6 Crucial Features For A Successful Banking App

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March 8, 2022 Business

With the increasing adoption of smartphones in all parts of the world, mobile apps now totally dominate over their desktop counterparts when it comes to customer engagement and experience. This change has made customers more comfortable with banking transactions and allowed banks to reach new customer segments.

With millions of people in the United States using mobile apps to access their bank accounts and do their banking, it is safe to say that the trend of going mobile is not just a fad but rather an essential part of a bank’s growth strategy.

However, even as millions of smartphone users are adopting mobile banking on a daily basis, many banks still haven’t perfected all their app features. Here are the top relevant features that can optimize a banking app and make it even more successful.

CORE Banking System

A CORE banking system is a unified and centralized back-end platform that allows banks to conduct essential banking functions efficiently, such as processing transactions, accessing bank accounts, performing customer relationship management (CRM), and updating user accounts and other financial information.

Various banks have embraced this system because it enables speedy completion of many financial procedures and can manage a broad range of financial transactions, ensuring that banking products operate without interruption.

Check Deposits On the Go

Traditional banking is gradually becoming outdated, as mobile banking apps have already replaced any services offered by brick-and-mortar facilities. As a result, banks have just begun offering online mobile check deposits, a digital option that has recently become available.

Banks now have portable scanners based on OCR technology for mobile check deposits. Users can scan their checks and transmit them to their financial institution with a recognized text and a digital photo using the banking app’s portable scanner and camera. Moreover, the deposit information is sent directly to the user’s bank account, eliminating the need to visit a bank location and waste their time doing a simple task.

Paying Bills

Successful mobile banking apps have a primary feature called bill payment, which allows clients to pay any bill fast and conveniently by pressing a few buttons. However, if cleverly improved with some features, this essential function can improve. The best banking apps, for example, include:

Automated bill payment that ensures you won’t miss any payment.
Tracking payment history for improved spending habits and balance management.
Notifications about any bank account activity, such as expenditure and income notifications and alerts about forthcoming payments.
Dashboard shortcuts for rapid access to the required payments.

Locator for ATMs and Banks

A simple feature that some banks neglect but that can make a major impact on bank customers is a bank branch or ATM locator. Customers may need to locate the nearest ATM or bank branch immediately while not having any internet access. That’s when a mobile banking app’s ATM/branch locator proves to be really useful.

The feature can quickly locate the nearest ATM or bank and provide further information about them, such as their operating hours. Many banks currently include ATM/Branch tracking systems in their apps, making it easier for customers to find offline financial services and improving their overall experience with the bank.

AI Chatbots

Banks have been using intelligent AI chatbots for some time. They personalize banking apps and boost service availability by giving consumers support seven days a week, 24 hours a day. As a result, customers don’t feel overwhelmed by repetitive banking chores when they use chatbots since they can complete these chores in a comfortable human-like interaction.

More banks are recognizing the need to provide faster and more personalized services while also gathering more information from the customer, and chatbots are ideal for this.

Insights into Personalized Money Management

When artificial intelligence is integrated with a digital solution, like a banking app, the user experience can be significantly improved. It can, for example, provide excellent money management suggestions and insights based on obtained data about the app user, data online, and bank statistics, as well as advise consumers on the most profitable lending scheme on how and where to invest money based on their income, and much more. Furthermore, users can start saving money or exchanging currencies using customized strategies offered by banking apps.

Final Thoughts

Overall, banks are already starting to realize the need for successful mobile apps. As we’ve seen, these apps can improve functionality and convenience, as well as help customers, manage their banking needs more effectively. It’s a win-win for banks and customers alike. Now it’s just up to the banks to develop a platform that will truly stand out from the competition with all the crucial, up-to-date features.