Key features for your mobile banking application
Financial services quickly embraced the modern technologies. Driven by the tight competition and growing demand, banking institutions call to the latest software products, mobile devices to process extremely sensitive data between all concerned parties, including investors, customers and bank employees. Therefore there is no surprise that mobile banking application development has been brought to the fore.
Nowadays banks prioritize customers who access their services via smartphones or other wearable devices regardless of time and location. Today people use their mobile devices to transfer or receive money, check the balance, manage payments, open/close accounts, etc. This is why banks are trying to deliver these services via secure and easy-to-use apps.
If you are also planning to build a mobile banking application for your clients, make sure to implement the following key features:
- 24-hour access
Provide your customers with 24-hour access to their accounts directly from your app. Allow them to view the balance of all of their deposit and loan accounts, check the transaction history anytime, anywhere.
- Mobile check deposit
This feature allows customers to deposit their physical checks with the help of their phone’s camera instead of going to an ATM or sending them by standard post. Ensure that private information is protected by SSL encryption.
- Money transfers
This is a standard feature of every banking app. It allows users to move money between their contacts, other mobile numbers and vendors while on the go.
- Bill payments
With this feature users will be able to make payments right from their phones. Allow customers to switch between multiple banking accounts and set up app in-built reminders to avoid late payments.
- Loan payments
Users can choose to transfer their loan payments monthly or set up automatic recurring transfers.
- Fraud and security alerts
Your mobile banking app must adhere to GRC (Governance, risk and compliance) requirements when integrating mobile services as your app can easily become a target for data theft and fraud. Make a good use of available technologies to protect user’s privacy and provide secure service.
Apart from the above mentioned features your app needs to have a secure backend that will process transactions and update users accounts. Implementing additional validation steps on the backup server will help to prevent fraud schemes from succeeding and avoid data breaches.
Following the example of the exciting mobile banking apps you can enforce your app with additional security features, such as PIN/TAN systems, voice control or biometrics.
PIN/TAN systems. PIN is a personal identification number required to login to the app, and TAN is transaction authentication number is form of single use one-time passwords to authorize transactions. Usually TAN is sent by email.
Voice control. Allow your clients to use their voice as a login password, and also to check their balance, pay bills and receive answers regarding the state of their banking account with a voice recognition feature.
Biometrics. Banks from all over the world enhance their apps’ security by implementing account logins with a fingerprint, face ID and even iris scanning.
Your mobile banking app must be secured and simple-to-use at the same time. User friendly interface will ensure rich user experience and increase loyalty. Make sure to hire a dedicated development team experienced in up-to-date security practices to provide a secure, reliable method of transmitting data through your app.