Fintech App Development: Exciting Core & Additional Features of Mobile Banking Apps

Today’s world is encapsulated by mobile technology in such a way that if you don’t have any app installed in your mobile device, it implies that you do not exist in this digital world. For a modern banking organization to hold a cutting-edge against its competitors, it should possess a well-designed mobile app that is handy and smart enough to offer some essential services to the customers via the official banking website.The major concern among most of the banking (or other FinTech) institutions can meet their customer’s expectations and offer them world-class mobile banking services. To make it possible, developing user-friendly Fintech apps is an answer to fulfill all the financial needs of their customers.The given article will focus on those fundamental banking apps which can be added in making more engaging and appealing apps that will successfully meet the customers’ expectations. Let’s start with the basics!

Core Features of a Robust Mobile Banking App

While Fintech app development, ignoring certain essential features will be like digging your own grave. They are essential as they help in fulfilling the end-needs of the clients in the most appropriate manner.

A. Security: An Aspect which Makes or Breaks the Reliability of Mobile Banking Apps

For every banking institute, maintaining a high-security level for their banking app is a severe headache because one security breach and millions of revenues is lost in drench! Besides, it will also compel them to face the fury of their customers.However, one answer pop-up in the mind of people- “Why high level of security is needed for the effective working of the banking apps?” To find the answer, first; break-up the given question.Offering a secure app for customers’ data is a complex procedure because of three aspects namely; software security measure, user behavior, and internal business processes. Even the failure of a single element, cannot be compensated by others. So, even a well-implemented security tool will not be able to provide safe passage for users to get secure banking utilities.Likewise, there is something to ponder about: 80% successful security attack on mobile apps is potentially hazardous. What’s more, 60% of the attack on mobile apps targets financial data and 95% of apps that were tested before making it available in the market have shown at least one vulnerability.Thus, one thing is clear that it is impossible to provide 100% security to the customers’ data. However, it is possible to reduce the following threat that- “There will be an occurrence of a mobile security breach.”In that way, a highly secured mobile banking application should have the following aspects to not only improve its acceptance among the people but also get wide support on every device and platform.

Adoption of cloud-based services will be beneficial for banks in the form of quick service delivery, low maintenance & cost, high adaptability, maximum run-time, efficient error correction and many more.
Provision of end-to-end encryption which is a perfect answer to the great threat in the form of cybercriminals and ensures a secure and sound financial service by safe audit and infiltration tests
Introduction of fingerprinting has added a feather to the security aspects as it is collection of browsers, screen size, IP address, time, location and so on and thus prevent the account of one person being accessed by an unauthorized person
Sending of real-time alerts via texts and emails is a boon for customers as they can get notified about their activities on their account and prevent themselves from any online fraud

B. Biometric Authentication: A Simple Answer for Secure Log-in

The verification procedure of web applications is multi-factor authentication which is although secure but is more time-consuming. However, a mobile banking app comes with biometric authentication technology. It focuses on physical metrics to verify and recognize an individual through their voice, gestures and even their typing rhythms and makes sign-in features safer for them.A recent study has found that by 2023, the biometric system will contribute US$4.8 billion for companies involved in incorporating the given system in the banking industry. Furthermore, the biometric economy is expected to reach $24.59 billion which will eventually enhance the growth of mobile banking. How it has become a craze in the given field? Let’s find out.Biometrics has become a vital part of banking utilities because it comes with smarter identity verification and authentication of customers so that only genuine customers can prove their identity.Furthermore, it ensures that the data of the customer is safe from online intruders by providing a unique sign-on facility and makes the password more secure. What’s more, the arrival of the fingerprint sensor has created a comfort zone for mobile banking; all thanks to biometric authentication.Biometric technology such as voice verification and facial recognition are gaining high prominence in the banking sector. Both are beneficial and can be incorporated into banking apps because they not only streamline the authentication process, but they also boost-up the security aspects for customers to have secure log-in. So, the future of mobile banking rests on the biometric system!

