Nowadays, having a great mobile banking app development is an absolute requirement for banks. It’s more than just giving customers the ability to check their balances or transfer money.
A successful banking app development must-have features that make banking simple, secure, safe, and convenient for everyone. This is crucial because people are now expected to be able to do almost everything with their phones, and banking is certainly no exception.
When we discuss the factors that make a banking app development successful, we look at a few essential factors. First, it must be secure. People must be confident that their funds and personal data are safe.
It’s also about making sure that the application is simple to use. No one wants to take forever trying to find out how to pay for a bill or establish an entirely new payee. The app can also assist users with their finances and perhaps give them information on their spending habits and ways to save money.
Here, we’ll examine the top features of a banking app development that are essential for all banking apps. These aren’t just fancy additions; They are the features customers want from their banking app.
We’ll discuss why these mobile banking app development features are essential and how they could make banking more accessible.
Banks must be able to keep up with customers’ demands to remain ahead. It’s not just about having an app; it’s about having an app people would like to use.
Let’s explore what makes a banking application not just tremendous but outstanding.
Must-Have Features For A Successful Banking App in 2024
With mobile banking app development, users can perform everything and much more, all on their mobile devices. It’s much more convenient than this!
This article will discuss nine essential features required to run an effective banking app. Let’s get started, shall we?
Bank Account Management
The main reason people use mobile banking app development is to control the details of their bank accounts through their mobile devices.
By incorporating the ability to manage bank accounts, users can keep track of their bank and credit card accounts and balances, look up historical transactions, and transfer money from any location.
There needs to be a universal approach to banking app development.
It is always important to include the most essential features. However, you can be imaginative when creating your application.
You can set goals so that users can work towards achieving a savings amount directly from the source of their financial data.
This feature lets users specify the amount they want to save and the date they would like to store it.
What about investing? This would be a great feature to incorporate into your banking app so that customers can make an investment purchase.
Additionally, everyone has faced budgeting at some point. Wouldn’t it be wonderful for users to make a budget using their banking app development?
There are budgeting apps from third-party vendors available; however, they do not keep track of all transactions made with credit cards in real-time. This means that you might spend money with your credit card or withdraw cash at an ATM, but the app you use for third-party purposes won’t record the transactions in a timely manner so that you can make a sound decision on the best way to budget your cash.
A budgeting option accessible through your banking application lets you check your balance and transaction history in real-time.
You can also create categories that let you observe what you’re spending your most on, such as food, entertainment, online shopping, etc. This way, you can check whether you’re keeping track of your budgeting plan or need to reduce your spending to meet your targets.
Advanced Security & Fraud Alerts
You must be cautious these days. Regarding sensitive data, users need the best security against cyberattacks and hackers.
To ensure your banking app’s success, first, ensure that the app is secure and has sign-in capabilities. It is essential to design it straightforwardly, with steps required to sign into the customer’s online banking account, without putting in numerous steps that may cause users to be annoyed.
There’s a fine line between being cautious and paranoid. A reliable banking app development will ensure that sign-in is simple and quick but also safe, ensuring peace of mind for the customer.
For example, multi-factor authentication is highly secure but laborious. Banks should only implement something time-consuming because users will never be impressed.
A biometric security system, on the other hand, validates users ‘ identities by analyzing physical measurements. This sophisticated technology can detect the rhythm of a user’s typing and voice, as well as physical gestures and other indicators.
Eye-Scanning Verification Feature
This particular app can scan the patterns of the eyes’ blood vessels rather than the iris since the latter is also unique to every individual.
Pretty cool, huh?
Additionally, adding touch ID and voice recognition are both viable alternatives. If you’re feeling adventurous, you can add multiple security options that will give the user a variety of options.
This helps tailor your mobile banking application to the user’s needs and provides the most secure standard of security. It’s as if you kill two birds in one fell swoop!
Fraud alerts are a must-have feature that should be integrated into a banking application as hackers and fraudsters become more brilliant, as are software engineers, developers, and programmers.
Systems monitor a large number of transactions per second to stop fraud. In the event that suspicious transactions are identified, the user is the first to be informed.
CORE Banking Features
CORE banking, or central online real-time exchange banking, is a back-end solution that processes transactions and publishes updates in minutes.
With the help of cutting-edge bank software, all sorts of services are offered through many digital channels. CORE banking is at the heart of the app.
CORE banking software is customized for wholesale banking, retail banking, and securities trading. Here are some of the features available for CORE that are service-oriented
- New account registration and current account management
- Withdrawals and deposits
- Loan management
- Calculation of interest rates
- CRM or Customer Relationship Management (CRM)
- Introductions to financial products that are new
- Maintenance of records
QR Code Payments
QR codes are becoming more well-known in mobile banking app development. Customers scan their codes on an electronic barcode reader to purchase goods quickly and without contact.
