By Ronni Peel
In recent years, features for online banking have advanced significantly. While more people are becoming aware of the benefits of top mobile banking apps and embracing technology, banks still need to stay on top of mobile development industry trends to attract new customers and keep the existing ones. Read on to know the four features that every good mobile banking software should have.
- QR payments
Mobile apps increasingly use QR codes, which allow customers to make transactions rapidly and contactless by scanning the codes with a barcode reader. Leading banks are already incorporating QR code scanning technology into the platforms to take advantage of the QR code frenzy.
For instance, with IDFC FIRST Bank, create a UPI QR code to take payments immediately. Customers can pay by scanning the QR code using the “Scan and Pay” feature on their UPI or BHIM App.
Both banks and merchants may significantly increase the number of mobile payment methods available by utilising QR codes. They can adore the simplicity, convenience, and added security that QR code payment systems offer.
- Cardless ATM withdrawal
Contactless payments have drawn more attention during the Covid-19 pandemic because more individuals avoid touching unneeded public surfaces. Reduce the points of interaction when taking out money from an ATM with the help of cardless withdrawal.
Customers can get cash via the mobile app for their new bank account without requiring a debit card using cardless ATM withdrawal. If they don’t have a physical card, this can be an excellent method to access cash or other payment systems while out and about.
- Core banking features
A core banking industry is a unified and consolidated back-end platform that enables banks to quickly carry out critical banking operations, such as executing transactions, accessing bank net banking, and upgrading user accounts.
Many banks have used this system because it enables swift completion of various financial operations and can manage many transactions, ensuring the uninterrupted operation of the banking products.
- Notifications and alerts
Notifications and alerts are crucial to staying in touch with clients and advertising services that meet their needs. However, since clients often find them upsetting, the warnings should be manageable and reasonable. The customers should be able to customise or set up what data they want, receive, and how frequently. Customers will benefit from the service and take advantage of critical alerts. The alerts should also include clear calls to action with opportunities to manage bills, make payments, etc.
- Chatbots
Customers are now more receptive to receiving assistance with questions and requests via chat than the more traditional phone-based customer support. Depending on the complexity, customers could be conversing with a chatbot or a real person serving as a virtual assistant. Due to the increasing adoption of mobile technologies, mobile internet banking has reached new heights. Recent years have seen an all-time surge in mobile transactions.
The only features that banks and credit unions consider for mobile apps are those that would increase earnings. Spend time looking over the bank’s mobile app to see whether any features could help clients manage their finances more efficiently and save time.
