You can't go anywhere nowadays without seeing someone tapping or browsing on a smartphone. A recent report from the Pew research center found that 76% of the US population owns or uses a smartphone. For banks, whether to offer a mobile app or not is no longer the question. The real question is: Which features do customers expect to see when they open up your mobile app? In this article, we outline five must-haves for mobile banking.
- Check Deposit – The ability to deposit a check from anywhere just by taking a photo allows customers to quickly deposit funds and move on with their life.
- Branch/ATM Locator – When customers are on the go in unfamiliar territory and need access to their bank's ATM, an app that can easily assist them is a necessity. Just pull up the app, tap to tell it where you are, and the map lights up with several nearby ATMs. Problem solved.
- Mobile Pay – With all the “pays” out there, you should be able to load you credit union’s card to phone and pay directly from your mobile device. Through the mobile wallet installed on your phone.
- Transaction History - When a customer needs to see if a check has cleared or what the latest balance is, a ledger that is front and center in their mobile banking app will quickly display all of this information in one view.
- Card ON/OFF – A lost debit card shouldn't be a reason to panic. With an option to lock/unlock or report a debit card missing, customers can ease their minds and know that everything has been taken care of.
- Digital Issuance - When a card is lost or stolen, a member does not have access to his or her account. It means a trip into the branch, if the credit union offers instant issue. If they don’t, it means waiting days or more than a week for the card to arrive in the mail. Nothing is more frustrating for members, and at the credit union, you feel powerless to help. Digital Card Issuance provide members immediate access to their card’s features without the need for the physical card.
One thing you don't see on the above list is a great user interface. An app that is easy to navigate and lets you find what you need with little effort should be part of any mobile banking experience. With these tips, you can ensure your mobile banking is on par with the competition.