Technological advancement has impacted every business domain, including the banking industry. The increase of mobile usage has led to the immense popularity of different mobile banking apps. Today, everything can be performed via mobile devices, and in this technological era, without mobile application, your business does not exist.
The rise of mobile apps has largely influenced the banking domain. Gone are the days when to transfer, deposit, or withdraw cash needs to stand in long queue. Mobility has completely changed the way banking transactions was done.
Instead of visiting a bank, Banking Apps can perform tasks on a smartphone in no time. These transactions consists paying credit card bills, utility bills, transferring funds, and many more. Banking App Development has helped the banking sector to manage their work more effectively.
From going paperless to performing transactions quickly, integration of mobile apps has hugely transformed the banking world. Customers prefer doing banking transactions globally without physically going to a particular bank.
As we now know the relevance of mobile apps, let us get to know how they have transformed the banking domain.
Key Features of Mobile Banking Apps to Consider
1. Cashless Payment
Digital payments are growing, and with mobile banking apps, it has taken the banking sector to new heights. In addition, non-banking apps are also capable to offer a variety of payment services, which has increased the importance of mobile banking apps.
In addition, there is a tremendous growth in Peer-to-Peer payments too, where customers can send or receive money with each other straight via an application.
2. Simple & Secure Sign-In
Security is the priority feature of any mobile app, and when it is about banking app, it holds the most important significance. Multi-factor authentication is a good feature but it is a time-consuming approach. It irritates users, particularly when authentication is based on biometric data.
Biometric authentication involves examining physical metrics to identify and verify a person. It consists of recognizing a user’s voice, and gestures. However, a lot of other characteristics can also be used for the same.
3. Intelligent Chatbot for Customer Support
Every business focuses on offering personalized benefits to the clients. When it comes to banks, it is important to offer support, professional guidelines, or advice 24/7 to their customers.
Therefore, banks reach out Android App Development Services to integrate AI Chatbots to support their clients using apps. Through an intelligent Chabot, banks can easily reply hundreds of customers at the same time without letting them wait. Chatbots work 24/7, always polite, and never get exhausted.
4. Voice Payments
In the emerging tech world, the way banking is done is continuously changing at a fast rate. Among the trending technologies, Voice payment has taken a significant place in our lives. User can ask smartphones to carry out any task verbally.
Voice banking is gradually finding its way into the banking sector, bringing immense benefits for customers. You can take examples of successful leaders in the banking sector in this relevance. The Royal Bank of Canada and Barclays have already adopted voice technology and enjoying good results. Apart from security concerns, this trend has brought revolution in accessibility.
5. ATM Locator
Earlier, it was challenging to find an ATM to withdraw or deposit cash. With the rapid advancement of technology, you can get nearby locations via Internet. But with the rise of banking apps, many have integrated ATM Locator feature to stay unique from competitors.
The Royal Bank of Canada has described the working of this feature. Also, the bank has added a unique feature that supports users to identify the nearest ATM with the use of Virtual Reality technology. More than 90 percent users updated to avail of this feature. Also, there have been around 25,000 new downloads of the mobile application since this new feature integrated.
Frequently Asked Questions
1. Why hire dedicated mobile app developers?
If you want fast delivery of your project with the best quality, it is a great idea to opt for dedicated app developers who will work solely on your project and deliver you faster results.
2. Will you replace the app developer if performance is not as per the standard?
Yes. We will definitely replace the developer assigned to your project if we see that there is a performance issue on the developer’s end.
3. How long would it take to develop a banking app?
Depending on the complexity of the app, banking app development can take somewhere 1 month to around 3 months.
The Banking industry is an integral part of our lives. But in the cut-throat competition, it must possess innovation and advancements. With the integration of mobile apps, the banking sector has transformed in several ways.
Mobile banking apps have made our lives simpler by encouraging users to accomplish critical jobs related to funds and finance. The features mentioned above are the most important features of any banking app, which you must know.
You can hire Android app developers to provide highest level of services to clients. Our team of skilled mobile app developers offers promising Android app development services. You can hire developer from our team to help you build a business app.