Mobile banking apps have grown to new heights as more and more customers are embracing mobile technology. Mobile transactions are at an all-time high in recent times. According to reports, the global growth of finance apps is on the cusp of massive expansion as neobanks and super apps gain traction due to the surge of digital payments.
Mobile apps have transformed customer experience and in the forthcoming years, as customer demands evolve, it’s vital to consider versatile features that will acquire high-value customers and keep them coming back for more.
Must-Have Mobile Banking App Features & Benefit
Here are some of the must-have features for mobile banking apps in 2021 that financial institutions should consider adopting to stay up with customer preferences:
1. Intuitive Interface and Ease of Navigation
First and foremost, the user interface of the app should be simple and easy to navigate. Many apps tend to inflict a fragmented experience with poor navigational directions that eventually force customers to give up. The app must make it easier to move around with an in-app search function to enable customers to perform a voice search or typed query or include smart shortcuts to access frequently used features of the app.
The most significant mobile app feature today is personalisation. This feature can come in handy to appeal to the youth customer segment and engage them effectively. In-app virtual assistants, personalised insights based on the customer’s cash flow or spending patterns are worth considering. Such features help you capture the audiences’ attention and are proven to be popular in this era.
3. Customer Service Options
The best mobile banking apps provide exceptional customer experience and assistance in the form of self-help, live chat, phone, and/or other means. This will make it easier for customers to connect with the institutions in case of any concerns or queries. Whether the app has a chatbot or other ways of getting in touch with customer service assistants, the apps should make it clear how to get help if customers are stuck somewhere.
4. Alerts and Notifications
Notifications and alerts play a pivotal role to keep in touch with customers and promote certain services as per their needs. However, the alerts should not be intrusive or bombarded frequently as customers tend to find them disturbing. Users should have the option to configure or set up what information they wish to receive, when and how often. This way customers will not miss important alerts and find the feature useful.
In addition, the alerts should also include clear calls to action with options to make payments, manage bills, etc.
5. Secure Sign-in
Security is the most vital feature with the rise in data breaches, cyber theft, and hackers recently. Customers would definitely need assurance that their sensitive data is well-protected against any harm. In this regard, multi-factor authentication with secure sign-in options and modern features such as biometrics, fingerprint readers, facial recognition, codes and more make it easier for a hassle-free sign-in process. The mobile apps should provide the highest level of security to users and enable them to have a safe mobile experience.
6. Digital Payments
The digital payment option is another must-have feature and perhaps it tops the requirement chart for most customers. Every mobile banking app should enable easy access to multiple digital payment options, mobile wallets, UPI, etc. for seamless transactions in this cashless era.
Customers can make bill payments, set up recurring payments, and manage their accounts with ease. As users may not remember payment dates, it would be beneficial to configure recurring payments with an automatic deduction from the user’s account.
Moreover, a banking app with digital payment options will facilitate users to make transactions and monitor their account information on the go without the need to visit the bank to access their funds.
7. Peer to Peer Payments
With the pandemic crisis, paper money’s popularity is declining and lesser people carry cash if any at all. Peer-to-peer payments or P2P payments facilitate online cash transfer from a customer’s account to someone else’s account through the mobile app. Mobile app with P2P payment features ensures that the money is deposited quickly and safely with greater convenience for users. Unlike third-party vendors, P2P payments offered in mobile banking apps don’t involve a fee and are more secure and reliable.
8. Regional Language Choice
According to reports, 72% of Indian users cited language and limited comfort in accessing online content as a barrier to using digital apps and payments. As mobile banking penetrates the rural sector, it can be beneficial to roll out a multi-language app so that the digital ecosystem can reach out to all.
If the app can support regional languages, people from all regions who are not comfortable with English can become familiar with the interface. This can drive more app downloads among all sections of the population. Modern technology like AI can automate localisation services and mitigate the need for manual translation of apps. Besides, localised chatbots can also be implemented to encourage user interaction.
9. Account Management
Providing a personalised approach to customers is key to define a unique user experience. Thus, banks can provide a personal account management page that can be configured or customised according to the user’s preferences.
Users can monitor their account balance, track spending or transactions and make easy money transfers. This functionality can enable users to do more with the app without the need to rely on the web-based application.
10. ATM Locator
Though it may seem a basic feature, the ATM locator is a crucial feature that most customers expect. Besides, it can exhibit customer care and you can make this feature interesting with the help of virtual reality technology. It can aid customers to make a quick search from the app instead of searching elsewhere. According to statistics, a bank that incorporated this feature had 90% of users who upgraded their apps to add this feature and there have been about 25k new downloads because of this feature.
A well-designed mobile banking app with the above essential features can go a long way to attract new customers, get ahead of the competition, and create a positive customer experience.
Finezza’s suite of mobile apps for lending enables lenders and customers to leverage the power of mobile technology with handy features that make everything available at the touch of your fingertips.