An Overview of Essential Features For a Successful Banking App

We live in a world where digital operation and technology practically rules. Today, we harness the power of mobile app devices to do anything and everything. Be it checking our Snapchat notifications or communicating with others via email, digital mobile services are always on-the-go. 


Mobile applications are powerhouse technologies. They deliver the opportunity to virtually perform the same activities that we would otherwise do on a desktop computer. Financial institutions or banking systems are all going mobile. So, here’s your chance to jump on the mobile app bandwagon!


For many mobile app development company services, formulating a well-designed user-friendly banking mobile app may seem daunting. However, by adhering to a few essential features, you can create a successful mobile banking app. Here’s an overview of 5 must-have features to incorporate into a successful mobile banking app: 

1. Advanced Fraud and Security Alerts

To have a successful banking app, the most crucial feature is security. You want to make sure that the user’s data is secured against cyber theft and hackers. Also, ensure that the sign-in process is fast and easy while being secure. 


For instance, multi-factor authentication. It is a secure technology but extremely time-consuming. For a banking app, a time-taking implementation may irritate the user. Further, add voice recognition or touch ID features. This provides a sense of variety for the user. 


Fraud alerts are another must-have feature. Hackers and fraudsters are getting savvier day by day. Hence, your mobile banking app should have a fraud alert safety feature. Here are some vital steps to enhance the app security: 


  • Implement PIN and password encryption; 
  • Store PINs and passwords on a server. Do not use source code;
  • Use storage facilities for cryptographic certificates keys and certificates. For instance, Keystore for Android and Keychain for IOS;
  • For outside payment apps, use two-factor authentication with SMS;
  • Limit the number of login attempts;
  • Start a new session every time a user logs into the app.

2. QR Codes

QR codes are yet another necessity with the growth of mobile apps. Allowing users to scan their code on a barcode reader is easier and contact-free. Plus, it makes purchases quicker and users love it! QR code payment solutions are secure, convenient, and easy to use. 


Implementing the QR code feature in your mobile banking app will help expand customers’ mobile payment options. It’s a great alternative solution for both issuers and merchants. Nowadays, leading banks are employing the QR code scanning feature in their applications – and so should you!

3. CORE Banking Features

Centralized online real-time exchange banking or CORE banking features are of paramount importance when creating a successful mobile banking app. Technically, it is a back-end system that processes transactions and posts immediate updates. CORE banking software is mostly employed for securities trading, wholesale banking, and retail banking. 


Here are a few of the capabilities for service-oriented CORE banking that your mobile banking app must have:


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

4. ATM Locator 

The ATM Locator feature may seem a pretty basic one – but if you want a successful mobile banking application, it is crucial. It’s these details that make an app more popular than others. Mobile banking apps should implement this feature because simply, the customers demand it! 


When users need to find an ATM nearest their location, they should be able to count on your banking app. It is a cost-effective measure to furnish user-friendly, trusted information when users need cash, while travelling or in emergencies. 

5. Mobile Check Deposits

Traditional banking is long gone. Now, mobile banking apps have started offering the online mobile check deposit feature. The financial sector provides banks with portable scanners based on OCR (Optical Character Recognition) technology for mobile check deposits. 


When creating a mobile banking application, employ the mobile check deposit feature. Also, use a mobile device camera and portable scanner so users can scan their checks. Plus, send the documents with a digital image and recognized text to their financial institution. This deposit data goes straight to the user’s account. This saves their time and energy.

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