As per Insider Intelligence research, mobile banking is currently utilized by 89% of people. Mobile banking apps are empowering banks to leverage financial technology and improve their efficiency and thus generate better ROI.
Mobile banking enables consumers to access financial and banking services anytime from their smartphones or mobile devices. But there are some features which are very important to add. If you are a bank or a fintech startup that wants to build a mobile banking app. Then, you should add these 5 essential fintech features to your app.
What is an SBM Mobile Banking Apps?
The SBM Mobile Banking Apps is a banking-only mobile application. It provides all types of services related to banking and other financial services. Mobile banking apps allow users to use online banking services on their smartphones and mobile devices. It gives more ability to customers to make transactions and use services anytime from any location.
Mobile banking apps are not particularly meant for banks only. Fintech companies also provide digital-only bank services through mobile banking applications. Therefore, the concept of mobile banking apps is gradually becoming a trending concept in the fintech app development field.
Top 5 SBM Mobile Banking Apps Features
Bank account management is one of the most important features of mobile banking apps. It allows users to create and manage their bank accounts on their smartphones and mobile devices. This feature is highly important in digital-only banking mobile apps.
These apps solely provide digital banking services. Users can open saving accounts, and manage other things online on their smartphones. Startups also work with a fintech app development company to build secure and convenient features for managing saving accounts in mobile banking apps.
For instance, Chime is one of the most famous mobile banking applications. This app allows its users to save money automatically via the ‘save while spending’ feature. Some of the banks in America even offer a feature that allows their customers to quickly view their balance without signing into their account. Hence, you can see how extensively this feature is used in mobile banking services.
Feature #2: Fraud prevention and alerts
Fraud in finance and banking services is a critical and common issue. As per a report on a data breach investigation by Verizon, 86% of all cyber crimes were committed to stealing money. And attack mobile banking applications.
In the fintech industry, businesses are developing high-end mobility solutions for providing secure financial services. Therefore, the demand for fraud detecting and alerting features is growing significantly.
At present, companies are implementing biometric and AI-based authentication processes to verify users. Some companies now hire blockchain developers to build advanced security features in their fintech apps using blockchain technology.
Wells Fargo is a bank holding company. It created an advanced feature in their app that scans unique patterns of eye blood vessels. In this way, the app allows users to sign in to the app after verifying the user’s eye identity. As a result, this feature prevents the app from fraud.
So, if you are planning to develop a mobile or fintech app then must try to include this feature. It helps fully secure your app and build trust and reliability among your customers.
Feature #3: P2P (Peer-to-Peer Payments)
The demand for P2P payment services is rapidly growing in the fintech industry. In 2020, there will be over 70% of Americans who made payments through P2P mode. The P2P payment feature is gaining hype because it eliminates the need for middle-mand or third-party transactions.
The P2P payment system allows users to send or receive money in the linked bank account or card. Businesses are heavily using peer-to-peer payment facilities to reduce the cost of transactions. This feature enables the app to identify clients’ numbers and transfer money directly into their accounts. Hence, it offers better privacy, security, and cost-efficiency in transactions.
Feature #4: QR code payments
QR code payment is among the top trends in banking and fintech services. Consumers are tremendously using QR-based payment methods since it makes it easier and more convenient for making payments. Almost all mobile banking or mobile payment apps must have a QR code payment feature. It enables users to scan the code of any service provider or account holder and make payments quickly and securely on the go.
Therefore, banks around the world are integrating this feature into their mobile banking apps. Besides banks, retailers, eCommerce, and other business entities are using QR code payment features in their mobile apps. Hence, if you want to allow users a faster mobile payment facility, then do not miss adding the QR code feature in your app.
Feature #5: ATM cardless cash withdrawals
This is a quite new and trending feature in the banking sector. People do not have to use their ATM cards to withdraw cash from ATMs. By using their bank’s mobile banking app, they can easily withdraw cash from ATMs without using any cards. This cardless cash withdrawal feature is acquiring a big space in the industry.
Some banks have even implemented this feature in their mobile banking apps to offer ATM cardless cash withdrawals to customers. For example, BMO Harris bank’s mobile banking app allows users to scan a QR code at an ATM and withdraw cash.
With growing innovations and advancements in the banking and financial sector, the need for more feature apps is significantly increasing. Especially mobile banking apps which are widely used for improving the existing banking services. And the above-mentioned 5 features are very essential that banks shouldn’t miss adding to their apps.
If you are a fintech company and want to build a mobile banking app for digital-only banking services. Then, you should try to work with the top mobile app development company that has great expertise in building modern fintech solutions.