With mobile banking companies vying for the attention of consumers, advanced mobile banking apps must have innovative features that offer a wide spectrum of functionalities.
FREMONT, CA: Customers today expect their banks to provide online services through apps. This has resulted in the proliferation of banking apps ensuing in stiff competition. The best way to stay ahead in the competition is by making offerings unique and highly satisfying for consumers. The market has become consumer-centric, and good customer experience can be highly advantageous from the perspective of competition. In such a scenario, banks should look to invest in making banking apps better and pack them with innovative, powerful, and relevant features. Additionally, intuitive interfaces and meaningfully designed tools add value to apps, giving banks an edge over adversaries. The following list mentions some features which banking apps should incorporate to ensure higher adoption and use.
• Well-integrated Accounts and Seamless Payments
When a mobile banking app can automatically take care of payments after a few prompts, it becomes very attractive for the user. As convenience becomes the most important criteria, it is natural that smart banking apps should allow users to integrate bank accounts with their devices and make online payments secure.. Walking into a store, choosing commodities, and walking out while instructing the mobile banking app to complete the payment, should be a seamless process. Through advanced payment and integration features, apps become highly functional.
• Voice Commands to Facilitate Payments
The development in voice technology has resulted in voice commands becoming a viable and more convenient alternative to text or touch-based commands. Incorporated into mobile banking apps, voice command features can be used to carry out payments in a hands-free manner. Many banks have already adopted the technology and are reaping the early-adopter benefits. When the customer gets a chance to pay bills through voice assistants, the process becomes easier and hassle-free. Some surveys indicate that users are eager to adopt the technology, and hence, banking apps should definitely consider the inclusion of voice-based payments.
• Planning and Budgeting
As customers shift from traditional payment methods to advanced ones, mobile banking apps should offer a comprehensive set of tools that eliminate the need for additional apps. Planning and budgeting are essential, and many users have to depend on external apps to plan finances. By integrating budgeting tools into banking apps, banks enable users to make budgets and keep an eye on spending. These features enhance the value of a banking app, helping make customers loyal.
• Multi-pronged Approach to Security
As the risk landscape shifts, banks are looking at effective ways for curbing fraud. Mobile banking apps need to have a highly efficient security infrastructure to protect sensitive user information from being accessed by fraudsters. Banking apps should offer high amounts of security with advanced ways of verifying user identity. Besides, apps should use multi-step authentication that can be instrumental in preventing financial frauds. The apps should also possess easy means of detecting and notifying users about risks.
• Contextual Offers, Guided Notifications
Mobile banking apps that can understand the need of the users always get good ratings. Banking apps should contain features with which users get brand-specific offers while shopping. When users have access to relevant coupons, they can use it for cost savings, driving up customer satisfaction. Timely notifications of offers are also crucial. With these features available, users will automatically start using the banking app frequently. Ideally, banking apps should focus on offering customers with a lot of attractive offers along with convenience.
Mobile banking apps should evolve continuously, taking heed of what a customer expects. Appealing yet intuitive interfaces that catch the attention of users form the hallmark of the best-performing mobile banking apps.
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