Mobile banking apps have evolved over the years. This is because more and more customers are embracing mobile technology.
Based on a report, the global growth of mobile banking apps will still expand. The reason behind this is that super apps and neobanks are gaining fame due to the rise of digital payments. As it is, mobile banking apps are transforming customer experiences. So, financial institutions should incorporate versatile features into their apps.
This will attract more high-value customers. This will also allow them to meet their clients' changing needs. This will even keep these people coming back for more. Below are some of the must-have features for mobile banking apps. Banks should consider adopting these to stay updated with customer preferences.
1. Ease of Navigation
A mobile banking app's user interface should be easy to navigate. Many apps tend to offer a fragmented experience with poor navigational directions. This will force customers to give up. Mobile banking apps should make it easier to move around. They should also have an in-app search feature to enable customers to type queries or do a voice search. Banks should incorporate smart shortcuts to frequently-used parts of the app.
Personalization is one of the most significant app features today. This is essential to appeal to the younger generations and to engage with them. Banks should also consider incorporating spending patterns. The same goes for personalized insights based on the customer's cash flow. In-app virtual assistants will also be of much help. These features will help capture a target audience's attention. They are also quite popular among tech-savvy people.
3. Customer Service Options
Well-designed mobile banking apps should provide exceptional customer support and experience. This may come in the form of phone, live chat, self-help, and other means. This will make it easier for customers to connect with their banks. This is especially if they have questions or concerns. Mobile banking apps should make it clear how to get help if a client has problems. This is regardless of whether the app has a chatbot or not.
4. Notifications and Alerts
Notifications and alerts play an essential role in keeping in touch with customers. They also have a vital role in promoting certain services as per customers' needs. But the alerts shouldn't be intrusive because customers also find them bothersome. Users should also have the option to configure what information they want to receive. The same goes for how often, and when. This way, they will not miss important notifications and find the feature helpful. Also, these alerts should include clear calls to action. They should also come with options to manage bills, make payments, and more.
5. More Secure Sign-in
Data security is the most critical feature of a mobile banking app. This helps with hackers, cyber theft, and data breaches. Users will need a guarantee that their data is well-protected against any threat. They need to know that they can enjoy a hassle-free sign-in process. This is even if there are multi-factor authentication and secure sign-in options. Banks can also incorporate modern features such as codes and facial recognition. Fingerprint scanners and biometrics may also be beneficial. Mobile banking apps should provide the highest level of security to users. This will assure them of having a safe mobile experience. Image Source: media.istockphoto.com
6. Digital Payments
Digital payments are another popular feature. It tops the need chart for most customers. Every mobile banking app should offer easy access to mobile wallets. The same goes for digital payment options. This is because they allow seamless transactions. With this feature, users can manage their accounts with ease. It's also easy for them to schedule recurring payments and transactions. Also, it allows them to pay bills. Users do not always remember their payment dates. Thus, setting up automatic deductions for regular payments would be beneficial. A digital payment option will also allow users to transact and check their accounts on the go. This reduces the need to visit a bank to access their funds.
7. Peer to Peer (P2P) Payments
P2P payments offer online cash transfers from a customer's account to someone else's. Apps with P2P features ensure that money is safely deposited for a user's convenience. Unlike third-party vendors, P2P payments in mobile banking apps don't have a fee. They are also more reliable and secure.
8. Account Management
Offering a personalized approach to customers contributes to a unique customer experience. So, banks should provide a personal account management page that users can customize. Through this, users can make easy money transfers. This will also help track transactions or spending. And, it'll also help them check their account balance.
9. ATM Locator
ATM locators are an essential feature. Banks can make this feature enjoyable by using virtual reality technology. This can help customers search from the app instead of searching elsewhere. Based on statistics, banks that have this feature had 90% of their users upgrade their apps to add it. Likewise, there have also been about 25,000 new downloads because of this feature. Mobile banking apps with the features listed above can go a long way. This as incorporating these features is a good way to attract new customers. This will also help create a positive customer experience. It's also a sure-fire way to get ahead of the competition. If you wish to find a mobile banking app that is right for you, there are many reviews online. You can also try reading a Vivid Money review and see what it has to offer.