10 Key Aspects Required in a Mobile Banking Platform

Nikunj Gundaniya April 29, 2021

We live in the world of digitalization where everything is going virtual. The power of the digital mobile device is not just restricted to communication with others but also to check on social media and performing important business work with few taps.

In a world where technology is playing a crucial role, there is no doubt that mobile application has become a hub of such technologies. It gives a platform to virtually do all the action on mobile that we usually do on the desktop. Listed are some key aspects which are expected for a Mobile Banking Platform to have.

1. Simple yet user-friendly design:

One of the best ways to grab the attention of the customers is by creating an agency banking solution on a mobile platform that is easy to navigate and simple to design. There are so many banks that use fragmented features and force the customer to explore the features that eventually lead to poor navigation. But this will not last long. The mobile app should have the search function as well which needs to be simple. There should be smart shortcuts that can make it easy for getting the best features.

2. Advanced Security with Alerts

The platform of mobile banking may seem to be safe but if there are no advanced safety features then it means nothing. Since mobile banking has the most crucial yet sensitive data, users of course would want to the best of the protection against cyber theft and hacking.

To have the best banking app, it is important to figure that the app comes with better sign-in functionality. You must ensure that all the steps involved in signing in for a Mobile banking app are highly secured. To use a successful banking app and have a relaxing experience, the sign-in process must be easy, fast, and secure.

3. Personalized money management

There are so many ways by which personalized money managed can be one of the best banking features. There are companies like Varo, Fintech, Notable Moven, and Chime that have their saving and budgeting tools along with some traditional institutions that caught the attention of such features.

With personalized management of money solutions, mobile banking can offer its customers a better insight into banking with the right use of machine learning. The -powered tool gives the cash flow analysis and even categorizes the spending.

4. CORE Banking Features

The centralized online real-time exchange banking in order works the CORE banking feature is one essential back-end solution that processes the transaction and even posts the upgrades on an immediate basis. With the savant grade baking solution, different services are now accessible across multiple channels. With such Micro Finance Solutions, there will be a specialization for retail banking, securities trading, and wholesale banking too. Along with other capabilities like:

• Interest rate calculation
• Deposits and withdrawals
• Loan management
• Customer relationship management (CRM)
• Introductions to new financial products
• Record maintenance

5. Accessible customer service options

To be the best Mobile banking app. It is important to have efficient customer service too. Assistance can be in form of live phone, bot, live chat, or virtual assistance. The chat at virtual platform has gained quite a success since it is used by some of the notable banks like Ally Bank, capital one, and bank of America. The chatbots can have not just text communication but also voice communication built. Besides, it directly makes a connection with the person with the app.

6. QR Code Payments

The concept of QR code is new but it has already gained the attention of so many mobile app users. This Mobile Banking Software allows the user to scan the code and make the purchase. For this, there is no contact even required. There are so many leading banks that are now becoming part of this QR code feature and have already started implementing such technology in their application itself. QR code shows a perfect alternative for not just the merchants but issuers to improve their customer mobile payment choices.

7. Mobile Check Deposits

This is another interesting feature that can save the users time by not choosing the traditional approach. The use of mobile banking amongst customers is increasing quite a lot. Suffice it to say that to have a mobile check deposit should be one of the common aspects. It includes the digital image scanning of the cheque done and thus the transmitting to the banking to further proceed. The primary advantage is that it saves time and gives quick results too. Besides the deposit details gives to the account where it must be along with funds that can only accessible by you within some time.

8. ATM locator

This can be a lifesaver especially for those who have been travelling often to a destination they never visited earlier. This is an incredible feature for the customers which can save a lot of your time of finding one or getting lost by asking the people. This could be one unique feature that lets the users look for the earnest branch or the ATM using Virtual Reality technology.

9. P2P payment interface.

The growing bank-operated P2P network has also been talking of the towns. The bank app if wants to have a smooth integration must then add a P2P interface smoothly within their capabilities. T JP Morgan Chase is one such fine example of integration with Zelle. The chase app can have different phone numbers and emails for the single Zelle contact.

10. Digital payments and mobile wallet access.

The statuary of digital payment is a must-have for all Mobile Banking Platforms. It has been found that more than three-quarters of U.S consumers are making mobile payments in 12 months. Every app of mobile baking shall allow better access to the wallets such as Apple Pay, pay pal, Google Pay, and even Samsung Pay to name some.

There are Mobile Banking Platform that is quite well designed and user friendly which customers love to operate. The primary motive behind creating the app is to handle certain needs such as transferring the funds and even checking the balances.

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