6 Must-Have Features of a Banking App

With the rise in digitalization, mobile apps have become an essential tool for human survival. Every type of chore can now be performed using mobile apps hassle-free in seconds. Be it ordering groceries and food, booking appointments, or playing games and entertainment, everything can be done using dedicated mobile apps. 

It is almost impossible for a human to live without using a mobile app today. This dependency has hence led to an exponential rise in mobile app development. Every type of business, irrespective of the industry it represents, is rushing to get a mobile app built by the world's most reliable mobile app developers. 

We will discuss one such app genre, highly used and most reliable these days; banking apps. Banking apps, also known as Fintech apps, have become a thriving market with the growing popularity of online banking worldwide. We'll take a brief look into banking apps and the top features they must have to be successful.

An Overview of Banking App Development

Digital banking has become a significant market in the 21st century as more and more banks are joining the race to launch a banking app of their own. According to reports, the global digital banking market is anticipated to reach 10.3 trillion USD by 2028, with a CAGR of 4.5% and 7.9 trillion USD by 2021. 

There are multiple ways of digital banking, such as net banking, e-wallets, card payment, mobile banking apps, and many more. In this post, we will focus on banking apps. 

Individual banks usually develop banking apps to make their services accessible online to a broader audience. Using banking apps, people around the globe can carry out hassle-free transactions without worrying about which country they and their bank come from. Usually, banks outsource these banking mobile app development tasks to the top app development companies. 

Banking apps improve customer experience and help banks know their customers better by watching their transaction patterns. Such customer insights can help banks curate personal offers and personalized loans that help customers settle their finances and banks perform better. Let's move forward and learn some of the essential features of banking apps that every developer should know.

Suggested Reading: The Rise of Cashless Payments - Trends, Challenges, and Opportunities

Top Must-Haves of Every Banking App

Banking apps are becoming increasingly popular throughout the globe because of their ease of use and rich set of features that make performing transactions more convenient. Let's move forward and take a deeper look at some key features that banking apps must have. 

Anyone looking to develop a banking app should know about these features and must try to accommodate them to create a unique and meaningful app. 

#1 Credit Score and Report Analytics

The credit score is a significant factor that showcases an individual's purchasing power, spending behavior, and loan repayment ability. Banks and other loan-providing agencies/organizations consider credit score a crucial parameter based on which they decide how much loan an individual is entitled to and other such privileges. 

Now coming to banking apps, the app developers should put a provision to check credit scores. A poor credit score often leads to difficulty in getting loans. Therefore it is a crucial parameter that individuals must watch out for regularly. 

Moreover, the app should also provide the users with detailed credit score reports, which contain information about their active loans, repaid loans, and parameters affecting their credit scores. This type of feature in a banking app will help users get insights into their spending habits and behavior that affects their credit scores negatively.

Businesses often choose to build separate apps for Android and iOS operating systems. Businesses looking forward to getting banking apps made especially for Android platforms must look at Goodtal's list of reliable Android app development companies in the market. At the same time, those looking for iOS developers can get help from the leading iOS app development companies.

#2 Personal Loan Application Shortcut

Today getting a personal loan has become way more convenient and hassle-free. You can get any loan approved from your bank within minutes without visiting banks. Some of the leading banks across the globe are providing this facility via their mobile apps and internet banking facilities. But when comparing convenience, banking apps are more convenient than internet banking facilities. 

Today you can apply and get approved for a loan using banking apps without providing any in-depth information about your finances and yourself that earlier people had to do. Hence to ensure your banking app is as convenient and efficient as some of the leading banking apps, it is recommendable to put personal loan shortcuts in your app. 

#3 Hasslefree Pin Change Facility 

These days you need not visit your nearest bank ATM to change your PIN; instead, most banking apps these days allow you to do so in seconds from your comfort zone. To make a successful banking app that easily survives in the competition and provides an excellent user experience, it is crucial to add elements that save the time of the users as well as bank professionals. 

An in-app pin change facility is one such feature that can make your banking experience more convenient. Hence the developers should incorporate this feature in their banking apps.

#4 Multi-Factor Authentication System 

Cybersecurity has always been a concern for mobile app developers with the rise in cyber threats such as malware, phishing attacks, DDoS attacks, identity thefts, and many more. Amongst all these uncertainties, app developers need to understand the necessity to safeguard the personal information of their users. 

One of the safest measures mobile app developers can take to ensure the safety of their users is by putting a solid authentication measure in the app. Having a strong authentication measure becomes more critical when it comes to banking and fintech apps. In these apps, some of the most sensitive user information, such as accounts, card details, and passwords, are registered. 

Banks and users can suffer significant monetary losses if such sensitive information falls into the wrong hands. One way to protect your registered customer's information from falling into the wrong hands is to use multi-factor authentication. 

Whenever someone tries to access their bank account, they must authenticate themselves. Biometrics and face recognition are some of the standard authentication practices in multiple authentication systems besides traditional pattern recognition and password-based authentication methods. 

Hence for any banking app multi-factor authentication feature should be a must to safeguard users' personal and sensitive data. 

 

#5 1-Click Payment Facility 

In this era, the speed with which tasks are performed matters a lot and is one of the many reasons robots are taking over numerous industries. The same thing follows for banking apps where the transaction time matters greatly regarding user experience. 

Almost all leading banking apps today allow users to make any payment in seconds. They usually do this by providing a 1-click payment facility that lets users make payments in just a click by minimizing the need to enter the card details when making payments. 

This facility saves users a considerable amount of time and allows them to make payments anywhere and anytime without cards. Hence for new-generation banking apps, developers must add time-saving provisions like a 1-click payment that make the user experience more convenient. 

#6 AI-Powered Chatbots

AI-powered chatbots are a highly demanded feature in most services apps these days, be it an eCommerce app or travel and hotel booking apps. These chatbots efficiently answer some of the most common user questions. The users do not have to describe their problems in detail. Instead, they can click on the matching query and get accurate answers. 

These intelligent chatbots can answer most user queries without human or customer service representative interference. These chatbots save a lot of time for both users and customer service representatives.

Businesses looking forward to developing a cross-platform banking app in minimal time should look at Goodtal's list of top Flutter developers. Flutter is one of the best cross-platform development frameworks for building banking apps.  

Wrapping Up

Banking apps are one of the most used mobile apps that can be found on every smartphone these days. Most highly used banking apps today are very secure and convenient and help make a range of payments in seconds. In this post, we discussed banking apps in more detail and studied some critical features developers must add to them. 

The above features make a banking app more secure, easy to use, and efficient. It is advisable for mobile app developers working on banking app development to pay heed to these features and put them into practice to give shape to a successful banking app.