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Essential Features of the Right Mobile Banking Apps

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By: Alex Wilson

August 3, 2017

Mobile banking apps have become a major need for organizations seeking financial applications development services. For most banks, the biggest concern is how they can offer customers mobile banking services that exceed the customers’ needs and expectations.Mobile apps have also increased competition among banks and each is looking for ways to gain that competitive edge using their mobile banking app. The Forrester Research Report identified key features of successful mobile banking apps.Essential features of the right mobile banking apps:1. Offer easy login and enrollmentThe best mobile banking apps offer an easy-to-log-in or enroll platform. They also offer additional “how to” information to help customers to login or to maneuver login challenges such as forgotten passwords.2. Easy access to account informationBanks want customers to be able to easily access their transaction history. Transaction information should be laid out simply for easy understanding and maneuvering. Some of the best banking apps also offer additional money management tools such as budgeting tools. Others use these apps to deliver money related tips, suggestions, and advice to their customers.3. Online to offline usabilityOther than allowing customers to transact online, the right mobile banking apps should offer customers easy access to offline touch points. For example, the app can have buttons such as “call us” and “Facebook” that link appropriately. Some banks have incorporated geo-location tools in their apps to help customers find the banks and branches near them.4. Provide various touch pointsA good mobile app should cater for the various operating systems. It should be compatible with different types of devices and mobile browsers to enable customers on different platforms to use them. The apps should be responsive to allow them to work on smartphones as well as desktops. Some banks in China have created messaging apps for use by people without smartphones.5. Easy to make transactionsPrimarily, the purpose of any mobile banking app is to enable customers to make transactions. The user interface should be simple and easy to use to allow customers to transact. The app should offer numerous transaction options including paying, withdrawing, paying bills and allow for real time money transfers.6. SecureWith the increased incidences of identity theft and data breaches, security is a key concern for many customers. When seeking financial applications development services, it is essential that banks consider the track record of the service provider in regards to the security of the app.Banks must see to it that app developers integrate the latest and best security tools to avoid security breaches. The app should be updated regularly too. Another key aspect of ensuring security is to educate customers on best security practices to follow. A common security practice is to notify customers of each transaction via SMS or email.Banks and other financial institutions continue to face stiff competition. The key to customer acquisition and loyalty is offering customers excellent customer services. One of the ways to do that is by working with competent financial applications development specialists to develop the right mobile banking app.
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