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5 Must-Have Features for a Successful Banking App

By: William Dawsey

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Mobile devices and apps have transformed the way people shop, get directions to where they’re going, buy movie tickets, and even rustle up dinner.

The benefits of mobile banking apps are almost too numerous to list. They save time, they’re convenient, and they’re accessible 24/7. They even warn users of suspicious activity or duplicate charges.

One of the biggest advantages is the reduction or elimination of fees. Banks that don’t have the operational costs associated with brick-and-mortar branches pass the savings to customers.

Here are five user-friendly, must-have features.

CORE Banking Features

CORE banking, or centralized online real-time exchange banking, is a back-end system that processes transactions and posts updates almost immediately.

Thanks to avant-garde banking software, all kinds of services are available across multiple channels such as mobile devices, the internet, and ATMs.

Here are some capabilities of service-oriented CORE banking:

CORE Banking Features

CORE banking software can be specialized for retail banking, wholesale banking, or securities trading.

Mobile Check Deposits

This feature may seem like the stuff of science fiction to people who still bank the traditional way, but consumers are increasingly comfortable with it. Mobile check deposit, also known as remote deposit capture, is becoming one of the most sought-after features in mobile banking.

Mobile deposit involves scanning a check’s digital image and transmitting it to a financial institution.

The most obvious benefit is that it saves time. You don’t have to drive to a bank branch or credit union and wait in line for an available teller.

It takes just a few minutes to endorse the check and snap front and back photos on your banking app. The deposit information goes directly to your account, and funds are usually accessible within a day.

Customers love the convenience. You can deposit a check from your workplace or in your pajamas from your breakfast bar at home.

Mobile Check Deposits

If you worry about security or privacy, rest assured that images of your checks are not stored on your phone. Also, the app quickly notifies you that your deposit was received in good order.

Financial institutions save money and manpower on every single check that doesn’t have to be processed and stored in an old-fashioned way. Most don’t charge for the service, so everybody wins.

Peer-to-Peer Payments

According to a survey conducted by U.S. Bank, paper money is declining in popularity. Fifty percent of respondents said that they only carry a little cash if they carry it at all.

Peer-to-peer payments might also be called person-to-person payments or simply P2Ps. In any case, harried waiters splitting checks for parties of 12 are a thing of the past.

P2Ps transfer funds from your bank account to someone else’s. The money is deposited safely, securely and instantly in most cases.

Sending or receiving money is simple:

If you’re on the receiving end, you’ll get a text or email notifying you that someone has sent money. Click on the message, provide your bank account details, and choose to receive the money.

Peer-to-Peer Payments

Many third-party vendors provide the same service, but using your own banking app that you’re already familiar with is far more convenient. The banking app requires your personal ID number, and the bank oversees the transfer. There’s no guarantee that third-party services are secure.

Furthermore, unlike many third-party vendors, most banks don’t charge a fee for the transfers.

Bill Payments

Paying bills by check is time-consuming, inconvenient, costly and environmentally unfriendly. It’s not especially secure either. Checks get lost or stolen in the mail system. They get misplaced and buried under paperwork in the recipient’s inbox.

There are special advantages to the bill-pay feature:

When various monthly bills are almost due, you’ll get timely reminders.

This feature reduces the likelihood of late or skipped payments.

For amounts that vary, such as utility bills, just pay as you go when you’re alerted. For things like mortgages and auto loans with fixed installments, set up recurring payments. The funds will automatically withdraw from your account each month when the bills are due, so you’ll never miss a payment.

It’s worth mentioning here that you can also set up a one-time payment or recurring payments to a linked savings account.

If you remember a random bill at the last minute, you can usually get your payment in under the wire. It depends on the bank, but many process payments in a few minutes or within a day.

Bill Payments

Remember that mobile banking happens in real-time. You needn’t worry about forgetting to record a check in the checkbook or making an accounting error that results in an overdraft.

On your banking app, what you see is what you get. The bill-pay feature is especially useful for joint account holders. The left hand always knows what the right hand is doing.

Security and Fraud Alerts

Security and privacy are heavily emphasized in bank software development. Banks must ensure that their platforms are safe, that sensitive data is protected, and that all input into the app is verified.

Many have heightened security features like touch ID and face or voice recognition. Iris scanning is another advanced technology.

Security and Fraud Alerts

There’s no denying that fraudsters get savvier every day, but so do software developers. Systems monitor thousands of transactions per second to prevent fraud. If suspicious activity is detected, you’ll be the first to know.

Chetu Has Solutions

Since 2000, Chetu has remained on the cutting edge of bank software development. Our expertise and unwavering commitment to our clients are evident in all our custom mobile banking solutions.

For more information, visit our banking software page.

Disclaimer:

Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.

Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.

- See more at: www.chetu.com/blogs

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