C. Simplicity: The identity of Every Popular Mobile Banking App

The founding principle of every application is- “The more straightforward the app is, better will be its usability among the customers”. It holds even for the mobile banking app! So, it is the responsibility of the developers to avoid creating a confusing app with high concern for its design.It is a known fact that the banking industry is a very complicated one and if the banking app takes time to reach the destination, it might annoy the customers which will result in them opting-out from the services of the respective bank.An ideal banking app must be able to deliver value in the simplest way possible which should start with the first swipe itself. Besides, give customers a chance so that they could access app’s content error-free which will then help the institution to keep the audience in their fold. Thus, an effective way to keep the mobile application going and reaching a new milestone!

D. Starting with Basic yet Attractive Design

The first thing which comes in the mind of customers when they view the mobile banking app is its design which conveys the meaning of the financial aspects of any bank. If it turns out to be dull or boring, it might make them switch to other banking services. So, a good mobile application must come with a game-changing clear and well-defined design concept.How to make it real? It can be done by following the effective design principles:

Simple Navigation: It can be done by keeping it consistent, making all elements as a clickable, proper division of categories, proper functioning of the search feature and many more
Clear User Experience: It implies that app must be innovative, informative and should not be complicated which can make thing difficult for customers to search
Attractive Interface: It can be possible by maintaining consistency by using photos of real people and use the right colors to evoke the mood of the people
Personalized Approach: The perfect app should permit the setting up of notification and content as per their needs and expectations
High Security: The app must have advanced security features such as biometric to make searching of personal account free from online intruders
Shortcuts for Common Services: It can be done by customizing the experience for the audience for the most frequent transactions

E. Bank Account Management: An Important Step to Monitor Personal Account

The users will be happy to work on those mobile banking apps, which allows proper account management that is they can check their bank accounts, card, record history and review account balance, etc. What’s more, the addition of some new functionality is also possible with its help so that users can

Set a saving goal which can be done by the users with a specific amount and designated time as per their need
Perform repeated payments in case users have already sent money to their well-wishers by tapping on previous transactions and can send money again with no need of entering other data
Make an investment which can be done by the users if they already have an investment account

F. Push Notification: Best Feature to Engage & Re-Engage Users with Mobile Banking App

Most of the banking institutes are incorporating push notification in their apps and do you know the main reason? It is because it is a fast and efficient procedure to have good communication with their customers. It is because of push notifications that mobile banking apps have become powerful enough to topple the web application successfully.There are various factors which have made push notifications in mobile apps a crucial aspect to engage with the customers well and are:

Stimulate User Engagement: It assists the customers by sending them real-time updates with reminders so that the people are in continuous engagement mode even if they are unaware of it. Users can get a timely message with relevant information about rewards after online payment appropriately. Thus, a better opportunity is present for the banking company to have good communication with the customers
Increase Conversion Rates: With the availability of mobile notifications, companies can trigger purchase among customers when they get instant information about special offers for online purchase
Improvement in Customer Care Strategy via Helpful Content: With Push notification at the helm, users can get crucial information about their account and remain updated about the latest news. Thus, a valuable and time-sensitive push notification is there to engage with your customers in a friendly and personal tone

Other Exclusive Features of Mobile Banking App

Furthermore, various other additional features define the usefulness of a powerful mobile banking app.

Payment Gateway Integration which is 3rd party system for secure transfer of money from one’s bank account to payment portal of the retailer and thus helps them to get better user-experience
Feedback System, a feature which will allow users to report complaints and bugs related to their bank account and thus enhances the reputation and credibility of the respective bank
Tracking Spending Habits feature will allow users to get good control over their finance and accomplish their saving goals and can also get customized reports about their expenditures
Online to Offline Usability is an essential feature which other than allowing customers to perform the transaction online, also permits having easy access to the offline touchpoints such as geo-location tools
Provision of various touchpoints, a feature which is a must for a perfect mobile app for catering various operating systems for enables users to use different platforms appropriately such as smartphones or desktops

EndNote

Mobile apps have gained significant fame among the banking sector and have prompted them to opt for an innovative FinTech app development. Furthermore, various core features for banking apps such as security, simplicity, simple log-in and push notifications if incorporated into it will bring immense success for the customers and banking sector alike. Likewise, a long-lasting and positive impression about banks is itched in the mind of customers! Originally published at – https://medium.com/@emorphis.technologies/fintech-app-development-exciting-core-additional-features-of-mobile-banking-apps-915ad0288d96

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