Must have features of Banking Apps

 Must have features of Banking Apps

As smart phones and internet plans become more affordable, thus more Indians have access  to the internet. This has led to an increase in demand for more & more services to be made available online. This is why banks too must increase the auxiliary services offered on their apps on top of their normal digital banking services, to get customers to keep using their app.

The main advantage of using these banking apps is their ability to let customers conduct their banking activities on the go. This online form of fast banking lets app users cover most if not all their banking needs without the need to visit a branch of the bank and stand in long queues. Hence using this app not only saves customers precious time but also lets banks use resources and employees in other areas.

Security will always be in the back of customers minds when it comes to anything online related, especially if it deals with online banking. These banking apps have plenty of safety measures built in to ensure that their app users have access to secure banking. The first step is a multi-factor authentication which adds an additional layer of security like OTP’s or fingerprint when logging in. End-to-end encryption ensures that the sensitive data exchanged between banks and customers is not susceptible to being hacked. Lastly, a very important security measure is the real-time text and email alerts that keep customers on top of any activity conducted on their bank account.

Besides offering convenient ways to view and manage a bank account, additional features need to be added to the banking apps to keep customers engaged and use the app regularly.

Below are the must have features of every banking app.

Online Banking-

  • Open a new bank account, view statements and latest transactions and an overview of different accounts
  • Send and Receive money between accounts or to other beneficiaries using NEFT, IMPS, RTGS and UPI
  • Request for a new cheque book
  • Apply for a credit and debit cards online and get it delivered straight to your home

Bill Payments-

  • Pay off Utility Bills like electricity, water and gas easily on the app
  • Internet and DTH recharge features to remain connected and entertained
  • Get a mobile recharge done and pay the mobile phone bill on the app
  • An auto bill pay feature allowing the money to automatically get deducted from your bank account so you never miss out on a bill payment

Online Shopping-

  • Offer customers a way to purchase consumer goods like electronics, clothes, etc directly or via an ecommerce partner
  • A transport booking feature for app users to buy plane or bus tickets, rent cars, etc.
  • Allow customers to book tickets for short and long distance train journeys via IRCTC.

Handle Investments-

  • Open and manage an investment/demat trading account on the app
  • Make investments in Mutual Funds through lump sum amounts or monthly SIP’s
  • Open and manage FD’s or RD’s from the app using the funds straight from the bank account
  • To help with investments options, customers could get access to expert advice and reports to ensure their hard earned money is getting invested safely

Apply and manage loans-

  • Customers should be able to get information on the various types of loans available from the bank
  • Depending on their requirements, apply for the loan and make repayments on the app itself

Get Various Insurance Schemes-

  • Apply for the various different insurances offered by the bank
  • View and manage their purchased policies through the app

Customer Service Requests-

  • 24/7 customer care access should be available on the app
  • Credit Card/ Debit Card services like PIN Setup, Activation or Deactivation and card offers available
  • Request for Forex Cards to make spending during travel easier

These features are absolutely a must in today’s digital banking world. Customers would prefer to be able to do various things from one app rather than install multiple apps. By offering multiple features on their app, banks will be able keep customers coming back to their app for things other than usual banking.

Issac Schultz