Mobile banking applications are those advanced technologies that give us the advantage of performing practically all the same actions on the go that we only have done on a desktop computer previously. So, yes, nowadays, technology rules the world. All financial institutions and banks are moving towards digitalization. The reason behind moving towards digitalization is today's market demands. Also, the only reason why banks hold leading positions in the market is that they have user-friendly and well-designed mobile banking apps that customers love.
Features to Consider in Mobile Banking App
1. Bank Account Management
The main motive of using a mobile banking app is to manage their bank account information directly from their mobile device. Users can check balances, monitor their credit cards, bank accounts, view transaction histories, and transfer funds from anywhere at any time by featuring bank account management capabilities.
For now, there is not exactly a single approach when it comes to designing a mobile banking app. Indeed, we always want to integrate the essential features; however, with those basic features, you can still get innovative and creative when developing your mobile banking app. This feature allows users to set the desired amount they wish to save at a preferred time they want to keep it.
2. Advanced Security & Fraud Alerts
Nowadays, users want the absolute best protection against hackers and cyber theft when sensitive data is concerned. If you want to have a successful mobile banking app, you must first ensure that the banking 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.
A successful mobile banking app ensures that the sign-in process should be fast and easy, providing peace of mind for the user while being secure. For Example, multi-factor authentication is a very secure technology; however, it's also quite time-consuming. This feature isn't the best idea for mobile banking app implementation since anything which is super time-consuming is never pleasing to the user. On the other hand, Biometric authentication technology verifies users by checking physical metrics. This advanced technology can recognize a person's voice, typing rhythm, and even physical gestures, along with others.
Also, adding voice recognition or touch ID features are viable options. If you're feeling bold, you could even add various security options to provide a sense of variety for the user. Through this, you can make your mobile banking application more personalized to the user while providing the highest security standard. Furthermore, fraud alerts are another must-have feature to implement within a mobile banking app. While hackers and fraudsters get savvier, so do mobile banking app developers, engineers, and programmers.
3. Core Banking Features
Centralized online real-time exchange banking, also known as CORE banking. It is a back-end system that processes transactions and posts updates immediately. Nowadays, many banking softwares are available that provide all kinds of services across multiple digital channels. So, always keep in mind that CORE banking should be at the CORE of your mobile banking app. CORE banking software can specialise in securities trading, retail banking, wholesale banking, or securities trading. In this article, here I've mentioned a few of the capabilities for service-oriented CORE banking:
1. Withdrawals and deposits
2. Loan management
3. Existing account management and New account enrollment
4. Interest rate calculation
5. Introductions to new financial products
6. Customer relationship management (CRM)
7. Record maintenance
4. QR Code Payments
In this Digital era, QR codes are becoming more popular amongst mobile applications, allowing 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 are a great alternative solution for merchants and issuers to expand their customers' mobile payment options. Nowadays, the only need for all users are their smartphones. Mobile banking solutions integrated with the QR code option are easy to use, super convenient, and give customers additional security.
5. Mobile Check Deposits
The mobile check deposits may seem like the stuff of science fiction to people who still bank the conventional way. However, customers everywhere are increasingly becoming tech-savvy and more and more comfortable with using technology for management of their finances. In this digital era, Mobile check deposit is becoming one of the most sought-after mobile banking features. In addition, it is also known as remote deposit capture.
Therefore, the user scans a check using the camera function of their smartphone for mobile deposits, thereby transmitting the digital image to the designated financial institution.