6 Must-Have Features of a Successful Mobile Banking App

Morover, mobile banking app development provides on-the-go 24/7 access to all the financial services. For example, you can check deposits, view recent transactions, make bill payments, etc., whether at home or while traveling. You may use mobile payments to transfer money, check financial accounts and bills, or make loan applications, among other things.

What are the 4 features of mobile banking

Depending on your requirements, they will deliver two separate apps for iOS and Android or create one cross-platform solution. Each of the ways will impact the choice of technologies and practices to use. When you set out to build a banking app, personalization should definitely be on your list of priorities. Customers like personally curated experiences and are more willing to engage with them.

Check account balance

“This could be a breakthrough differentiator for a few institutions, blending fintech and traditional financial services,” he says. He says its flagship is a predictive mobile banking development algorithm that can project an individual’s cash flow, even if it is negative. He also sees potential in Dave’s built-in marketplace for side-hustle employment.

More than half of respondents to Forrester’s Mobile Banking Survey 2022 believe their primary bank’s mobile app is about the same as others, rather than superior. As banks layer in more features, navigating the apps can feel daunting, too. It’s not always obvious what features are available or where they’re located within the app. The good news is that banks are working to make their designs more intuitive.

  • Weighing the pros and cons of online banking and mobile banking can give you perspective on what’s good about either one.
  • It can make managing your money on the go simple and convenient.
  • The deposit data goes directly to the user’s account, and they can save time visiting branches to complete this simple task.
  • With the OCR technology, consumers can use a smartphone camera and a portable scanner in the banking app to scan their checks and submit the documents with a digital image and recognized text to the banks.
  • In other words, many customers are frustrated when they are forced to log onto the bank’s website to complete a task because the option is not there on the app.
  • Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted.
  • Difficulties among fintech companies in the wake of the changing economy will create buying opportunities.

Banks already do plenty to identify and prevent fraudulent activity related to mobile banking—but it clearly hasn’t eliminated consumers’ concerns. They can’t just decide to not deploy certain features, because there may be key segments of the customer population who consider those features critical to their banking experience. During the Covid-19 pandemic, there has been increased interest in contactless payments, as many people try to avoid unnecessary touching of public surfaces. Cardless ATM withdrawal provides an excellent solution for reducing the points of contact when withdrawing cash from an ATM. EmizenTech’s Mobile App Development team is led by Naren Bhati, who designs and develops technically innovative solutions for our global clientele.

Account Management

Of course, depending on where you operate, there might be more or less regulations for your online banking application to adhere to. So, make sure to double check that with your legal and software development teams. Now that you know the main features to keep in mind during banking application development, it’s time to talk about some of the challenges you may have to face. Push notifications are a must for pretty much any kind of mobile app looking to keep customers informed and provide a pleasant user experience. So, make sure your solution can send alerts on account updates, transaction confirmations, and other relevant occurrences. This bank offers a cardless ATM service called Mobile Cash that lets you access cash from an ATM without using your card.

What are the 4 features of mobile banking

We do not include the universe of companies or financial offers that may be available to you. In today’s busy world, payment apps offer a convenient way to pay back friends and family. Whether you’re splitting the bill at dinner or sending money as a birthday treat, payment apps are a great solution if you don’t have cash in your wallet. Find out the 7 main steps of the mobile app development process and the key things to consider before starting your project. There are many factors to consider when you choose a mobile app development company. On top of that, they will implement API integrations as, most likely, your app will include data exchange with other third-party tools and services to provide users with helpful functionality.

The non-transaction-based services of an informational nature are however essential for conducting transactions – for instance, balance inquiries might be needed before committing a money remittance. The accounting and brokerage services are therefore offered invariably in combination with information services. Information services, on the other hand, may be offered as an independent module. A recent study by Mapa Research suggests that over a third of banks have mobile device detection upon visiting the banks’ main website. A number of things can happen on mobile detection such as redirecting to an app store, redirection to a mobile banking specific website or providing a menu of mobile banking options for the user to choose from. In the near future, it will be easy to offer instant payments to your institution’s customers.

ATM & bank locator

And DevOps work on secure infrastructure you can scale up as your business grows. So, before starting mobile banking development, check what regulations are valid for your target country. If you’re making a mobile-only banking app like Revolut, it’s a good idea to hire a financial consultant who’ll explain all possible pitfalls. For customers, such apps offer convenience, easy access to a bank account, security, and tons of useful features we’re going to review next.

