Staying on the cutting edge in 2019: top features for mobile banking

Staying on the cutting edge in 2019: top features for mobile banking

Today it is hard to find a global bank that does not offer mobile banking services. And apps are no longer just a convenient way to check your balance, they are an integral part of the banking experience and highly valued by consumers.

Despite people complaining that smartphones are killing face-to-face interaction and hate it when others are phubbing, for the time being smartphones constitute the best way to access the digital world and multiple bank services.

MOBILE BANKING IS NOT JUST A FASHION STATEMENT, IT IS A KEY SERVICE WHICH DIRECTLY AFFECTS THE DECISION-MAKING OF CUSTOMERS WHEN CHOOSING A BANK

BANKING ON THE GO

Everything has gone mobile nowadays. A modern bank can only stay relevant on the market by offering a well-designed modern and easy-to-use mobile app, allowing users to experience the same features on the website and much more.

A bank’s services should be fully digital and available through a mobile app. Mobile banking plays the role of the attractive and handy showcase, and is also a skeleton for different services in a digital environment:

  • Loyalty programs
  • Debit and credit accounts
  • Payroll
  • Chatbots and transaction history
  • Bank news feed
  • Business accounts and others

TRUST, CONVENIENCE, AND USABILITY MUST ALL BE ADDRESSED WHEN LAUNCHING A NEW BANKING APPLICATION

In the face of constantly growing requirements on the part of users, banks and financial institutions must evolve their products in accordance with the shifting expectations and experience of customers. And a mobile banking app should always evolve too, offering the convenient and easy management of money from a mobile wallet.

WHAT’S NEW AND UPCOMING?

Along with the common mobile app options like account management, mobile deposits, chats, bill payment and person-to-person payments, banks offer other important features such as:

  • App personalization. Users can customize the type and frequency of notifications they receive, make repeating payments with one click, and choose loyalty programs.
  • Easy navigation. Everything is intuitive and simple, availability of shortcuts for common actions.
  • Simplified access. Log onto the app using a secure fingerprint, face or voice recognition. This is also considered as extra protection. 
  • Cardless ATM banking. The feature secures debit card information and eliminates the risk of the physical debit card getting stuck or destroyed. 
  • Payments by QR codes along with money transfers using a personal identifier like a phone number and contactless technologies.
  • Flexible security rules. The levels of security should match the risk of the operation. 
  • Budgeting tools and money management, allowing the user to view payment schedules and track expenses.
  • Lifestyle banking. The bank studies the behavioral, demographic and attitudinal data collected from multiple consumer touch points, analyses data from public sources like social media and turns that into pinpoint strategy to improve interaction with customers.

Currently voice banking is offered by some banks, but the range of operations is very limited. However, the technology is advancing quickly and most likely in the nearest future users will be able to do most banking operations by voice such as transferring money or applying for credit.

Machine learning is being incorporated into banking and the user experience is becoming increasingly personalized. This technology facilitates the building of smart fraud systems, which determine the hazard level by looking at behavioral activity through the customer lifecycle. Equally important is that machine learning can provide enticing loyalty programs, which maintain deep user engagement.

TO BE ON THE CUTTING EDGE BANKS ARE IN CONSTANT COMPETITION, ROLLING OUT NEW FEATURES TO SIMPLIFY THE CUSTOMER BANKING EXPERIENCE

FOR THE HEREAFTER

With years of experience, the Solanteq team develops modern and elegant solutions for bank institutions; from mobile apps to back office transaction processing, all software modules are tailored to the bank’s specific needs.

SOLAR MOBILE IS A FANTASTIC EXAMPLE OF A TRENDSETTING SOLUTION THAT PROVIDES A COMPREHENSIVE USER EXPERIENCE AND ENHANCES THE BANKING DIGITAL STRATEGY