Mobile Banking App Development: Features You Must Know

If you’re an online business owner, mobile app development is not optional. No matter how small your company or business is, you need to be able to interact with customers in real-time, no matter where they are in the world.

And with so many people using smartphones and tablets every day, businesses that don’t have apps are missing out on huge amounts of potential revenue. Fortunately, mobile banking app development has become increasingly inexpensive.  

And simple to execute over the last few years, making it easier than ever before to get your business up and running on the go! So, today we will explore the mobile banking features your app must have.

Features Of Mobile Banking App

#1. Bank account management.

Naturally, the primary thing your mobile banking software must allow users to do is to manage their accounts. Thus, it should enable you to monitor debit and credit cards, know balances, go through transaction history, and transfer funds. 

You can also take it a step further and offer a savings goal feature and even automate the transfer of small amounts into consumer savings accounts to help reach their goals.  

#2. Payment & Transactions

Next, we need to make sure your mobile banking app features include secure and seamless transactions. Customers should be able to take part in peer-to-peer transfers; scan QR codes for purchase completion; deposit checks by taking a picture of them; and exchange currency without having to visit a branch office.

#3. Authentication

Whenever sensitive information needs to be discussed, customers want and require a high level of safety. Consequently, their banking credentials need to be encrypted securely - no exceptions.

In order to do that, consider implementing authentication tools that are efficient yet reliable enough for users' peace of mind; they'll know who they're dealing with (you). For example, you could let your customer opt-in for two-factor authentication which takes some extra time but will reassure them all the same.

#4. Push Notifications
Push notifications will likely be necessary for nearly every type of mobile app that needs to stay connected with its customers and offer a pleasurable experience. To ensure success, please make sure your solution can send alerts on account updates, transaction confirmations, and other pertinent occurrences.

But don't go overboard! Avoid sending too many push notifications; allow users to choose how often they receive these messages in order to reduce irritation among your customer base when they use your product or service.

#5. ATM & Office Locator

If you want to make banking easier for your customers, an important banking app feature is  to include an ATM and office locator feature. This way people can see what banks are near them when they're open, how they can get there - anything that might be important.

Future Trend In Banking App Development

Now that you know how to build a banking app and the key features to include in your product, it’s important to consider some trends that currently capture today's attention. 

Using them can enable you to attract more users, better provide them as per needs, and stay ahead of the competition 

So below, we have included 7 trends in the mobile banking sector for you can leverage.  
  

• Contactless transactions
• Personalization
• ATM connectivity
• Bio-metrics & big data
• Voice commands
• Chat-bots

Wrapping Up

If you're considering the difficulties of developing a banking app, it may seem like an overwhelming and time-consuming task. But there are ways to minimize this process. In this fast-paced world, it is important for financial institutions to stay current with technology. 

It delivers great user experiences and helps them maintain their competitive edge. If you're looking for a company that understands these mobile banking app development needs and will work alongside your team- contact experts.