Mobile Banking App: App Features, Benefits- Ultimate Guide
The banking industry is one of the key benefactors of on-going digitization. Fintech solutions currently cater to consumers’ budgeting, investing, crypto currency trading, and other needs.
Customers can utilize online banking services supplied by banks to manage their accounts and make transactions remotely. An account may be opened with just one visit to a bank. Digital-only financial institutions are beginning to outcompete traditional banks due to better user experiences and more tightly focused USPs.
Consumers may use tablets, smartphones, and even wearables to monitor their bank accounts and conduct transactions. A bank’s next step is generally to build an online banking app. As the majority of large banks now provide mobile banking apps, smaller institutions must follow suit. At the same time, we’re witnessing a surge in the number of mobile-first firms, as well as collaborations, mergers, and acquisitions between traditional banks and mobile fintech start-ups.
The epidemic increased the need for remote banking services even more. Cashless and contactless purchases are gaining popularity. In early 2020, the number of new mobile banking customers surged by 200%.
If you’re considering developing a mobile banking app for yourself, this piece is for you. If you are skeptical about the viability of such solutions, consider the following characteristics and benefits of mobile banking applications.
Why should you choose a mobile banking app?
Mobile banking was already gaining pace before the coronavirus pandemic struck, but the disruptions and restrictions caused by COVID-19 have transformed it into a must.
The ease of mobile banking is, of course, its allure: Because people carry their smartphones practically everywhere, a mobile banking app may help them meet a range of financial needs at any time. It acts as a bank in your pocket or handbag.
Mobile banking is becoming increasingly important at a time when branch hours have been reduced and many bank contact centres are no longer open 24 hours a day, seven days a week.
There are several advantages to having a banking mobile application, which will be discussed in this post.
Advanced Protection with Fraud Detection
You can never be too cautious these days. Users seek the very best protection against hackers and cyber theft when it comes to sensitive data. To ensure the success of your banking app development, you must first incorporate a secure sign-in option. You want to make getting into a user’s online banking account involve certain steps, but not so many that clients become frustrated.
There is a fine line between caution and paranoia. Solid banking software makes the sign-in process quick and easy while also keeping the user safe, giving the customer peace of mind.
Multi-factor authentication, for example, is a highly safe technique, but it takes a long time to set up. This functionality isn’t ideal for a banking app because anything that takes a long time is never appealing to the user. Biometric authentication, on the other hand, confirms people by checking their bodily parameters. This advanced technology, among other things, can recognize a person’s typing rhythm, voice, and even bodily gestures.
Touch ID and voice recognition are other possible additions. You may even incorporate a plethora of security options to provide the user with a feeling of diversity. This gives you the ability to personalize your mobile banking app while keeping the greatest degree of security.
Fraud notifications are another critical feature to add to a banking app. App developers, engineers, and programmers are growing more knowledgeable as fraudsters and hackers become more sophisticated.
Systems monitor hundreds of transactions each second to prevent fraud. When any questionable conduct is detected, the user is the first to be told.
CORE Banking Functions
CORE banking, also known as centralized online real-time exchange banking, is a back-end system that manages transactions and changes in real-time. Thanks to cutting-edge financial software, different types of services are available through different digital channels.
CORE banking software can be tailored to specialize in retail, wholesale, or securities trading. Here are a few instances of service-oriented CORE banking capabilities:
Account enrolment and account administration for existing accounts.
Deposits and withdrawals
Loan administration
Interest rate calculation
Customer service management (CRM)
New financial products launch
Keeping records up to date
Payments through QR Code
QR codes are becoming increasingly popular in mobile apps, allowing consumers to make transactions fast and easily by scanning their code with a barcode reader. Leading banks have already begun to incorporate QR code scanning technology into their apps, capitalizing on the QR code craze. QR codes are a great choice for issuers and businesses wishing to enhance their consumers’ mobile payment options. Customers like QR code payment solutions because they are easy to use, convenient, and provide increased security.
Payment of Bills
Paying payments via check is cumbersome, time-consuming, costly, and environmentally hazardous. It’s also not the safest option. In the mail system, checks are lost or stolen. They become misplaced and buried in the recipient’s mailbox under paperwork. Using a banking app to pay your bills offers several advantages. Users may set up automated bill-pay settings so they never miss a payment, and pay bills from anywhere at any time directly from their smartphone.
