5 Must-Have Features for a Successful Banking App
While digitalization of business operations has aided nearly all industries, banks and financial institutions have reaped tremendous benefits from internet and mobile technology. The growing trend of using mobile applications on the go has revolutionized the customer service of banks and financial institutions. Customers can now use banking apps to access their bank accounts from anywhere, irrespective of the bank’s working hours.
Top iOS and Android development companies create fool-proof mobile apps with advanced features that provide maximum usability and ease of use for customers. Here are must-have features for a successful banking app:
1.Advanced Security Features
The first thing every customer requires from a mobile banking app is the security of their sensitive information. All mobile banking apps must contain advanced security features to ensure that all banking transactions are safe. The security-related features of a banking app include:
Secure session handling
Safe use of banking apps using one-time passwords through SMS, emails, etc
2.Interactive and User-friendly Interface
When you look at the most successful mobile apps, you will notice that they all have a user-friendly interface. Through easy-to-fill forms and interactive user screens, customers easily become familiar with the app. The success of any mobile application depends on how convenient it is for the user to navigate from form to form or screen to screen.
3.Mobile Check Deposits
While mobile apps have taken over most of the services provided inside the banks, the new developments of mobile apps are now focusing on mobile check deposits using Optical Character Recognition (OCR) and QR codes. Mobile apps can facilitate customers to deposit checks online without physically visiting the banks. Using a mobile camera, a scanner, or an image gallery (in case there is a picture of a check), customers can scan their checks and send the digital image to banks through the mobile app. The checks are then scrutinized by the bank.
4.Basic Banking Features
All mobile banking apps must contain all basic banking operations like transaction history, funds transfer, bank statements, bill payments, credit card payments, applications for loans, etc.
Banking apps must also include customer relation management (CRM) features to facilitate customer queries. Many banks encourage customers to use their official mobile banking apps instead of visiting. Many banking apps have now introduced the feature of opening a new bank account from the mobile app. All the necessary paperwork has now been transformed into an interactive form, and customers can fill out the basic account-opening form through the banking app.
One of the best features of a successful mobile app is the ATM locator. Customers can easily find the nearest ATM using GPS. Mobile apps collaborate with Google maps to locate the nearest ATM and provide directions for customers to reach there.
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