8 Leading Features of Mobile Banking App that Ascertain Success in 2023
The FinTech and banking industry is witnessing the greatest breakthrough in technological development. The physical bank branches are now turning into mobile applications. And the aggregate number of mobile banking users has accelerated by 168 million in the past few years. So, the startup business can pick the banking industry and make a presence in the wider market that is enticing customers excellently. You might be wondering how to create a banking app, well, it is inlined with the primary element i.e., features to make cutting-edge applications. Stay tuned to understand the most impactful features for your mobile banking success.
8 Most Essential Features of Mobile Banking Apps You Should Integrate
- KYC Verification
Firstly, it is very obvious and important to provide e-KYC (Know your customer) features. It allows users to verify their authentic identity and completes the security standards online. It assists the app to authenticate genuine customers and provide financial solutions accordingly. Your banking app should encompass a KYC feature to make customers log in to your app and easily coordinate with setting up your account.
- Peer-to-Peer(P2P) Payments
Now, Peer-to-Peer (P2P) payment is an essential and easy-to-use feature to transfer money from your account to some other person’s account using the mobile app. The users can make payments without any hassle to the desired person’s account directly. Although there are certain third-party options like PayPal, Venmo, etc, available for P2P payment, they may incur charges based on the transaction limit.
Currently, the inception of P2P payments with cryptocurrency has emerged, which allows you to transfer funds from any location between bank accounts. Based on blockchain technology, many fintech companies have started to adopt cryptocurrency for P2P payments. So, if you don’t want to remain left behind, then include a P2P payment feature.
- Efficient Chatbots
Offering personalized answers to customers’ questions and providing proper services is always helpful. It works as a welcoming approach to make the customer comfortable on your app. Chatbots have considerably expanded for making smart banking options. Customers get assistance 24/7 and instant solutions to their queries. It operates as a human conversation and increases customer interaction optimally.
- Digital wallet
Digital wallets are gaining popularity with their future-ready solutions to swiftly manage purchases, payments, bill settlements, and other financial services. It simplifies the user’s access, store, and transaction through the pop-up wallet linked with their bank account. Users can use mobile apps for various payment purposes. However, it makes the process convenient and works as a better alternative to physical wallets.
- Scan & Pay
Nowadays, Scan & Pay has become the catchphrase for even a little amount of money. The QR codes have minimized the dependency on carrying cash and encouraged cashless transactions. The app users’ majority of payments like restaurants, grocery stores, etc, are happening with QR scanning. Furthermore, it has been proven the best way for users and merchants to have track of the transactions and saves time as well.
- Cardless ATM Withdrawal
The innovative and sort-out feature which is cardless cash withdrawal has been influenced effectively. It has been built as a potential mobile-based branchless service. This feature has turned out to be a must-have because of decreasing the points of contact withdrawing money at ATMs. So, when you need to withdraw money from an ATM, you don’t need to insert an ATM card, the mobile app is registered with the ATM. It will send an OTP or code on your mobile number that is linked with the account and once you verify it, you will get cash rapidly.
- Automatic bill payments
When you develop a banking application, the bill payment solution is necessarily undertaken. It eliminates traditional banking through cheques/cash. Mobile banking apps permit users to simply set up auto-bill pay features. It also saves time and automatically manages your bill settlement. Even if you forget about it, the app doesn’t miss a payment. Additionally, the app should also facilitate scheduling payments through customized email or SMS notifications.
- Security
Integrating advanced security measures is not an optional feature, it is the most important aspect for ensuring the security of your user data and protecting the app from fraudulent activities. The app should deliver a robust authentication process to secure sensitive data and manage transactions.
Other than that, the security parameter includes password integration, biometric technology, face recognition, security code for transactions, etc. You can also upscale the security patch by offering two-step authentication and the latest solutions. The main motive is to have a potential safeguarding layer to protect against suspicious activity.
Conclusion
By integrating the above features of mobile banking apps, you can surely make your fintech enterprise skyrocket. Having unique features that simplify the customer’s navigation and overall experience. Additionally, it appreciates users utilizing the app and makes them indulge in various other financial options. The best way to create a mobile banking app is to hire app developers with hands-on experience in the industry. Their technical skills will make your app stand out efficiently.
