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6 essential features of banking application

business phone mobile
(© Rostislav Sedlacek –

Why are some banking apps successful and preferred by users, and others receive only angry reviews? The answer to this question is the app functionality. According to the statistics, a growing number of users prefer online banking to traditional banking. This trend is connected with the COVID-19 pandemic and the growth of eCommerce.

This article will help you if you are going to create your own mobile app but don’t know what features are necessary. We will provide a list of crucial banking app features to enhance the user experience and boost your app’s profitability in the market.

6 best banking app features

You can’t do without them to make your users satisfied with your product.

1. Enhanced security

When it comes to virtual banks, security is the primary user concern. You should be careful when dealing with sensitive user data. To build a great banking app, you need to ensure the sign-in process is secure but easy. You can involve additional steps to sign in to a user account, but don’t overdo it. Find a middle ground between taking user time and implementing excellent security tools. A popular technology is a biometric authentication that verifies the users’ physical metrics. You may also add Touch ID, Fase ID, or voice recognition.

2. Account management

The biggest reason to use mobile banking is to operate your account info from a mobile device. Ensure your application covers all the basic account management needs of your users. They may involve:

  • credit card and bank account monitoring;
  • checking balance updates;
  • viewing transaction history;
  • the ability to transfer money 24/7.

Those are the most basic features, but there is much more functionality you could include. If you don’t know how to start a digital bank, begin by defining the most important features for users and implementing them into an app. You need to build your custom approach to account management. Add enough features so that the users appreciate the help of your application.

You can go for custom feature development for enhanced functionality. For example, you can add cost-saving features or regular payments. Or you can go for analytics and present your users the statistics for where their money goes (food, clothes, etc.) to boost the user experience.

3. QR code payments

QR codes are everywhere. Such payments via a banking app are a piece of cake for users. All they need is their mobile device. QR codes are not a cutting-edge technology, but they are popular among users because of their high speed and convenience. Built-in QR code reading tools are a must-have.

4. P2P payments

Statistics show that more users prefer card payments to cash. Peer-to-peer transactions enable clients to transfer the funds directly from their account in a mobile application. Many 3rd party companies offer these services, but they give no guarantee about security compared to bank apps. What is more, they charge extra money for such payments. Within a bank app, you have no additional fees.

5. Notifications and alerts

A banking app must have notifications and alerts. They help inform your users about changes, engage them, and market your services efficiently. But don’t disturb your users too often. Ensure your app involves the ability to manage the notifications. This will create a personalized approach for each user.

6. Customer support

Solid customer support tools should be the priority of your service. You can apply intelligent chatbots that will enable round-the-clock instant customer support. Many banks benefit from using this technology.

Applying top-notch features during the bank app development is also important.

Innovative mobile banking app features for 2021

Adding these features will help you develop an ideal financial application that would correspond to all the latest market trends and user requirements.

1. Cashback

Statistics reveal that the mobile eCommerce sphere is growing rapidly. Your application can effectively use this tendency. You can offer your users built-in cashback opportunities, which is much more convenient than using a separate application.

2. Smartwatch apps

Users like smartwatches because they are handy and time-saving. It would be great to follow this trend and present a smartwatch app to go with the mobile one. For instance, you can add the ATM locator or balance checking feature.

3. Tracking the transactions

Users can make more informed financial decisions and achieve their goals by monitoring and analyzing their financial activity. Why not do it all for your clients? Here are the feasible features:

  • Goals on saving;
  • Personalized financial activity reports;
  • Planned bills and transactions.

Concluding note

Many banks create applications that provide only the same functionality as they offer. They don’t consider adding any new banking app features. And it’s a wrong approach as adding something creative and helpful can attract even more users. Hopefully, our article gave you some ideas on adding new features to your mobile banking app.

Story by Sharon Meyer

augusta free press
augusta free press