In the present ever-evolving world of fintech, tech startups are in the limelight of revolutionizing the way people manage their finances.
In 2023, mobile banking applications are much more than transactions, they’re powerful tools that can shape the future of finances.
To get the attention of customers, it’s vital to prioritize essential mobile banking application features in your banking app.
These apps have advanced levels of security measures to protect user data and seamless integration with developing technologies.
Some must-have mobile banking features will not just set your mobile banking app apart but will also empower you to offer your customers a transformative and competitive banking experience in the digital age.
If you are stepping into this growing niche then you have a bundle of opportunities to be successful.
However, you need to focus on the mobile banking application features and hire a professional and experienced banking app development company.
Are you curious to know the features of mobile banking apps? I am sure you must be, so please stick with me till the end to
Banking Made Better: The Best Banking App Features
Let’s begin to explore the best banking app features together….
1. Advanced Security and Fraud Alerts
The security of your customers’ comes first when you are developing the mobile banking application.
Of course, they trust you with their money so make sure to give them a high level of security.
Remember that, to make a successful banking app it is necessary to include advanced mobile banking application features in it that is more than just signing in with passwords or pin.
But, besides being secure, the singing-in process must be fast and easy.
You can go for two-factor authentication or biometric authentication via fingerprint scans or facial recognition. These ways will prevent others from accessing your users’ accounts.
So, multifactor authentication and biometrics are the most suitable and common solutions for banking apps.
Although, they can also be hacked, below are a few ways for businesses to enhance their app’s security.
- Pin and password implementation and hashing
- Store passwords & pins on the server rather than on source code.
- Use storage facilities for cryptographic keys and certificates, e.g. keychain for iOS and Keystore for Android.
- Use two-factor authentication for payments outside the app.
- Limit the number of login attempts.
- Start a new session every time a user logs into the app.
2. Core Banking Features
CORE banking or centralized online real-time exchange banking is a back-end system that processes transactions and posts updates immediately.
It allows banks to perform their key activities quickly such as accessing bank accounts, processing transactions, updating users’ accounts and other financial records, performing customer relationship management (CRM), and others.
Most of the banks have adopted this system as it allows the quick operations of many banks and can tackle heavy transactions ensuring uninterrupted functioning of the banking products.
This technology also helps banks establish relationships with other fintech companies and feasibly scale their infrastructure up and down.
3. QR Code Payments
QR technology is growing and QR codes are becoming very common among mobile apps.
Users can easily scan their code on a barcode reader to make purchases quickly.
Now most of the leading banks are implementing this QR code scanning technology into their applications.
QR codes have emerged as the best solution for both acquirers and merchants. So, the QR code payment method is the fast-adopting method that is a must mobile banking application feature for you.
4. Mobile Cheque Deposit
One of the most recent additions to the mobile banking application features is the mobile cheque deposit.
Believe me, people nowadays are becoming more and more comfortable with using it.
Mobile cheque deposit also called remote deposit capture is becoming one of the most in-demand mobile banking application features.
If you wonder how it works then look! For mobile deposits, the user scans the cheque using their mobile’s camera thus transferring the digital image to their chosen bank.
It saves the time of users as they do not need to drive to the bank branch and wait for long hours.
Customers love this feature as it just takes a few minutes to affirm the cheque and send the front and back pictures of your cheque directly to the bank.
The app must also quickly notify the user that their cheque is received in good order, it is the best way to keep users in the loop.
5. Peer-to-Peer Payments
In a survey conducted by a US bank, paper money is declining in popularity. 50% of the respondents said that they only carry a little bit of cash if they have any.
Peer-to-peer payments allow online banking users to transfer funds from their accounts to their peer’s account directly through the app.
Peer-to-peer payments is a Mobile banking application feature that must not be ignored.
Mobile banking apps having peer-to-peer transfer option transfers the funds easily, quickly, and securely.
6. Bill Payments
Okay…. So now come to the bill management option provided by most mobile banking applications.
This feature has made lives much easier for people managing their home expenses. People find it very convenient and time-saving to pay with in few simpler taps.
This is one of the needed mobile banking application features that you have to consider in 2023. One more exciting thing for users is that they can set automatic bill payment options in their mobile banking app.
This feature helps users by automatically paying the bills so they will not have to keep themselves reminded to pay the bills or they will also not miss any payments.
