After Demonetisation in 2016, appreciation for digital banking grew quickly. Most banks have introduced websites and mobile applications for online banking. Online banking offers extra features in addition to the majority of banking services. Online banking is popular due to its convenience and protection.
80% of consumers who use mobile banking services for Fund Transfer with well-performing apps are more likely to stick with the service providers, according to a Citi study. The research also shows that businesses may need to catch up to those who prioritize improvements and features that complement the digital customer experience if they refrain from investing in mobile app capabilities.
To engage and keep customers, accelerate monetary inclusion, and seize new worldwide possibilities, financial institutions must now compete by adopting innovative banking ideas for money transfer and using Debit card.
Here are the cool features that make a mobile banking app secure and user-friendly:
- QR code payment
Since it allows for quicker contactless payments, this black-and-white square is getting a lot of popularity across various sectors, including banking and retail. Customers can make payments without using credit cards by scanning a QR code. You only need a few seconds to scan the code with this function, and your data is securely encrypted as you confirm the transaction.
- AI-powered chatbot
No matter the sector, customer care is one of the key elements affecting loyalty. Banks and financial institutions may offer assistance around-the-clock to personalize banking apps and increase service availability. They can process multiple inbound requests concurrently by utilizing conversational technology, such as the Chatbot feature, which cuts response waiting time from an hour to seconds.
AI-powered chatbots can mimic human responses by monitoring recurring customer issues such as credit card bill, payments, etc. responding to customer queries real-time, and offering a customized experience. Additionally, since this function offers 24/7 multilingual customer service, it enhances the customer experience.
- Offering omnichannel support
Deloitte’s study found that 94% of mobile banking users also use online banking channels on other devices at least once a month, even though more than half of all online time is now spent on mobile devices. This emphasizes how crucial it is to give customers a variety of channels and the freedom to switch between them without interrupting or fragmenting their trip.
- Ease of use
Leading banks prioritize a user experience that helps customers navigate important procedures. Customers anticipate being able to swiftly input their information and easily navigate a website or application. Furthermore, they anticipate being able to save their work. Only 22% of banks, however, provide a save-and-resume function during the account opening procedure, indicating there is still much work to be done in this area.
- Next-generation support
When making crucial financial choices, consumers want to feel secure, specifically when they are using a credit card app. The most comfortable online banking experiences address users’ concerns as they arise. This doesn’t necessarily imply human assistance; in fact, more than 80% of users try to resolve issues on their own before contacting a live agent. In light of this, financial institutions should consider providing in-line customer help or advice in addition to plainly worded status updates and explanations of error messages.
Generally, financial institutions only focus on the features that will help them earn huge profits from their mobile banking apps. But you need to pay attention to the constantly changing needs of your target market and customer retention for choosing the features while developing or upgrading your mobile banking app.
By incorporating these cutting-edge banking features, you can boost your competitive advantages while also enhancing customer satisfaction, which will increase customer loyalty and boost income.