Discover the top three mobile banking features driving success. Enhance user experience, security, and convenience in digital banking.
Banks must adjust by fusing their more recent, digitally enabled services that consumers now demand as essentials with their more established capabilities in order to compete in the rapidly changing fintech market of today.
In order to convince customers to embrace their mobile solutions, banks and other traditional financial institutions need to understand how important well-designed features are. Consumers are now more aware of user experience and have grown more intelligent. The mobile experience needs to stand out because customers might already be accustomed to using their bank’s web app.
In today’s blog, we will run through some of the best approaches that customers already envision as must-haves for their mobile banking apps today.
Table of Contents
1. Having a Robust Security System
2. Focusing on the Core of Digital Banking
3. Bill Payments and Personal Financial Assistance
1. Having a Robust Security System
Consumers regard cybersecurity as a top priority when it comes to their online habits and the digital products and services they select. From the standpoint of bank consumers, app security is simply about not having their money stolen by criminal actors. When it comes to mobile apps, banks have the most control over risks to the server and transit layers. This makes the user and device layers the most vulnerable, as mobile banking app attacks exploit user behavior.
By utilizing security solutions like end-to-end encryption, password dictionaries, and multi-factor or third-party authentication, banking institutions may mitigate security concerns while providing an exceptional user experience.
2. Focusing on the Core of Digital Banking
Bankers are already aware that core banking is the back-end system that processes all banking transactions and updates accounts and other financial information. To satisfy today’s consumer expectations, core banking providers have transformed these capabilities into a new generation of digital core banking technologies that prioritize the customer experience across digital channels.
For example, digital core banking systems allow banks to onboard new customers immediately via web and mobile apps rather than requiring them to fill out seemingly endless and unnecessary forms. Digital onboarding also simplifies verification and the know-your-customer (KYC) process. Authentication methods and digital identity management reduce friction in online transactions while protecting user data and privacy.
3. Bill Payments and Personal Financial Assistance
Paying bills and setting money for savings and investments can be unpleasant experiences because they reflect financial commitments that people must fulfill regularly. Mobile banking apps can and should make the process a little less painful. Banking apps, for example, should allow automatic payments for regular bills (e.g., energy, water, broadband, insurance, loans, and so on) to assist users in paying on time and reduce the mental load of worrying about these responsibilities.
It should also make it easy to make one-time payments using scan-and-pay capabilities, particularly QR codes. This is useful for things like paying property taxes and fines and making payments over the counter.
As more fintech apps integrate non-financial services into their portfolios. Whether or not banks venture into uncharted digital services, they must excel at their core offers, particularly on mobile apps. By innovating on what clients already know, banks create an enabling atmosphere for them to take chances later in offering non-traditional financial and digital services. To make this happen, banking institutes need a partner with experience in product development, mobile banking, and financial technology.
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