Banks and financial institutions empower people to save their wealth in a secure ecosystem. Many financial institutions have been switching from the traditional banking system to digital banking after the immense use of mobile devices and mobile apps. By introducing online mobile banking apps, banking institutions can provide highly captivating digital experiences to clients by delivering easy and safe transactions 24/7.
In addition, online mobile banking apps enable us to earn, spend, and save cash by sitting at home. Only a few taps and you are done with sending money across borders. Without technology, it can not happen; thank these mobile apps that make transactions easier.
It is the biggest opportunity for all banking institutions struggling to retain customers and provide exceptional services. Now, mobile banking apps are not limited to transactions, but you can create feature-rich applications for your clients, such as checking your account balance, paying bills, booking tickets, getting instant loans, and even managing your savings. It is all by introducing your mobile app to your customer’s hands.
It can only happen if you have a trusted mobile app development partner to help you build feature-rich, cost-effective banking apps. Let me introduce MMC Global – a professional and experienced mobile app development company with vast experience in scalable and secure apps for banking.
Our experience taught us what banking app features engage users and what not. Our in-depth analysis provides a comprehensive guide to building the best mobile banking apps to engage customers and simplify their wealth management.
Must-Have Features For Successful Banking App Development
We can add several features to our banking apps, but they must be functional and attract users. You can also research your competitors and make a list of features according to your specifications. Well, you must not need to do this after reading this article. Let’s begin!
Protected User Profile
A well-protected user profile helps build trust to provide user information. First, users must create their profiles by providing their basic and card information. As a bank institute owner, you must ensure the security of all confidential data that you can provide with specific actions, such as:
Sending OPTP on their phone devices.
Request for confirmation with a physical bank branch.
Sending link attachments via emails.
These are the few ways to get confirmation about authentic profile building. Once all set, you should never ask to save their user profile data. Users have to put details again whenever they need to log in to ensure security. Moreover, you can add a feature to log out for your profile security. It means the application can log out after a short period of inactivity.
Real-time Notifications
Notifications seem so mainstream, but these notifications work like a pro in banking apps. The push notification feature helps the user be alert with new updates and transactions and even informs you if your profile logs in on other devices.
Your banking app notification is integrated with your email and messaging to get real-time information, such as log-in updates, transaction notifications, sending OTPs, etc.
Deposit Checks
Adding a feature to deposit checks, also called remote check deposits, saves a lot of your customer time. With these features, customers do not need to drive to a bank branch, stand in the queue, and for their turn to reach the teller, and then start the deposit process.
Mobile banking apps make it easier with one click. Users can scan the check with cameras and send it to their designated bank. In fact, the instant scanning feature throws check information forward, and after getting confirmation, the user receives their amount within a day.
QR Code Payment
To make your banking app more advanced, adding a QR scanning feature can excite your customers. With QR code payments, you can introduce contactless payment (which was highly in demand in COVID) and make the shopping experience more engaging.
Customers can freely scan with their smartphone cameras and pay small to large amounts with QR codes via the banking app. They find it a more convenient, quick, and hassle-free payment system.
Peer-to-Peer Payments
Trusting is always an issue when it comes to keeping money safe. Peer-to-peer or P2P payment draws a direct line to transfer money to the concerned person without any intermediary. Although other companies also provide P2P services, banking apps can easily offer P2P services more conveniently, and people can trust registered banking services.
Utility Bill Payments
Give your customer a handy way to pay bills by sitting in their home. Your mobile banking apps should be able to pay utility bills with utmost satisfaction. By integrating your banking app with custom APIs for payment gateways, you can allow your users to pay bills on time without any extra dues.
You can also add customized features of setting and scheduling a fixed or recurring amount deduction at monthly or yearly time periods. Users can get instant notification whenever a fixed amount bill is paid, or they can make changes if needed.
AI Chatbot Integration
Banking apps must contain an AI chatbot to engage users if they encounter any problems or queries. With an AI chatbot, you deliver a better customer experience by redirecting the path for communication rather than making them wait for a human support agent. AI Chatbot is software that is well-trained in understanding and responding to human language.
Users can easily engage with it 24/7, asking their concerned questions and getting real-time responses without any delays. Moreover, you can cut the cost of your human support agents without compromising your customer service.
Highly Navigated UIs
Your mobile banking app interface highly matters because lightweight UIs can be more interactive and easily used. The digital banking experience depends on the navigation hierarchy and intuitive design professionals should build. The more user-friendly your app’s UIs, the more they love to interact with your app.
To make your app more interesting, add animation, a detailed features description, short tutorials to explain navigation, etc. You can also control A/B testing of different designs, including themes, hues, icons, etc.
Transaction History
Give your customer an easy corner with easy-to-access e-statement of their accounts and transaction history. This feature will allow downloading their account statement in different formats such as PDF. Maintaining users’ transaction history within the app helps users to provide a better understanding of their spending. Online mobile apps can also work as handy account management solutions where you can add regular payees and billers.
Wrapping Up
The features mentioned above can enhance the power of your online banking app and give users an exceptional digital banking experience. Launching your app requires patience and professionalism. There is a streamlined way of building mobile apps with rich features and functionalities. If you are looking for a professional team, you are at the right place. We help businesses to thrive in this throat-cutting era by using futuristic technology like AI, blockchain, IoT, etc. Let’s get a free quote and hand over your project for maximum efficient output.
