Mobile banking has gone a long way from its roots in the late 90’s. From an SMS-banking trend with only a simple statement-check mechanism followed a decade after by the first fully-functional iPhone banking app in 2010, we find ourselves in 2020 with innovative apps that allow us to experience banking like never before. However, times are rapidly changing and so are our needs. Basic balance checks and online transfers no longer do it. We need to up our game. That said, here’s a list of the five features that will keep your banking app from being basic and that will let you stay that way for at least the next five years.
1. Biometric authentication
Security is never basic, but it shouldn’t be too complicated too. With facial recognition and fingerprint authentication added to the whole login security equation, life just got so much easier for banking app users and about 5 times harder for all those sketchy hacks and penetrators! By adding this timely feature and making use of the sensors most users’ smartphones already have, you increase the security of your beloved app while simultaneously lowering the fighting chances of the crooks to break your walls. It’s a total win, if you ask us.
2. Online check deposits (scanned through camera)
100% of the top FinTechs and banks have employed online transfers since it gained popularity in the early 2010s, however, only a chosen few have allowed mobile check deposits. Even though it’s just as important, the trend hasn’t caught on just yet. But, that doesn’t mean you should stay behind! Let your consumers deposit checks with a simple click, shoot, and send function and see the difference it makes in user app activities.
3. Scheduled bill payment
For the majority of your on-the-go users, paying bills on time can be a struggle even if it’s done online. Allowing users to schedule their payments during times that are a lot more convenient for them relieves them from the regular monthly hassle. Might save you the hassle of troubleshooting a server that crashes from too many users during last-minute bill-payment time too!
4. Repeat transactions
Some transactions your users make are done on the monthly, weekly, and even daily. Whether it’s an online transfer or a simple balance check, your app’s stored data and your user’s transaction history know that all too well. That said, why not make their life easier by adjusting the algorithm a nudge and letting them repeat transactions with a few simple clicks? By encouraging this quick and convenient transaction, your business will get better results too.
5. Investment placement
Making investments has been the talk amongst millennials and other demographics when it comes to financial planning, but most of them don’t know how to start. In fact, “how to make investments” is of constant high interest according to Google Trends. With this kind of opportunity, it only makes sense to include a function that allows easy investment placement while guiding them to do so. Who knows, this might be a good investment for you too.
Now that we’ve covered what your app might be missing, it might be the time to get your move on and start transforming your business. With this easy guide and reference, one function and one feature at a time, you can now secure your banking app’s future and the future of your customers too.
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