What makes a great mobile banking app? There's no reason to guess. We've compiled a list of must-have features that can put you among the top apps in the banking sector.
Apps For Both Platforms
As a baseline, your bank or credit union app should be available for both Android and iOS . These two platforms own virtually the entire market for apps, making up 74.85% and 22.94% respectively from May 2018 to April 2019, according to Statcounter.
Tracking Spending Habits
Helping customers improve their financial health is showing up in many ways across mobile financial apps. One specific feature gaining popularity is the ability for customers to track spending habits and see where they are spending most of their money. Simple and the upcoming Apple Card app both do a great job in this area.
Setting Goals
Whether it's a goal to save a certain amount or pay off a credit card by a certain date, setting a goal is an important feature for customers and ties in with financial health.
Scheduled Transactions
Upcoming transactions will affect an account's balance. Allowing customers to view scheduled transactions and get reminders when there's a scheduled payment can help them avoid overdraft fees and potentially build additional loyalty with your bank.
Photo Deposits And Bill Pay
These are now commonplace for many banking apps. It's no longer necessary to drive to a branch, ATM, or even mail in a check to deposit it. Snap a photo on your phone and your done.
Bill pay has become a mainstay on mobile banking apps as well.
Opening New Accounts
Not all banking apps allow customers to open new accounts. But those that do set themselves apart.
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