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Today everything has gone mobile. Gadgets are now the ideal devices. Extreme increase of smartphones, tablets, and wearable brought the idea of continuous connectivity into the minds of consumers. People see their smartphones as Omni-functional gadgets for everyday life, performing money transactions, buying goods and services, storing personal data like ID cards and passports.
The methods of retrieving information changed intensely including the most serious and vulnerable information financial. A vast modification has happened in financial services as the recent technology revolution made it possible to perform transactions almost instantly.
Modern banks know that they stand no chance in competition unless they provide their clients with supportable mobile solutions. Less and less people want to ever come to the bank unless there is a huge need. The point is that almost all the operations can already be performed with only a laptop. The next step is a complete switch to mobile devices. And this revolution has already begun, so if your bank doesn’t have an app yet, it’s time to jump on this fast-speeding train.
Essential features of mobile banking apps:
1. Offer easy login and enrollment
The 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 information
The banks want clients that can easily able access their transaction history. Transaction information should be laid out simply for easy understanding. Some of the best banking apps also offer additional money management tools such as budgeting tools. These apps also to deliver the money related tips, suggestions, and advice to their customers.
3. Online to offline usability
Other than allowing customers to transact online, the right mobile banking apps should offer customers easy access to offline touch points. Some banks have merged with geo-location tools in their apps to support customers to find the banks and branches near them.
4. Provide various touch points
A 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 made messaging apps for use by people without smartphones.
5. Easy to make transactions
The purpose of any mobile banking app is to allow customers to make transactions. The user interface should be simple and easy to use to allow customers to transact. The app should offer several transaction options including paying, withdrawing, paying bills and allow for real time money transfers.
With improved the incidences of identity theft and data breaches, security is a main concern for many customers. When looking for financial applications development services, it is important that banks consider the track record of the service provider in regards to the security of the app.
Banks must understand that app developers add the latest and best security tools to avoid security breaches. The app should be updated regularly too. Another key aspect of certifying security is to educate customers on best security practices to follow. A common security practice is to inform clients for each transaction via SMS or email.
Banks and other financial institutions continue to face hard competition. The key to customer procurement and loyalty is offering customers excellent customer services.
Advantages of Mobile Banking Apps
Better than Internet banking – Mobile banking has an advantage over internet banking. Online banking needs a computer and an internet connection. Connectivity is not a problem in the case of mobile banking. You can use it even in rural areas which lack an Internet connection.
No need to travel -You don’t need to travel to the bank or utility payment centers. Your time, money and effort is saved. Banking hours are no longer a restriction.
No need to stand in queues – You can do banking transactions from any geographical location at any point of time. You need not wait in queues and are able to do banking at a time and place that suits you.
Increased efficiency – Since many customers are using mobile banking, banking halls are less congested and paperwork is reduced for both the banker and customer.
Leveraging the existing mobile user base – Almost everybody has a mobile today and the number of people using mobiles is increasing day by day. So there are more people who would be interested in availing of mobile banking services. There are mobile banking apps tailored for both Android and iOS.
Ease of use – Mobile banking feature is user friendly and has a very simple interface. Hence it is easy to learn and use.
More secure – Mobile banking is more secure than Internet banking. All transaction details are sent in real time to the mobile. Advanced encryption technology provides fool proof security. It is endorsed that the mobile banking apps be developed by the top mobile application development companies.
Low cost – Mobile banking either comes free or at low cost. Bankers need not be present and expend time and effort in certain banking transactions.
Range of offered services – A plethora of mobile banking services is provided such as Account Balance Inquiry, Credit/Debit Alerts, Bill Payment Alerts, Transaction History, Fund Transfer Facilities, and Minimum Balance Alerts etc. You are able to transfer money in real time to another account in the same bank using mobile banking.
Improved customer experience – Mobile banking helps bank comprehend the way their customers do banking transactions by which they can improve the quality of customer care services. The data garnered can be used to promote credit cards, different types of loans as well other banking services and products effectively targeting the right customers.
To get more information on the theme or the process of creating a mobile banking app, you can reach out to Development Top . Our experienced team is able to not only provide you with full consultation, but also do what you need the way you want it. Contact Us
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