Economies are changing across the globe and so are the buying and selling habits. Today, we are doing more cashless transactions that we ever had and this is only going to improve in the coming years. Most ecommerce activities are done online and when paying at physical stores we are turning to our cards and mobile wallets. Online Banking services, as a result, too have changed a lot in the past decade. From being a desktop specific service, we now have responsive banking portals that can be accessed from smaller device. Some banks have even gone on to work on extensive apps that seem to meet the purpose of their customers. A strong example here would be State Bank of India’s Buddy App. It makes everything instantaneous – from sending money to friends to authorizing payments. Today, more than 27% of banking customers are reliant on a mobile app for their lifestyle.
Banks across the globe have consequently been coming up with features that make banking more convenient. Things like peer-to-peer transactions and bill payments through apps are some of the ways they are allowing their customers an easier way of life. There is however, still a big room for improvement. When coming up with a Banking App, here are a few things that you shouldn’t be missing out on:
1. Improved transaction features
Banking apps are meant to make transactions hassle-free but this also doesn’t mean that they would be ready to compromise their safety. Apps consequently need to find a way out that enables immediate transactions, contactless payments and automatic scheduling. A good reference would be the Apple Pay wallet.
2. Improved mobile sales/service
It’s high time that banks begin to move beyond the click-to-dial process as they are time consuming and can be frustrating, especially for a customer who is worried about some issue with his account. It’s not just that apps should get more powerful but also be supported by a strong customer service – direct lines and specialized support for each issue.
3. Cross-platform availability
A banking app, especially, should be made available with all kinds of mobile platforms, regardless of the type of device the customers may be using. It would also be a good step to help integrate banking apps with wearable technologies too. After all, the Perfect Banking App should also be the most secure and there couldn’t be a better platform at this time in technology than wearable to send alerts and notifications.
4. Easier login process
Many people/customers complain of a complicated login process of banking apps and internet banking processes. This has also led to a considerable part of the demographic opt out of any kind of online/app related service with their banking system. Well, it’s time that they are encouraged with an easier signup process. It doesn’t necessarily mean the loss of safety and security.
5. Easier access to account
Apps are meant to make work processes faster. With a banking app, the first of things you would want to put in place is a faster (almost immediate) access to accounts. The processes should be built on touch features.
6. Integration of both offline and online processes
In most cases, interacting with an app requires connectivity. But what if you need to do some kind of banking but aren’t in the range of internet connection. Even so, the customer should be able to access applications and make changes, which is later synced when the coverage is restored.
Banking systems have been late to realize the potential of things like online wallets and mobile bill payments. Consequently, they already face tough competition from financial technologies that have already gained visibility. An app is definitely the best way to salvage the situation.
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