Using mobile banking apps, the customer can now ask Siri or Alexa to pay their bills or check out a particular transaction. Thus, a voice based feature of a mobile banking app will boost your brand’s overall value and build huge success for your mobile banking services.

Conclusion

To conclude, we can say that today’s world is changing at a faster pace, and so are customer needs. What was once considered a luxury has today become necessary to service, and banking services are no exception.

In this blog we have shown you seven unique features of a well-designed mobile banking app that can thrive your business towards success, get you more customers, and help you create a positive customer experience.

If you are booking to make a profitable mobile banking solution, then you can reach us at any time. Our specialists will help to determine the best strategy for mobile bank development and provide you with in-depth guidance on all mobile banking features and benefits.