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Mobile Banking App and Its Modernised Features

Updated: Jan 7, 2022

The mobile banking industry is growing rapidly. The most advanced technologies in this sector have provided people with more options to make smart decisions about their finances and money matters. Mobile banking features are becoming one of the most important factors in customers’ bank selection.

In this blog, you will see some of the modernized features that mobile banking apps must include to compete, succeed, and provide a unique user experience.

Virtual card

Nowadays, a virtual card feature is a must in mobile banking apps. Most users prefer this feature because it's quick, easy, secure, and more convenient than carrying their physical cards with them everywhere they go.

Virtual cards are like regular credit/ debit cards, but they can be used online or via mobile banking. They're known as electronic cards stored in a digital wallet on the user's phone. Users can make payments, shop at stores that accept contactless payments, withdraw money from an ATM, and more with their virtual cards.

Account management

Account management in mobile banking app provides users with a personalized user experience to manage their accounts. This feature lets users monitor their account balances, track spending or transaction history, and make easy money transfers. According to the Insider Intelligence Mobile Banking Survey, nearly 80% of respondents say mobile is their primary way to access their bank account. Hence a good account management feature is essential in a mobile banking app.

Simple and secure sign-in

Mobile banking apps must provide the highest level of security to ensure sensitive data is well protected. According to the same research by Insider Intelligence, consumers who use mobile banking said security was their highest priority for mobile banking features.

In the past, people have been able to sign in to websites and other accounts by entering usernames and passwords. However, this method is not secure enough because it is more vulnerable to hacking and other threats. That is why more mobile banking apps are now using multi-factor authentication and biometric authentication, both a form of technology that uses physical metrics to recognize and verify the user. Keeping users back is crucial to building brand loyalty among them, and this feature has the ability to do so by making the sign-up process easier for users.

Intuitive Interface and well-designed app

Modern mobile banking apps must be simple and intuitive with easy-to-understand navigation and minimal instruction, focusing more on experience. A mobile banking app with an attractive design and is easy to use on the go, make the user's experience positive, saving them time and appeals as a competitive edge.

More and more mobile banking apps are changing the way we manage our banking, and these modernised features are becoming more essential in making it easier for us to bank on the go. In conclusion, mobile banking apps are designed to make customers' lives easier by providing them with high cost and time efficiency through instant secure services. If you're interested in learning more about how you can enjoy the benefits of a digital banking app, click here now.


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