Published on September 25th, 2016 | by Guest

Mobile Banking App – What Makes It Useful?

How do Banks expand market reach and increase their customer base? Well, with a good marketing strategy and prioritization of customer needs, by offering them cutting-edge financial solutions, banks progress further and earn loyalty. The rise of banks was also influenced by the evolution of technology, as they’ve adapted to customer’s expectations and offered mobile banking services. Instead of going to the bank to check their accounts, clients prefer to install a mobile banking app and perform various banking actions without having to leave their houses. But, what makes these mobile banking apps so awesome? What are their key takeaways?

We live in a fast paced world and we we’re running out of free time, so we either adapt to the new lifestyle or move and live in the mountains, where we will be far from everything that technology means. Living in a big city doesn’t come cheap and people make sacrifices to earn enough money to pay their rents and other bills. But instead of going to the bank to make all kinds of payments, it’s simpler to conduct a range of financial transactions using their phone, after installing a mobile banking app. Users just have to log into these apps and after obtaining their account balances, they will start making electronic bill payments or transfer funds to other people’s accounts. In a few minutes, they get rid of worries and they’re up to date on payments.

Improved Transactional Features

Banks are doing their best to satisfy customer’s basic mobile needs and they’ve adding new features every once in a while. Currently, people are able to make P2P payments, pay a bill to a new biller, or add a payee without having to register them online. Many banks have recorded an increase of “real-time” money transfers, while contactless mobile payments have gained a lot of ground lately, as iOS users prefer to purchase apps from the App Store and make other online payments using Apple Pay service.

Sales Features

All mobile banking apps should incorporate an app-wide search engine which would allow customers to find more information about financial products without having to talk to a real bank representative. If they can find what they’re looking for within the app, customers will know what to do next and they won’t waste their precious time in queue lines at the bank, just to receive a simple answer to their question.

Designed To Work On Various Mobile Platforms

Mobile app developers must have in mind that banks have customers who own mobile devices running on different operating systems and that’s why mobile banking apps should be built to run on any platform. However, it seems that mobile payment technology has merged into wearable devices and customers like the idea to make payments using a gadget that’s attached to their wrist. For example, Bank Millennium allows its customers to make payments from their Apple Watches.

A Simple Log In Process And “How To” Videos

Mobile payments solutions are a blessing and a nightmare at the same time. Not all customers are used to mobile devices – many of them had to upgrade from a phone with a physical QWERTY keyboard to a smartphone with a touchscreen especially to perform banking actions, so they’re newbies and they need guidance to understand key mobile functionalities. There are banks that offer “how-to” videos that explain customers all steps they must take to get used fast to the service.

Money Management Tools

Customers want to have access to transaction history, forecasting and to get financial tips or suggestions from their banks, to be able to reach their banking goals without many efforts. A good communication between customers and the customer support team, through the mobile banking app would be ideal.

Online to offline

When accessing offline touchpoints, customers are using their contact phone numbers, geolocation tools for finding branches and ATMs. There is a bank called Fargo that offers a “Call us” option, which is accessed within the app and which displays the estimated wait time to speak with someone from the bank. Other banks, such as Westpac, are offering their customers the possibility to withdraw cash from ATMs using a code that’s generated by the mobile app or wearable, or by using the phone’s camera to scan the QR code at the ATM.

Conclusion

There’s a fierce competition between financial institutions and each one is trying to be one step ahead of the other in terms of financial technologies. Top banks provide the best customer experience and their mobile apps are feature-rich, personal, relevant and extremely useful.

About the author:

Mehul Rajput is a CEO of Mindinventory, a leading mobile app development company that develops iOS and Android apps for the global clients. He loves to write on mobile technologies, app development, startups, entrepreneurship and mobile app marketing.

Tags: app, banking, mobile, useful