Leading banks are joining the QR code trend by incorporating QR code scanning technology into their apps. QR codes are a fantastic alternative for merchants and issuers to extend their customers’ mobile payment options.
All users need is their phones. QR code payment options are effortless and efficient and offer additional security that consumers appreciate.
Mobile Check Deposits
For those who use traditional banking methods, this option may appear to be something out of science fiction. However, consumers everywhere are increasingly confident about using this feature.
The mobile check deposit feature, also known as remote deposit capture, is now among the top sought-after features of mobile banking app development.
When making mobile deposits, the customer scans an image of a check using the camera function on their smartphone, which then transmits the image digitally to their financial institution of choice.
The major benefit is that it can save time. Customers don’t need to travel to the bank’s branch or credit union to stand in line to find an available teller to make the check.
It only takes some minutes to endorse the check, and then you can take front and back pictures through your banking application. The deposit details are transferred to your bank account, and you can access the funds within the next day.
Customers are delighted with the convenience of the mobile check deposit feature. Even those who aren’t technologically proficient find the feature to be fairly simple by their own standards.
Mobile deposit is the process of scanning the digital image of a cheque and sending it to the financial institution.
Security-conscious users are guaranteed that the app won’t save images of their checks on their phones. This will ensure that there is no way for hackers to gain access to stored photos or retrieve the bank account number of a user when using this feature. Mobile check deposits are secure.
The app also alerts users that their payment was received in good condition, So they’re kept informed regardless of the situation.
Financial institutions can save time and money with every check that doesn’t need to be processed or maintained in a standard manner. They don’t have to charge for the service, which is an all-win situation for everyone!
Peer-to-Peer Payments
According to a study shown by the U.S. Bank, paper cash is losing its popularity. Half of the respondents reported carrying only some money if they carried any.
Peer-to-peer transactions, also known as P2Ps, enable online banking apps development for customers to transfer money from their bank account to a different account through mobile banking app development.
P2Ps are the reason married servers who split checks into groups of 12 are now gone. Thanks to mobile apps equipped with P2P capabilities, cash is generally transferred safely, quickly, and securely.
Many third-party vendors offer similar services; however, using a banking application is much more efficient. The banking app needs the user’s ID number, and the bank supervises any transfer.
The security of services provided by third parties is safe.
Additionally, unlike many third-party providers, most banks do not charge fees for transfers. It is highly recommended that you choose to use peer-to-peer payment using a banking app development instead of a third-party vendor for increased security and rapid, reliable, and secure payment processing.
Bill Payments
Checks are expensive, time-consuming, inconvenient, and unsustainable for the environment. They’re also not exactly the most secure choice.
Checks are lost or stolen through the postal system. They can be lost or hidden in paperwork in the recipient’s mailbox.
Furthermore, who can pay with checks when you have an electronic bill payment system in your reach?
There are a myriad of benefits of using banking app development to pay your bills. Apart from the convenience of making payments from anywhere and at any time through their smartphones, users can automate bill payment features to ensure they never fail to make a payment.
You can make periodic or one-time payments. You can also set up custom messages via text or email to inform them when they receive money, when activity is detected within their bank account, or when other activity occurs on it.
Customers can pay bills that aren’t fixed, like utility bills, as they go when they are notified that the bills are due.
For loans like mortgages and auto loans that are fixed in installments, creating recurring payment plans is the most efficient option. The money will be automatically drawn from the user’s account once it is due, so they do not have to worry about not making payments.
It’s important to mention that recurring or one-time payments can be connected to the user’s savings account.
Mobile Payment
The payment process is almost instantaneous. If the customer remembers an unrelated bill at the final minute, they’ll typically get their money through the wire.
It depends on the lender; however, most process payments within just a few minutes or even within the same day.
Nothing can beat the value added to view your bank statements and balances, spending habits, and account activity all at the swipe of a screen.
By using a banking app development, users can better manage their bank account data on the move and never have to go into the bank to get access to their money.
Conclusion
Digital banks have experienced remarkable expansion and growth, serving more than 264 million clients worldwide and depositing more than $721 billion. Utilizing technology, they provide unique features that traditional banks can’t match, such as quicker access to paychecks, better savings rates, and various credit-building tools.
With the market for mobile banking app development projected to grow rapidly, platforms are poised to continue altering the landscape of finance, integrating more closely with the digital-first needs of the modern consumer.