5 new features to include in your banking mobile app
Updated On : February 2022
Mobile banking apps have become a popular and very essential need of the new generation that is tech savvy and relies on digital for their banking needs. Today mobile banking is an industry standard and as technology advances, new features always need to be included to motivate users to make better financial decisions easily.
Today’s banking customers are getting tech savvy and their needs are rapidly evolving. With technology too advancing, it has become necessary for banking apps to keep pace by adding new features to build a profitable banking solution. With millennials relying heavily on mobile banking apps and always looking for new ways to take care of their banking needs, it has become crucial to find new ways to interact with these tech savvy users.
Today, the race is to shift from analog to digital, as customers prefer handling their transactions through smart devices anytime and from anywhere. The banking industry has realised that new tools and features lead to new opportunities and are creating super apps to provide seamless service.
Let’s look at five new features in banking mobile apps that will be take the new generation by storm.
- Advanced P2P Payment Systems
Peer-to-Peer payments or P2P is an online payment system that lets a user send funds personally from his or her bank account or credit card directly to another person. With less cash in commercial transactions today, P2P solutions are very popular and are a very strong part of ongoing user engagement. Mobile apps integrated with P2P ensure that customers can safely transfer money directly to each other by just using the app. It’s an almost instant process with allows the user to independently transfer money without having to depend on a larger institution. The bank oversees the transfer without charging a free, unless it’s a third-party provider in which case there could be a fee charged for every transaction. Paypal is one example of this technology that dominated the market for more than a decade with more banks and credit card companies today using P2P payments.
- Voice-Activated Virtual Assistants
Voice payments are becoming increasingly popular with the new generation used to virtual assistants. Voice Assistants are predicted to be the next banking channel to take off. According to Statista, the adoption rate of voice payments in USA alone is predicted to be over 31% by the end of 2022 resulting in 81 million users. Also 8% of US respondents used voice commands to buy things, pay bills or send money which proves that introducing voice payments will significantly expand business with banking app users activating Siri, Alexa or Google Assistant to pay their bills or make transactions.
This is a feature that will position banks as offering progressive service with a personal approach and efficient communication.
- Card-less ATM Withdrawals
Cardless ATMs are fast gaining popularity as users can transact without inserting the card into the machine. The mobile phone can be linked with the device, and the user can communicate with it and make basic transactions and reduce contact points. A lot of banks like State Bank of India (SBI), ICICI Bank, Kotak Mahindra Bank, Bank of Baroda (BoB) and RBL Bank integrated cardless ATMs in their apps during the Covid-19 pandemic to keep their clients safe and allow them contactless transactions at the ATMs.
- QR Code and Invisible Banking
QR codes is a very convenient and easy way of making quick contactless payments. It enhances a user’s mobile payment security and is fast becoming a must have feature for any banking app. QR codes are used on invoices to complete payment, e-invoicing, and remittances and this saves a lot of time otherwise spent on entering the information into the accounting or banking system as it enables transactions almost automatically.
Radius Bank was among the first to integrate a face recognition feature into their mobile banking app. The bank invested its resources in the mobile channel and soon the number of physical branches reduced and the combination of cutting edge technology and user friendly products made it possible to entirely make the switch to digital. Customers no longer need to visit a physical branch to open an account, but can simply do it by uploading the picture of their driving license on the banking app.
- Advanced Security
With data security breaches being a huge concern among the younger millennials, banks are going beyond login and password in their mobile banking app and are introducing other security features.
Surveys have shown that users believe facial recognition capabilities to be more secure and a lot of banks are integrating it into their apps. Another feature introduced in the mobile banking app is a fingerprint scanner. Biometrics let new customers avail of banking services through their smartphones without visiting a branch. These mobile banking benefits are especially useful for rural areas and some bigger banks have already implemented them in their mobile banking applications. Barclays recently launched a voice security system because each human voice is as unique as a fingerprint with more than one hundred unique physical characteristics.
With customers getting used to features like voice recognition assistants and advanced insights, banking institutions are leveraging technology to introduce more and more features into their mobile banking systems and to create more appealing offers. In the next few years, it’s crucial for banks to constantly reinvent themselves and offer value by introducing super apps to ensure smooth and easy transactions and stay ahead in the game.
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