Mobile banking is dependent on the availability of an internet or data connection to the mobile device. Solarisbank focuses on the core technology and banking regulation so that their client institutions can turn their attention towards tailoring the end-user experience that their customers will appreciate. “Customers are consequently hungry for services that help them view, monitor and manage their financial accounts across different providers,” the report states. About half of the Forrester sample favors having aggregation built into their mobile banking apps. The firm believes this feature will become a springboard to personalized financial advice. In a recent report, Forrester identified seven features that are in light use now among U.S. mobile banking apps, but the authors, including Wannemacher, expect to be “indispensable” by 2025.

Mobile check deposit, also known as remote deposit capture, is becoming one of the most sought-after mobile banking features. For instance, multi-factor authentication is a very secure technology; however, it’s also quite time-consuming. This feature isn’t the best idea for banking app implementation since anything that’s super time-consuming is never pleasing to the user. So, if you’re a bank owner who hasn’t yet jumped on the mobile app bandwagon, then prepare to be in for a world of hurt. Most services in the categories designated accounting and brokerage are transaction-based.

You can set up automated transfers to send funds from your checking account to your savings account and choose how often you want that to happen. We hope that you now understand which features should be incorporated in your mobile banking software and the challenges you may face during implementation. Now, you’re probably asking how to actually create a mobile application. All of these safety measures will not only increase the security of your mobile banking app, but also make users trust your solution more.

Mobile Check Deposits:

Will meet customers’ needs and keep their data protected, we advise startup owners to choose experienced developers who have executed similar fintech projects before. UI/UX design, simple and straightforward copywriting, and minimalistic set of offered services. A significant part of our workflow is presenting designs to our customers to exchange feedback and Zeplin has become an essential tool for that purpose.

What are the 4 features of mobile banking

U.S. bank customers made it clear in Forrester research that they now believe they should be able to accomplish any financial task from within a mobile device. And among younger segments the feeling is even stronger — 71% of Millennials and 67% of Gen Z. Many big banks offer the facility of securities trading through their banking app. Also, m-banking enables customers to https://globalcloudteam.com/ track their deposits and other investments from the convenience of their homes. Remote card locking is also available through many apps, and it allows you to render your debit card unusable if it’s missing or if you want peace of mind that no one will try to use it. If you receive a new debit card in the mail, you can likely activate it from your mobile bank app as well.

Digital core banking

Many apps now have a remote deposit option; using the device’s camera to digitally transmit cheques to their financial institution. In addition to payments, QR codes in banking apps can also be extended to function as a form of confirmation or receipt. For example, some mobile banking apps can generate a QR code confirmation that can be shown when entering a venue, effectively serving as a ticket. This way, QR code features can enable banking apps to be more than just payment apps. When it comes to mobile apps, banks have the most control on threats against the server layer and the transit layer (i.e. communication between the server and the mobile device).

Offering clarity about where your financial data is going

This isn’t to say that it’s the users who are predominantly responsible when these attacks occur. In fact, banks carry the burden of minimizing these threats through security features and intuitive design that influence and shape user behavior. To upscale your digital offerings with all the top-notch mobile banking features. Therefore, implementing innovative banking ideas is now a competitive necessity for financial institutions to engage and retain users, accelerate financial inclusion and gain new global opportunities.

The best mobile apps provide better insights into how you spend, where your money goes and how you can make better financial decisions. By outsourcing development services, you may acquire the greatest skills for developing mobile banking apps at reasonable pricing. Additionally, engaging an outside consultant helps your human resources and management staff avoid many issues. Regardless, the ultimate choice should be based on the distinctive qualities of your business, any time or financial constraints, and the app’s total intricacy.

The goal of the Tinkoff app is to make the mobile banking process simple and friendly. To open an account, a user needs to download the app and submit the necessary documents online. Within a couple of days, a bank representative will come over to verify the identity and deliver a card. At the same time, challenger banks such as Digit and Qapital are better known for automated savings programs that incorporate algorithms and, sometimes, quirky rules. At the same time, more than a quarter of U.S. banking customers expect their bank to help them save money, and more than half say a savings tool on the app would be useful, according to Forrester data. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website.

M-banking refers to the use of the internet and mobile technology to bring financial services to customers. Customers use m-banking through a USSD, SMS, or mobile app to access banking services. As a result, it has eliminated the customers’ need to visit the bank branch for every other financial necessity. Credit cards often offer a card lock feature that allows you to freeze your card temporarily if it’s lost or stolen. The same feature is increasingly being offered with mobile banking.

An ATM locator feature may seem like a super basic feature to implement within your banking app. QR codes present a great alternative solution for both issuers and merchants to expand their customers’ mobile payment options. Thanks to avant-garde banking software, all kinds of services are available across multiple digital channels. There isn’t exactly a one-size-fits-all approach when it comes to designing a banking app.