One of the primary beneficiaries of continuous digitization is the banking industry. Fintech solutions address budgeting, investment, cryptocurrency trading, and other consumer demands. This article discusses why you should hire mobile app developers to develop mobile banking applications.
Did you know that the total number of users from online and mobile banking will surpass 3.6 billion by 2024? According to recent mobile banking usage data, India ranks first in the world in terms of general mobile banking usage, as per the percentage of internet users with current accounts.
Technology has come a long way in the recent decade, giving us many key mobile applications that have changed the way we live. Everything from buying food to delivering packages and creating a bank account online can now be achieved with the tap of a finger. Mobile apps play an important role in the banking and financial services industries.
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Must-Have Mobile Banking App Features & Benefits
Here are some of the must-have features & benefits for mobile banking apps in 2023 that financial institutions should consider adopting to suit customer preferences:
1. Intuitive interface and ease of navigation
First of all, the app's user interface should be simple and easy to navigate. Most apps create a fragmented experience with poor navigational directions that ultimately lead customers to give up. Customers should make it easier with the in-app search function to perform a voice search or typed query or include smart shortcuts to access the app's frequently used features.
2. Personalization
The most important mobile app feature today is personalization. This feature can be used to appeal to the youth customer segment and engage them effectively. In-app virtual assistants and personalized insights based on customer cash flow or spending patterns are worth considering. Such features help you grab the attention of the audience and have proven to be popular in this era.
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3. Customer Service Options
The best mobile banking apps provide exceptional customer experience and support in the form of self-help, live chat, phone, and/or other means. It makes it easier for customers to connect with organizations in case of any concerns or queries. Whether the app has a chatbot or other ways to get in touch with customer service assistants, apps should make it clear how customers can get help if they get stuck.
4. Warnings and Notifications
Notifications and alerts play a vital role in keeping in touch with customers and promoting specific services as per their needs. However, alerts should not be intrusive or bombarded as often as customers find them disturbing.
5. Secure sign-in
With the recent rise in data breaches, cyber theft, and hackers, security is the most important feature. Customers absolutely need assurance that their sensitive data is well protected from any harm. In this regard, multi-factor authentication with secure sign-in options and advanced features like biometrics, fingerprint readers, facial recognition, codes and more facilitate a hassle-free sign-in process.
6. Digital Payments
The digital payment option is another must-have feature and tops the must-have chart for most customers. Every mobile banking app provides easy access to multiple digital payment options, mobile wallets, UPI, etc. for seamless transactions in this cashless era.
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7. Peer-to-Peer Payments
With the pandemic crisis, paper money is waning in popularity and fewer people carry cash if any. Peer-to-peer payments or P2P payments facilitate online money transfers from a customer's account to someone else's account through a mobile app. The mobile app with P2P payment features ensures that money is deposited quickly and securely with greater convenience for users.
8. Account Management
Providing a personalized approach to customers is key to defining a unique user experience. Therefore, banks can provide a personal account management page that can be configured or customized according to the user's preferences.
Users can monitor their account balance, track expenses or transactions and transfer money easily. This functionality allows users to do more with the app without having to rely on a web-based application.
9. ATM Locator
Although it may seem like a basic feature, the ATM locator is a key feature that many customers expect. Moreover, it can demonstrate customer care and you can make this feature interesting with the help of virtual reality technology. This helps customers do a quick search from within the app instead of searching elsewhere.
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Following are the benefits of developing a mobile banking application
Availability 24×7 – Customers can perform their regular banking activities anytime and anywhere as compared to traditional banks and ATMs.
Variety of Services & Functions – Top banking apps allow users to perform almost all banking activities. These activities include loan takings, payroll services, mobile check deposits, savings, etc.
Less time-consuming – Customers don't have time to visit the bank and wait in line to cash checks or consult.
Paperless Record Keeping – By intelligently using the development of mobile banking, a financial institution can communicate with its clients and cover legal issues digitally. On one hand, it reduces bureaucracy and on the other hand, clients do not need to disclose their sensitive information on paper.
Reduction in Customer Service Costs – According to McKinsey research, mobile banking technology can reduce customer service costs by 50-70%.
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Increased Security – Top banks value their reputation and must ensure that their IT infrastructure and client software use encryption and security protocols to protect customer privacy and information integrity.
Personalized User Control – Clients can better manage their finances by tracking their expenses.
Mobile banking application development offers valuable benefits to both the bank and the client.
Conclusion
USM Business Systems develops flawless mobile applications and our trusted services are here to meet your banking needs and meet consumer demands. If a mobile application can simplify complex banking processes, and as decades-old experts, we are here to help you. Mobile application development company in New York, call us immediately for custom mobile application design and development solutions. Stay tuned to our blog section for updated trends and information.
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