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Seven Mobile App Features That Will Be Essential To Bank Customers
Date: 8/30/2022

Due to the recent rise in mobile transactions following the pandemic, demand for mobile banking apps has reached new heights. According to reports, the number of finance apps is rapidly increasing globally as super apps gain popularity because of the explosion in digital payments.

Now is the time for banks to consider adaptable features that will attract high-value customers and maintain their loyalty.

Must-Have Features for Mobile Banking Apps in 2022

1. Simple Interface With Budgeting Tools

Money management, a recently added mobile banking category, had the second-most sought-after features in the Insider Intelligence study. You can enable customers of your bank to track their budgeting, categorization, expenditures, and savings through a single application that combines information from various institutions.

Customers can transfer funds between accounts through the budgeting app, and the institution can provide them with tailored advice on their investment objectives.

2. Optimized Card Security

Response time is crucial in certain situations, such as when there is a chance of debit or credit card fraud. Mobile apps that allow consumers to disable payment cards were deemed "extremely valuable" to 47% of consumers in a survey from 2021.

Setting daily debit card limits that safeguard customers if their cards are lost or stolen is another way apps can assist customers in preventing fraud.

In relation to this, those who frequently use their debit card and occasionally make significant purchases might temporarily prefer a higher daily debit card limit.

3. Options for Customer Service

The top mobile banking apps offer outstanding customer service and support via self-help, live chat, phone, or other channels. Customers will find it simpler to contact the institutions if they have any issues or questions. The apps should be clear on how to get assistance if users get stuck anywhere. Regardless of whether they have a chatbot or other methods of contacting customer service representatives.

4. Notifications and Alerts

The use of alerts is essential for maintaining contact with customers. The notifications should not, however, be bothersome or relentless. This feature ought to be configurable by the user. Customers will find it helpful and won't miss important notifications this way.

5. Safe Sign-in

The recent rise in data breaches, cybercrime, and hackers, makes safety more critical. In this regard, multi-factor authentication is easier for a trouble-free sign-in process with protected sign-in options and contemporary features like biometrics, fingerprint readers, facial recognition, codes, and more. Users should be able to experience security thanks to the mobile apps' high degree of protection.

6. Automated Digital Payments

For smooth transactions in this cashless era, every mobile banking app should make it simple to access numerous digital methods of payment, mobile wallets, UPI, etc.

The feature can make it simple for customers to maintain their accounts, make bill payments, and arrange recurring payments. It would be convenient to set up payments with an automatic withdrawal from their account because customers might forget payment due dates.

A banking app with digital payment options will also make it easier for users to conduct transactions and check account information while on the go.

7. Bank Account Management

Customers can perform simple banking operations in-app with the help of account management tools, which also assist banks in providing a single-channel mobile experience. Superior mobile account management capabilities are necessary for a hassle-free digital experience.

Closing Thoughts

Repurposing core features from the desktop platform no longer has the same impact. Mobile apps have revolutionized the customer experience, and as consumer demands change, it’s crucial to be adaptable, draw in high-value customers, and retain their loyalty.