20 Features Your Online Banking & Mobile App Should Have

20 Features Your Online Banking & Mobile App Should Have

Modern-day customers expect speed and convenience from any service they use. Many business owners have launched their smart mobile applications and banks are no exception to understand their target audience and most importantly offering premium and on-time service. Offering customers with a seamless experience of banking applications is common these days. 

In one of the mobile banking surveys by Insider Intelligence, nearly 90% of the respondents stated that they use mobile banking each day. Considering that in view, 91% of Gen Xers, 97% millennials, and 79% of the baby boomers also second the benefits of these services. 

In this digitally operated world, more and more users are realizing the benefits of banking applications and adopting this ease and convenience. In this post, we will discuss banking applications, their significance, pros, and how businesses/banks can get this optimized core banking software tool.

Why does online banking matter?

Online and mobile banking permit users to seamlessly do operations at their fingertips. Users can use the software tool on schedule and whenever they need it the most, no matter where they are located.  Mobile and online banking are both rich in features and provide several advantages to users that usually cannot be found offline when it comes to traditional baking ways. With such software tools, users are at ease, as they gain more access to financial tools on the go and have more control over their finances as well.

Fortunately, the mobile banking application along with its feature does not even come with a price. Users can enjoy using all kinds of app features for free as they’d like. If you are pondering what are some features of online banking applications, let’s discuss them below in detail without further ado.

What are some features of online banking?

How to develop an online banking application? Consider integration of the top twenty features discussed in this post.

1. Up-To-Date Account Activity

Foremost, banking applications offer updates and presential status of activities to their users and developers. From activity track to application reviews, these features of mobile banking make e-banking an ideal development approach.

This feature covers transactions of real and virtual money that come from direct or indirect check credit and go through cash draws using ATM or debit cards. In addition to this, these transactions offer transmission history including date, details, search property, available cash, check image, bill, and transferred amount of money.

Another perk this exclusive feature provides is a record of pending transaction hold due to incomplete amount transfer or delay in your application update.

2. Check Account Balance

With modern mobile banking features, no longer make phone calls to helpline overwhelming call charges. Access online banking mobile application anytime, anywhere. You can know the available balance without considering extra ladders. 

Here are a few other (supporting) ways to do the needful.

  • Log on to the registered account
  • Get notifications from mobile apps
  • Enable text messages
  • Use ATM
  • Contact your bank – the difficult one
  • Etc.

3. Account-To-Account / Person-To-Person / Bank-To-Bank Transfers

Using e-mobile banking app features, make transmissions account-to-account. person-to-person, or bank-to-bank transfers. For example, being an Alfa-Bank customer, you can simply transfer the amount to your friend with a similar bank, Crédit Agricole bank or Sberbank with no additional transaction fee. Just an active internet connection would help and knowledge of customized banking features.  

4. Regional Language Choice          

With international online banking applications, avail of yourself an opportunity of choosing among regional languages – East Slavic language, for example.

Most people aren’t familiar with English we believe, do you? These features of banking attaining accessibility online let people of different regions get comfortable with their known speech, assisting bankers and developers get hands-on high revenues with more utilization.

The plus point is innovative AI technologies integrate translation features that encourage people to speak or write in their known languages and get the results translated into their native language.

5. Convenient User Interface & Navigation

Among exclusive features of online banking, a user-friendly interface is the utmost. With no friendly navigational menus, options, and themes, how can one dare to spend time over an application that looks scrap?

User-friendly app features of mobile banking should:

  • Consider the defaults
  • Make sure the process conveys what is occurring
  • To establish hierarchy and coherence, use typography
  • Use deliberate page layout
  • Use texture and colour in a deliberate way
  • Utilize common UI components to maintain consistency, etc.

6. Mobile Deposit

Mobile deposit in mobile banking applications provides the easiest way to avoid checks that require bank visits and relevant settings. Luckily, this feature of online banking let us scan or upload images of checks and continue with deposit procedures.

  • This procedure may require a business (working) day. However, you may notice the result within a minute.
  • This procedure may analyse fake checks frequently.
  • Sign-in, choose, enter, add photos and hit submit – An ideal procedure for mobile deposit.

7. Cleared Check Images

Once the check is cashed, you possess no more able to see it again as banks reserve the piece of paper to themselves. However, with the application of banking, you can simply track your records, make copies, set reminders, and memorize the purpose of your check.

The easiest approach to determine if a check successfully cleared is to get confirmation from your bank or perhaps the bank that issued it. Depending on the kind of check and other underlying factors, check acceptance may take a few business days to several weeks even if money may be available within a business day.

8. Online Bill Pay

The feature of e-billing in banking applications leads to centralization. Find every billing detail in one place using the billing property of banking applications. With this feature, simply schedule upcoming monthly bills, set alarms for them so you don’t miss a due date, create recurring payments for particular bills based on the charge, and much more. In addition to data track, get access to e-bills in electronic media while having convenient, green e-banking management.

How can you set up a bill-paying account online? Setting up online bill payments with your bank or credit union is normally a quick and easy process. Log in to your online banking account and choose the “Bill Pay” option to access the site. Then, each payee’s name and information must be input. Your payee could already be saved in your bank’s system.

9. Account Alerts

The features of mobile banking are incredible. Access to alarms, notifications and remainders has become popular among mobile banking features. Want to know what are some features of online banking with alerts? See the list.

