The evolving mobile app technologies have revolutionized almost every industry like online shopping through voice search, payments through QR codes, food delivery, etc. The banking industry also isn’t an exception. The days are gone when mobile banking apps are used for only checking the account balance.

Today’s mobile banking apps come with a slew of features to meet all the banking-related requirements of a user in a swift and streamlined manner. People can use banking apps to manage their finances, credit cards, utilities etc. The current banking apps are considered successful for serving customers in the way they want from anywhere and anytime. But that doesn’t mean that there is no scope for improvement.

The technology is evolving at every second and the users expect us to bring those changes to make their lives easier. There is always room for improvement. In this article, we will go through the top 10 features that you should ask your fintech app development company to implement in your mobile banking app.

Top 10 Mobile Banking Features To Ask From Your Fintech App Development Company:

Below are the top innovative features that offer high usability to your users. You must consider these features while engaging with an Ewallet app development company for your requirements.

1. Biometric Authentication:

Security should be the utmost priority of a fintech app, especially of a banking app. Biometric authentication has become a common way of security for most mobile apps and banking apps should be no different. The biometric authentication must include fingerprint, facial, and even iris scanning. These security features will eliminate the strenuous task of filling credentials manually.

Also, the usage of biometric verification will eliminate any possibility of fraudulent access. Now most of the devices come with integrated biometric technologies and required sensors. Thus, biometric authentication must be there in the banking app. It will not only improve security but also make UI easier.

2. Support for Dark/Light Theme:

A great user experience of an app is not just limited to the features and functionalities of the app but also depends on the users' visual comfort. The support of the dark theme will greatly improve the visual experience of users. It will comfort the users’ eyes and reduce the strain while browsing the app during nighttime. Additionally, the choice of color selection for the theme can enhance the user’s experience.

3. QR Code Payments:

The black and white squares for making payments are now ubiquitous. Almost every other user prefers QR code payments as they offer convenience and a fast payment mechanism with quick contactless payments. The customers don’t need to take out their cards from their wallets with a QR code. It requires just a few seconds to scan the QR code and make the payment. Now, every user expects that every fintech application should provide this functionality and the banking app must have this functionality.

Obviously, if you are not able to make a payment with banking in today’s technological era, then it defies its purpose. Thus, QR code payments are a highly important feature to integrate into your mobile banking app.

4. AI-powered chatbots:

Reliable customer service is important in every industry be it e-commerce, banking, or anything else. It influences customer loyalty and reflects the brand’s or organization's commitment towards its users. To deliver a more personalized and reliable customer experience, banking apps must have AI-powered chatbots to resolve customer queries 24 x 7. The AI-powered chatbots provide a human-like conversational experience and they can manage multiple requests at once with relevant answers.

AI-powered chatbots also learn from customer responses to give faster and correct solutions for queries. They also have the ability to give responses in multiple languages, thus they will improve the customers’ experience. Furthermore, in the banking industry, there can be complex queries of the customers. To manage this, banks can consider analyzing customers’ data and implementing relevant algorithms.

5. Cardless ATM Withdrawal:

An excellent branchless, mobile banking solution that is getting huge commendation is cardless ATM withdrawal. The developments in NFC technology, and QR code scanning have facilitated the users to interact with banking ATMs using their mobile phones. With this feature, users can withdraw cash from ATMs without using ATM or Debit cards and can also make contactless payments.

6. Investment Management:

With the increasing inflation rate, everyone finds different ways of investing for a secure financial position in future. Mobile banking apps have understood this need and now almost every mobile application provides a plethora of options for investment. There are options for investing in stocks, mutual funds, commodities, exchange-traded funds (ETFs), and other investment options.

The investment management feature in a mobile banking app will help the customers to manage their funds in a single app. You can even ask your fintech app development company to develop a dashboard displaying the account balance, and investment performance on a single screen.

7. ATM/Branch Locator:

Although people are going online for most of their banking activities. There is still a huge portion of users who prefer hybrid banking i.e. a mix of online and offline activities. These people prefer to go to branches for certain banking activities.

In such cases, the users want to find the nearby branches or ATMs through the phone and without any effort. So integrating branch location and GPS services within the mobile banking app will save time and frustration. Implementing such a feature in the app will make users engage with the app and boost loyalty.

8. Integration with Third-Party Services:

The salary comes into a bank account and the user wishes to clear all utility bills, credit card bills, and other transactions from a single place. If the mobile banking app doesn’t offer this, then the user has to go to separate apps to make these transactions which is increasing friction. Thus, it is necessary to integrate third-party services to allow users to make utility bill payments.

Overall, integration with third-party apps will expand the functionality of the banking app. It will also help the users to manage their expenses and bills from a single app or dashboard.

9. Credit Score Tool:

Keeping a good credit score is desirable for many who understand its value. A credit score tool on your mobile banking app will increase the engagement of users with the app. A good credit score increases the possibility of your loan getting improved as a higher score increases the loan worthiness. One might not be looking for a loan but want to be a financially reliable person, and a credit score reflects that.

Thus, a credit score tool is a great feature to add in your mobile banking app.

10. Booking and Shopping:

Last but not least, you can allow users to book flights, trains, etc. and shop certain products from your banking app. This will increase the footfall on the app and increase the usage of your banking app.

Wrapping Up:

In this article, we have gone through the top 10 features your mobile banking app needs in 2024. At Ebizneeds, the best ewallet app development company, we have great experience developing mobile banking apps. We can build highly secure mobile banking apps with advanced features and functionalities. Let us know your requirements.