Seven innovations for an exceptional mobile banking app

With the fierce competition for online banking, financial institutions have to think about two main strategies that are customer-focused as well as mobile application development developed by the Best Software Developers. According to research conducted by Citi that 80% of people who make use of mobile banking through useful apps tend to be faithful to the service provider they use. In addition, the study suggests that companies that do not invest in mobile app features could be left behind by those who prioritize enhancements and features that are in line with the online experience of customers.

 

Therefore, the implementation of new banking strategies that are innovative is vital for banks to draw and retain customers, boost the financial inclusion of their customers and open up potential in the global marketplace by the Best Software Developers.

 

Innovative Features to Improve the Game in the Banking App

Because the majority of customers today use mobile apps created through top custom software development companies for their regular financial transactions and for other essential functions that applications for mobile devices should have, banks should regularly refresh their apps with the latest developments in the field of mobile development to keep their service at the top of the line. Staying up-to-date with the most recent developments in mobile banking as well as advancements, they are able to attract more customers with their new services that result in new income streams.

 

Here are a few new features that are able to easily and seamlessly integrate with the online bank's platforms.

 

Secure Authentication

The study carried out by Verizon regarding the investigation into a breach of data has found an 86% rate of cyber crimes are committed with the intention of stealing money, or mobile banking applications designed by top custom software development companies have been the top frequent victim of criminals. This means that service providers should pay greater attention to security features that are used for application registration and onboarding, such as multi-factor authentication. The process of proving identity, which usually requires multiple steps, needs to be safe, quick and efficient. One-time passcodes (OTP) and message confirmation PINs encrypted typically used to authenticate users across a wide range of applications.

 

Mobile banking apps top software development firms are beginning to incorporate biometric authentication into their applications to guard users of accounts and their devices against being accessed through an unauthorized user. Authentication confirms the identity of customers on the basis of physical characteristics like face fingerprints as well as fingerprints, voice and more. With the help of technology for scans of the eyes, Well Fargo bank will increase the security of its customers by the identification of distinctive features such as blood vessels.

 

QR Codes for Paying

 

The black-and-white square is quickly becoming popular across different sectors, including banking and retail because it lets customers take advantage of faster payment alternatives that don't depend on contact. By using a QR code, customers can purchase items without credit card transactions. This is possible because all you need to do is spend some time scanning the code before verifying you've completed a transaction with your credit card data.

 

Chatbots that are powered by AI-powered chatbots

Support for customers from the top software development firms is one of the main aspects that influence customer satisfaction, regardless of the industry. To make banking apps more personalized and improve the accessibility of services, banks and banking institutions might consider offering customer assistance 24 hours a day. Through the use of conversational technology, such as the Chatbot feature, banks will be able to respond quickly to numerous requests, which can reduce the response time from a full hour to just seconds.

 

Artificial Intelligence-powered chatbots are able to simulate human responses, such as responding to customer queries in real-time, analyzing recurring complaints from customers, and providing the most personalized experience. In addition, this feature can enhance the experience of users as it offers customer services in different languages at any time. Furthermore, to manage more complicated situations, banks need to examine customer data and use algorithms. This type of application created by custom software development services is vital to digital transformation, which allows more competition with rivals.

 

Virtual Assistants can be activated via voice.

Seventy-five percent of iPhone users use Siri, and 63 percent of Android users also use digital assistants on their smartphones. It's evident that the use of digital assistants is an increasing trend.

 

According to Grand View Research, the worldwide market for voice-based payments that are developed using custom software development services is predicted to grow by 10.9 percent from 2022 to 2030, based on an annual compound increase percentage (CAGR). This is an opportunity for banks and financial institutions to stay on top of trends in the market and increase the satisfaction of customers by focusing on voice-based transaction features.

 

With this totally non-touchless payment option, customers are able to make an online request to pay their bills or to complete a specific transaction. This is on par with the current trend. Bank of America recently released Erica, which is an artificial voice assistant that can assist with checking the balances of accounts as well as making purchases easily with a speech.

 

Many customers are comfortable with the technology, and the use of a banking service that is based on voice is a natural step for the customers. Banks can take advantage of this latest feature to increase their branding and establish a long-lasting connection with other mobile banking options.

 

ATM withdrawals using a cardless device

One of the most effective mobile-based branchless banking options that will be popular in 2021 and the coming years will be cardless ATM withdrawal. Thanks to advancements in NFC technology and scanning QR codes, customers can connect to banking ATMs using their smartphones. With this app feature for mobile banking, customers can pay with contactless and take cash out of ATMs. ATM without having to use their cards.

 

This feature can be utilized differently based on distinct banks' strategies. Here are some examples that are cardless ATM withdrawal options provided by banks of different types:

 

• A cardless ATM withdrawal facility in Commonwealth Back requires customers to provide a transaction amount and verify it online for the transaction to be entered into the transaction code before entering the code into an ATM in order to cash out.
• Well, Fargo Bank introduced a card-free access option in its app. However, it is somewhat distinct using NFC technology that reads the card's information using an icon in mobile applications. But, customers will have to first transfer the amount they wish to withdraw from their account in the bank to the digital wallet.

 

Investment Management

Many people are seeking an income stream that is not dependent on their salary, and investing is just one option. In response to this growing desire, mobile banking applications could include investment options as a value-added service. With investment in assets like stocks, exchange-traded funds (ETFs), property, and cryptocurrency developed by top software development companies available to a wide range of customers in the banking industry, an innovative and popular concept for many service providers could be made to permit the purchase and administration of investment assets.

 

The investment management feature could be designed to allow customers to manage their portfolios and get instant insight. This way, investors can invest in their desired securities with several taps on their mobile phones.

 

Online Check Deposits

The number of traditional branch locations is gradually diminishing. Mobile banking apps have substituted various services offered in brick-and-mortar establishments, but there are a few things that can be accomplished digitally. While certain banks across America or Europe have incorporated this feature in their mobile banking applications, it is untested in other countries. Mobile check deposits are now accessible digitally based on the growing demand for these services across APAC.

 

Utilizing OCR (Optical Character Recognition) technology, users can use their smartphone cameras and a portable scanner within bank apps to take a picture of a check and send the document using a digital image and identified text to banks. Deposit data is transferred directly to the user's bank account, reducing the time spent going to branches to finish this easy job.

 

Final thoughts

A lot of the time, banks and credit unions consider their mobile apps developed by top software development companies with regard to the features they currently have or require to increase their revenue. But the constant shifts in the needs of people have put the care of customers and retention at the top of the banking sector.

 

Adding these new banking features will not only boost your competitive advantage but also enhance the customer experience, resulting in better customer loyalty and higher revenues.