Thanks to mobile banking, financial transactions are faster and easier to accomplish than ever. This is especially beneficial when you consider how more fast-paced life has become over the years. In addition, mobile banking proved to be a valuable tool during the height of the COVID pandemic.
If you aren’t taking advantage of mobile banking yet, now is the time to do so. Download your bank’s mobile app and make sure that it has the following features so you can maximize functionality and convenience:
A Simple User Interface
Strictly speaking, “simple user interface” isn’t technically a feature of a mobile banking app. However, it’s definitely important for a mobile banking app to be easy to navigate. This way, you won’t be confused or lost when you log in to use the app’s features. A simple user interface can also encourage even those who aren’t as tech-savvy to use the app.
A user-friendly interface should have proper labels and easy-to-interpret icons at the very least. The fonts should also be easy to read, particularly the numbers. Finally, the menus shouldn’t be too deep; a good mobile banking app should let you conduct a transaction without having to navigate through multiple screens.
One of the most common transactions in banking is funds transfer, so your bank’s mobile app should absolutely have this feature. The minimum is intra-bank, which allows you to send and receive money to and from accounts from the same banks. However, it would be more convenient if your mobile banking app also has an inter-bank transfer feature, so you can also send money to other local bank accounts.
Another good feature to have would be funds transfer via QR code whether through scanning or uploading a photo of the code. This further adds to your convenience and security, especially since you don’t have to worry about inputting the wrong account number.
Another important feature that a mobile banking app should have is bills payment. In particular, there should be an option to pay bills for major providers, including electricity, water, telecommunications, and internet. Other billers that are nice to have in your mobile banking app include credit card companies, loan providers, schools, and real estate. Some banks also let you pay your insurance premiums using their mobile app.
Most mobile banking apps require you to first register a biller using the account number before you can pay your bills. The approval or verification process will take a few hours or at most a couple of days, so make sure to enroll the biller well before the due date of the payment.
Speaking of due dates, it’s also a good idea to settle your bill two to three days before. Most mobile banking apps need three banking days to process and have the payment reflected with the biller, so paying in advance will prevent confusion.
To help you with your financial management, a mobile banking app should keep your transaction history. Some may let you check records as far back as two to three years, but the most crucial would be the past couple of months. By knowing exactly where your money goes and when you made your transactions, you’ll have an easier time with budgeting and planning your expenses.
You worked hard to earn your money, so it’s only natural to want to secure it. Thus, you want a mobile banking app to have ample security features. The minimum would be requiring a one-time password to confirm transactions before they push through. Having a biometric login feature and other secure sign-in options can also make things safer.
Once you log in and link your bank account with the mobile app, make sure to activate other security features such as device authentication and withdrawal alerts.
Reporting a Lost Card
If your bank account has a debit card and/or if you have a credit card, having a facility within the mobile banking app to report a lost or stolen card is extremely convenient. This way, as soon as you notice that your card is missing or that there are any fraudulent transactions, you can immediately let the bank know. Then, they could take appropriate actions such as blocking the card and providing you with a new one.
Of course, you don’t want anything bad to happen. Nevertheless, you can’t guarantee that your account will be 100% safe. Having such a feature in your mobile banking app can give you more peace of mind when you conduct your transactions.
There are many nice-to-have features in a mobile banking app, such as mobile prepaid loading and ATM/branch locators. However, the six mentioned above should be your priority.
If your bank’s mobile app doesn’t have these, let them know and suggest that they add them in the future. This will give you and other customers more utility, security, and convenience.