7. Intelligent Chatbots
Providing excellent customer service and a personalized approach must be your top priority as customers love personalized services.
Some banks are already using smart AI chatbots to solve customers’ basic queries. Moreover, they also make banking apps personalized by increasing service availability and providing hassle-free customer care support 24/7.
By including smart AI programming into your app, you can provide 24/7 hassle-free customer support.
It will increase your chances of success and enhance customer satisfaction. Believe me, including chatbots, is a great idea as they work round the clock without getting tired.
Furthermore, they can answer hundreds of queries, always being polite, and the best part is that you do not have to pay them.
A lot of banks have already taken advantage of implementing customer support AI chatbots in their mobile banking apps so you can do that too.
8. ATM Locator
The feature of the ATM Locator may seem super basic to you but it is quite important. However, many banks ignore this feature.
We would recommend you incorporate this amazing feature into your mobile banking application.
You can make your app unique from others by adding an ATM/ bank branch locator to your app.
When customers need to locate b bank branch or ATM near them, they should count on your banking app.
Customers demand this mobile banking application feature that’s why many of the banks are doing this.
9. Personalized Money Management Insights
Know that combining artificial intelligence with digital solutions gives rise to mobile banking apps that can do a lot more to the customer experience.
For instance, it can gather data from the app’s users, bank statistics, and data online to provide excellent money management tips.
For, in this case, it suggests to users which loan scheme is most suitable according to their income level.
It can also suggest how and when to invest the money and a lot more.
Many users also use mobile banking apps to track their daily life spending and check their personalized reports to amend their spending habits.
They can also use special plans recommended by banking apps to start saving their money.
10. Bank Account Management
Bank account management is the most obvious mobile banking app feature that enables users to keep checks and balances on their cards and bank accounts.
This also allows them to check their balance and account transaction history. A user’s account is the key to the banking app.
Bank account management usually involves the following benefits:
- Balance check
- Display of a transaction history
- Funds transfer
- Display of available transactions
- Saved payments and quick payments
We hope that you have now got a fair idea of essential mobile banking application features that you must consider in 2023.
Is Mobile Banking safe?
Yes, nowadays mBanking is almost safe. Because it provides a biometric login, app password, and two-step verification method. Furthermore, account holders can use antivirus software and VPN to stay safe while doing transactions from their mobile banking app.
How much does development cost for a banking app?
The cost of banking app development varies as it depends on various factors, such as the complexity of the app, the platform it will be developed for, and other specific features included. On average a basic banking app can cost around $50,000 to $100,000, however, a complex app can cost more than $500,000 or more. But keep in mind that this only rough estimates and the actual cost depends on your requirements.
What are great examples of UI/UX design patterns in mobile banking applications?
There are several great examples of UI/UX design patterns in mobile banking applications. Some of the most common are as follows:
- Fingerprint and facial recognition for easy and secure login.
- Push notifications for account alerts and transactions.
- Visual balance for quick and easy account balance checking.
- Easy navigation for quick access to account information and transactions.
- Personalization for tailored account information and offers.
- Minimalistic design for a clear and easy-to-use interface.
- Gamification for fun and engaging user experience.
The goal of all these design patterns is to make mobile banking easier, faster, and more secure for users. However, the best design pattern for the app depends on the needs and preferences of users.
What are the major challenges faced while developing a mobile app?
Developing a mobile app involves various challenges, including:
- Platform diversity (iOS vs. Android).
- Device fragmentation (different devices and versions).
- User experience design for small screens.
- Performance optimization for limited resources.
- Security and data protection.
- Handling network connectivity issues.
- Rigorous testing and quality assurance.
- Compliance with app store guidelines.
- Choosing a monetization strategy.
- User engagement and retention.
- Legal and privacy concerns.
- Ongoing maintenance and updates.
- Cross-platform development challenges.
- Resource and budget constraints.
- Competition in the app market.
Developers must plan, stay updated, use tools wisely, and prioritize user feedback to overcome these challenges effectively.
How do I develop a mobile banking app?
To develop a mobile banking app:
- Research and Compliance: First you need to understand your target market and comply with regulations.
- Design and Development: Create a user-friendly design and develop both frontend and backend.
- Security: Implement robust security measures and encryption.
- Testing and Compliance: Thoroughly test for functionality, security, and regulatory compliance.
- Development and Maintenance: Publish on app stores, provide support, and maintain the app with updates and security enhancements.