Mobile banking continues to be one of the most important features that a financial institution can offer. A study done by Forbes shows that almost 80% of adults prefer online/mobile banking to in-person banking.
It is not enough to simply have a mobile banking app. Your app must compete with the countless other apps out there to provide your members with convenience and an intuitive experience.
In this article, we'll cover...
Top Ten Mobile Banking Features
1. Instant Payments
One of the most critical features for modern mobile banking is instant payments. With several available instant payment options, your members should be able to transfer funds between accounts in real-time and make peer-to-peer payments with ease. By integrating with popular digital wallets and payment platforms, you ensure a smooth checkout process for your users.
2. Financial Services
Make your mobile app a one-stop destination for all financial services. Offer comprehensive access to savings accounts, loans, and investments. Provide a user-friendly interface that allows your members to apply for credit and loans directly from the app. Moreover, consider integrating financial planning tools to help your users achieve their financial goals.
3. Cancel Lost or Stolen Cards
Losing a card can be distressing, but your mobile banking app can turn that experience around. Implement a feature that allows users to instantly suspend their cards in case of loss or theft. Make the process of reporting lost or stolen cards simple and straightforward. Additionally, offer card reactivation options once the card is found to prioritize user convenience.
4. Visible Pending Charges
Enhance your users' financial awareness by displaying pending transactions in real-time. Keep them informed about expected debits or credits and provide timely notifications to avoid overdraft situations. This feature increases financial transparency.
5. Facial Recognition Verification
Stay ahead of the security game by implementing facial recognition technology for user verification. This extremely secure authentication method eliminates the need for complex passwords and ensures a smoother login experience for your members.
6. Access to Account Credentials
Not only should you show a member's financial information, but also give them access to their log-in credentials, routing number, and account number. With the right log-in verification, giving your members essential information should not pose a security problem.
7. Increased Security
As cyber threats persist, bolster your mobile banking app's security. Implement multi-factor authentication to add an extra layer of protection. Utilize device recognition to prevent unauthorized access and ensure data transmission encryption to safeguard your users' sensitive information.
8. Request Card Replacement
Studies show that 54% of users request card replacements. Make this process of requesting a new card hassle-free for your members. Allow them to request a replacement through the mobile app and enable preferences for card delivery and activation. Keep them updated with the new card's status via tracking updates.
9. Expense Tracker
Provide an integrate expense tracker within your mobile app. Categorize and monitor spending, and offer personalized insights and recommendations to encourage better financial habits. Let users set budget limits and receive timely notifications as they approach thresholds.
10. An Actual App Instead of a Link to a Website
Clicking on an app for it to just be a link to a website is a big pet peeve. Studies show that 60% of people prefer a financial app to a website. Lastly, ensure your mobile banking platform is a dedicated app rather than just a website link. Native mobile apps deliver superior speed, responsiveness, and functionality, elevating the overall user experience.
Big Opportunities With Your Mobile Banking
Embracing these top 10 mobile banking features is key to thriving in 2024. By providing these features, your current and potential members know that you are committed to growth, innovation, and their needs. Because technology is always evolving, mobile banking apps provide an area where your credit union can constantly be improving. Consistently learning more about what your members want is you ticket to staying relevant in 2024 and beyond.
Find the Perfect Mobile Banking App for Your Credit Union
At FLEX, we are here to support your credit union in achieving its goals, growing in membership, and increasing efficiency. One of the biggest ways we best help credit unions is by providing fully integrated products and services so your core processing system can be the least of your worries. We have created a mobile banking app that can help your credit union be relevant in 2024. Click the button below to learn more about it.
