Bank Smarter, Not Harder: The Best Mobile Banking App Features

Mobile Banking App Statistics: An Overview

• Statista projected that by 2024, there will be nearly a billion online banking users worldwide. Its number of users has also been increasing steadily over the years.
• A report by Worldmetric.org stated that 53% of users find that mobile banking helps them become more conscious of their financial condition. More than 70% of mobile bank customers think that remote deposit capture—which involves depositing checks through an app—is beneficial.
• Research and Markets report noted that 79% of banking app users want to see recent transactions, and 90% of customers want to check their account balance when using mobile banking apps.

With these statistics, it is clear that the use of mobile banking apps is not only widespread but preferred for its convenience and accessibility. Users’ growing satisfaction and dependence are creating a shift in the financial industry. It is more than a trend - online banking services are here to stay. To stay ahead of the curve in the very crowded market of mobile apps, it is crucial to emphasize and prioritize customer experience.

Mobile Banking App Features for User Experience Success

A shifting mindset is the first step toward success in mobile banking. The next step teams need to take is to invest in the right mobile banking features to foster and maintain customer satisfaction.

Bank Account Management

Many choose to use mobile banking apps as they raise their awareness regarding their financial situation. In some cases, mobile banking apps even change the way some users manage their finances. Bank account management can be broken down into smaller features, including:

• Monitor account activity and view transaction history
• Track savings and set saving goals
• Transfer funds
• Track and plan investments

And the list goes on. While there are essential features that every app should have, teams have the freedom to design and add creativity to the mobile app.

Advanced Security & Fraud Alerts

One of the biggest concerns of users with mobile apps is security. Mobile banking apps contain numerous sensitive information, so businesses have to implement proper security measures to safeguard customer’s data. Multiple security measures can be taken to safeguard mobile banking apps, including:

• Two-factor authentication (2FA): 2FA is a security measure that ensures online account access is authenticated. Users enter their username and password, followed by a second factor, which could be a personal identification number, password, secret questions, or a keystroke pattern.
• Integrating AI and ML to alert users about the transactions that might need more attention.
• Touch ID and voice recognition
• Activity reports: the app regularly reports activity, login attempts, transactions, etc.

QR Code Payments

Most mobile devices likely already have a built-in QR code scanner. QR codes offer an additional payment method for users. They are preferred for allowing fast and convenient contactless payment. In the US, almost 80% of consumers believe using QR codes is safe. Businesses can easily gain user insight by tracking customer engagement.

Peer-to-Peer Payments

Peer-to-peer payments, often called person-to-person payments, are a kind of mobile banking that involves digital payments between two people. Users can transfer money to one person’s bank account or app from their checking account, credit or debit card, or payment app.

This can easily be one of the most used features in mobile banking apps. As paper money is fast losing its popularity, peer-to-peer payment makes splitting bills during meals or borrowing money easy and fast.

Users often opt for P2P services provided by banks rather than third-party vendors as they often feel more secure and safe.

CORE Banking Features

CORE stands for Centralized Online Real-time Environment. CORE banking allows customers to manage their accounts and transactions from anywhere, at any time. It treats the bank as a single, unified entity, regardless of branch locations or national boundaries. CORE Banking is the backbone of modern banking, streamlining services like management, loans, and transactions, ensuring consistency and efficiency for customers no matter where they are. IT Core Banking offers attractive features like a centralized dashboard, loan management, interest calculator, etc. Not only does this system improve operational efficiency, but it also improves customer experience.

Mobile Check Deposit

This convenient feature allows you to deposit checks to your bank with the use of a mobile device. You can add the check to your account right from the comfort of your home without needing to visit the ATM or the bank drive-through window.

When adding this feature to your app, think about the types of checks users can add to the account, like personal checks, business checks, or cashier’s checks. Mobile check deposits may not be allowed for foreign checks or traveler’s checks.

If the check is deposited successfully, the app will send a notification to let you know that the check is being processed.

Bill Payments

In today’s fast-paced world, keeping up with multiple bills can feel overwhelming. Relying on traditional methods like checks can be risky as they may get lost in the mail. Paying bills in person often requires time and effort that busy schedules just can’t accommodate. With everything on your plate, it’s easy to forget a due date, leading to unnecessary stress or late fees.

This is why more people are turning to the convenience of online and automated bill payments through their bank’s mobile app. By scheduling payments in advance and setting up automatic recurring payments for regular expenses like utilities, rent, or credit cards, you can ensure everything is taken care of without even getting out of your house. With custom notifications, you won’t have to worry about missing payment again.

Intelligent Chatbots

AI is developing in leaps and bounds. AI has been integrated into various tools to elevate user experience, and intelligent chatbots are no exception. In mobile banking apps, chatbots can serve as round-the-clock digital assistants, answering frequently asked questions about bank accounts and savings accounts, resolving issues, and even initiating transactions. By providing instantaneous, personalized responses, chatbots reduce wait times, enhance customer satisfaction, and alleviate strain on human support staff. AI chatbots ensure customers’ needs are met whenever and wherever they are required.

ATM Locator

ATM locator is a handy feature. Instead of opening a search browser to type in “ATMs near me,” a simple tap on the mobile app will give users all the information they know. It is the attention to small details that allows certain banking apps to stand out from others.

You can always get creative and add more details to this feature, like informing users which ATMs are in a high-traffic area.

Analytics and Reports

This feature provides a dual benefit. On one hand, customers gain valuable insights into their spending habits and investment portfolios to make more confident and informed financial decisions. On the other hand, banks have a clearer understanding of customer behaviors and preferences, allowing them to make data-driven adjustments that improve services and meet evolving customer needs.