They may set up one-time or recurring payments, as well as personalized email or SMS notifications to notify them when money is delivered to them, account activity occurs, or other events. Users may pay for varying amounts, such as utility bills, as they go, whenever their bill is due. It is ideal to set up regular payments with predetermined instalments for items like mortgages and auto loans. When the bills are due, the money is automatically deducted from the user’s account, guaranteeing that they never miss a payment.
Peer-to-peer Payment Methods
Peer-to-peer (P2P) payments are an internet technology that allows a user to send money directly from his or her bank account or credit card to another individual. While P2P payments were not intended to make money, they are one of the most successful ways to keep people interested. Organizations are expanding their investment in payment solutions to improve customer experience and test innovative payment methods such as peer-to-peer (P2P) payments.
Your customers may utilize peer-to-peer payments to send or receive money directly from one another via an app. It is a near-instant approach (whereas transferring money to a bank account might take several days) that provides the customer a sense of freedom by eliminating the need to rely on a larger entity to conduct a money transfer.
For more than a decade, PayPal controlled the market with this technology, but more banks and credit card firms are now prepared to allow person-to-person payments.
Top Advantages of Mobile Banking App Development
- Getting banking access 24*7
In contrast to a bank branch, mobile banking allows you to access your account at any time — with a few exceptions, such as planned maintenance updates and unforeseen interruptions. Due to the ease of access, you will save time. Mobile check deposit, for example, is accessible in most banking applications and allows you to deposit a check while on the go or from the comfort of your own home. Mobile banking may aid customers who have pandemic-related health concerns or other qualms about banking in person.
2. Making the most of your money
The best mobile banking applications have been developed to make money management easier for you. Customers with bank accounts, for example, may manage their money online and optimize their savings potential by using the Ally Bank app. Consumers are warned when the US Bank app’s algorithms recognize money-saving possibilities or situations in which an account is at risk of being overdrawn. Spending notifications are another feature of mobile banking app development that may help you save money.
3. IOU repayment
IOU is an abbreviation for ‘I Owe You,’ and it refers to a document that recognizes the existence of a debt. While you’re linked to your mobile banking app, it’s simple to reimburse someone you know. Banks throughout the country have joined with Zelle to enable you to transfer money to someone in minutes using the bank’s mobile app rather than paying with cash or a check. You need the receivers’ email addresses or phone numbers to send money. Provided your bank does not participate in Zelle, you may usually transfer money to another person’s bank account if you have their routing and account numbers.
4. Increasing safety
Banks are in the business of protecting your assets, including mobile app transactions. If you’re concerned about mobile banking security, you may take action to improve security. Financial organizations usually need a username and password, as well as additional security safeguards to secure your account, to sign into a mobile app. Multifactor authentication, for example, requires at least two methods of verification to prove that it is you. The account credentials (your username and password) are displayed first, followed by a text message with a number code that must be input to get access to the account.
Furthermore, some mobile devices and some bank applications allow you to log in by scanning your face or fingerprint, adding another degree of protection without sacrificing convenience. To keep scammers out, the security features allow you to lock or remotely disable your smartphone if it goes missing. Your bank app may also allow you to reveal your location to help in the identification of payment fraud.
5. Adding more controls
Consider a mobile banking app to be the remote control for your money. Use the app to deposit checks and send money to anybody at any time. These constraints are growing increasingly sophisticated. You may, for example, activate a new credit or debit card using several bank apps. It’s hardly the only method banks let customers control their credit cards. Wells Fargo, Ally Bank, Chase, and Bank of America are among the institutions that now have mobile apps that allow you to disable your debit or credit card if it is lost or stolen. It’s a useful feature that can make you feel more comfortable in an emergency. It is also not essential to call a toll-free number to reactivate your card.
6. Transparency about where your financial data is going
Many people exchange their bank information through applications like Mint. Depending on how many outside applications you use, it might be tough to remember which firm has which bank data. As a result, several banks are altering how data is exchanged behind the scenes to assist clients to understand where it is going.
7. Offers personalized options.
If you want to meet people who share your interests, mobile banking has a variety of choices that appeal to groups.
Conclusion
Most financial institutions understand that they will be unable to compete or expand unless they build apps for banks and other digital solutions. It has been the norm for financial app makers to deliver services geared towards younger generations. The present status of mobile banking allows for several unique alternatives. It’s time to discuss your most ambitious ideas with Mobile app developers or if you’re a financial company, a trusted outsourcing partner.
If you’re looking for financial app developers, Echo Innovate IT is a good option. We provide you with a cross-functional dedicated team to bring your vision to life from start to finish and maintain and perfect your online and mobile banking apps for years to come.