  • Get notifications for low balance in a bank account
  • Receive daily remaining balance alerts
  • Have transactions’ success and unsuccess message
  • Acquire emails and text messages as an alert in the banking mobile application

10. Card Control Services

Remove the fear of carrying credit and debit cards to ATMs. Save your earnings with e- banking features of card control. In any case, if you have lost your card, stop future transactions by controlling mobile banking app features without waiting for prolonged bank procedures.  

How can you prevent someone from making transactions using your card? If the disputed vendor continues to withdraw money from your account despite your requests for it to stop, you must get in touch with your card issuer and ask them to stop the company from using your credit card.

11. Fraud Alerts

The features of mobile banking are incredible. The access to alarms, notifications and remainders has become popular among mobile banking features because these alerts cover fraud detections as well. Want to know what are some features of online banking with alerts? See the list.

  • Get notifications for low balance in a bank account
  • Receive daily remaining balance alerts
  • Have transactions’ success and unsuccess message
  • Acquire emails and text messages as an alert in the banking mobile application
  • Catch and track theft upon their usage of your card

12. Touch & Face ID

Now you can secure your accounts in online banking applications. Initially, securing an account from non-stakeholder bodies was a complex job to execute. But today it has become convenient with fingerprints’ touch and facial IDs.

You no longer enrol or sign-up using passwords visible to hackers. Simply put your finger on the scanner or show your face and see your job is done. This saves you perfectly.

13. ATM & Bank Locator

With third-party banking apps support, avoid locating ATMs and registered account Banks. App-based banking provides ease of transmitting money through online admittance.

Where is my ATM located, and how can I find it? Learn from the below-mentioned steps.

Step 1: Find the online banking interface for your bank.

Step 2: Go to the personal login page and fill in the necessary fields with your login ID and password.

Step 3: Choose the time range to follow the statement in the net banking facility. Keep the time range as broad as you can to prevent missing information about withdrawals.

14. View Account Statements Online

With modern mobile banking features, no longer make phone calls to helpline overwhelming call charges for sending you statements. Access online banking mobile application anytime, anywhere. With new banking app features, you can review account statements without considering extra ladders. 

Here are a few other (supporting) ways to do the needful.

  • Log on to your registered account to see statements
  • Get notifications from mobile apps
  • Enable text messages
  • Use ATM
  • Contact your bank – the difficult one

15. Self-Service Options

The application of banking ensures you have access to everything. With you, making you superior is what defines online banking. For ease, add the following pages to your application.

  • FAQ section
  • Content from a support centre or knowledge base
  • Public forum
  • Mobile app
  • AI-powered texting and conversation
  • Call centre with automation

16. Advanced Security & Fraud Alerts

Modern mobile banking systems bring innovative security options collaborated with Artificial Intelligence (AI) and Machine Learning (ML) algorithms. These technologies are proven in providing security over data and records.

Your Apple Card information may be more secure with Advanced Fraud Protection. Your three-digit Apple Card security code will change after being read in the Wallet app or filled out automatically from Safari with Advanced Fraud Protection enabled.

17. QR Code Payments

From shopping malls to hotels, this era is an era of QR codes. These codes are popular because of the contactless and swift availability of balance in an app.

QR codes are mostly used by both suppliers & issuers with different choices on modules. These choices vary but the single requirement for using these codes is a smartphone. Using smartphones, catch additional security of banking.

18. Peer-to-Peer Payments

Always remember, that third-party banking apps are untrustworthy. These resources are best to use but at some stages, other parties will sell your data to new businesses who seek for expanding their reach.

The satisfactory part of online banking applications is their 1:1 communication between payments – from sender to receiver and vice versa.

19. Intelligent Chatbots

Banking applications are enriched with chatbots these days because of personalization and friendly customer service.

  • These AI-powered bots assure all-around-the-clock availability.  
  • These AI-powered bots assure polite conversation.
  • These AI-powered bots assure customer satisfaction. 

20. Reports & Analytics

Analytics helps determine why something is occurring while reports describe what is happening. Reporting condenses and arranges data in ways that are simple to understand, whereas analytics allows for deeper probing and investigation.

In order to assess how well your business is still operating, you must collect, organise, and convert raw data into a comprehensible format. This is the process known as data reporting. Basic details on the state of your business may be found in your data reports.

Get access to transactions flow, data insights predicted cash flows and much more using features of banking applications. In addition, track balance, money spent reasons, stocks, e-bills, etc. using e-banking.

The Conclusion

Offering their consumers specialised mobile banking applications is something that more and more institutions are beginning to realise has advantages. By providing them with these applications without charge, banks are able to develop close bonds with their clients, customise customer service, enhance their product offers, better organise marketing initiatives, and much more.

With the use of mobile banking applications, banks are able to both acquire new clients and retain their present ones. Banks must, however, constantly search for Fin Host development companies that can update their digital solutions with the most recent banking and financial technology if they hope to succeed in doing this. With this strategy, banks can ensure sustainable, long-term business growth and please even the most discerning customers.

If you are developing banking software, see what banking features are important to you. Explore the market, consider the above-mentioned top compulsory features, and don’t forget to get assistance from an expert.

Read more: Top Core Banking Software Companies List in 2023

How can we help you?

If you need an online consultation or quotation for banking applications, come to us. Reach out to use the best banking app you have ever dreamed of. We specialized in various offshore software development services that have become pioneers this year. What’s more one may ask for!

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