Today’s banking solutions are operated in a manner that any activity can be conducted, including money transfers with a tap or a click. Thus, the appetite for banking services is growing and, traditional banking institutions are adopting the best methods to keep up with the emerging market.
Why?
To grow in any industry, a business must retain its customers and intrigue potential consumer base to come on board!
Are you still facing the dilemma of stepping into the world of digital banking to develop a mechanism that adds to the convenience of your customers?
Not anymore! We are here to help you figure out ways to develop an efficient banking app. So, let’s get started?
What Do the Banking Masters Offer?
Would you opt for a banking app that is similar to the existing application on your smartphone?
You guessed it right, nor will your customers!
Therefore, listed below are the features offered by the leaders of the finance industry via their banking app:
1. Credit Card Transaction Disputes
Banks like Chase, Citi, and Regions bank enable their customers to dispute credit card affairs via mobile application.
2. Disposable Virtual Cards
Citi, Capital One, and Chime banks enable customers to create disposable virtual cards on their own!
3. AI Chatbot Support
AI chatbots are a rising trend, and banks like Capital One and Chase were the two banks to get started with the trend. Undoubtedly, chatbots are the best solution for customers who want to seek immediate help regarding their queries. Therefore, the future isn’t too far when fintech apps start leveraging AI chatbot support.
4. Recurring Subscriptions and Memberships
Subscription management is a feature rarely found in fintech or banking applications. However, banks like Capital One, Bank of America, Varo Bank, etc., provide app users with the ability to view their recurring subscriptions, bills, and memberships. Additionally, customers can manage the same within the mobile app.
5. Digital Account Opening
According to a recent study, about 9 out of 22 banking apps enable customers to open their accounts digitally. However, customers are looking for services like these and opt for banks that offer the same.
Therefore, if you’ve asked your partnered mobile app development company to work on the idea, the chances of acquiring a competitive edge are higher for your business.
Additional Tips to Build an Exceptional Banking App
Mentioned above are some of the best features offered by the banking leaders, and now we are going to talk about the tips that must be followed to build one. Therefore, you can combine the best of both worlds to come up with a mobile banking app that enables your business to skyrocket!
Take a look!
1. Provide Better Opportunities
As mentioned earlier, very few banks offer an opportunity of using features like subscription or membership management. In simple words, being an app developer demands market research, and one must emphasize the same to learn about customers’ needs.
2. Banks Must Know Their Target Audience
Not every individual looks for the same set of features and might not have the same priorities. Notably, an app with the most features might not be the winner.
What if a banking app amalgamates hundreds of app features, but they are all basic?
Therefore, conduct market research and learn more about the consumers’ demands. Thus, work on the same to obtain the objective of building an extensive clientele.
3. Prioritize the Design
We want to scream and say that NEVER COMPROMISE ON THE APP DESIGN!
When a mobile application isn’t designed well, it is likely to lose its charm, and people would immediately stop using or uninstall the same.
Therefore, an app design must be simple yet elegant that is likely to attract customers’ attention.
4. App Ratings are an Unreliable Measure
It is essential to bust your myth bubble that app ratings represent the app’s user base. The truth is- it does not! Therefore, other banking applications boasting about their app ratings are wasting their time!
As said, “quality over quantity,” build a fintech app that offers an exceptional and seamless experience to the customers.
5. PFM is No More!
Initially, banks were obsessed with leveraging Personal Finance Management (PFM) modules in their digital apps. However, nowadays, the feature is difficult to distinguish from non-PFM features.
In a Nutshell
No wonder, building a robust banking app demands sweat, blood, money, and time. However, the market is all set to welcome new challenges and deliver a frictionless experience.
So, what are your thoughts about developing a digital banking app?
If we are on the same page, connect with a top-notch fintech app development company for further assistance!
What do you think?
