4 must-have mobile banking features that will have customers saying “thank you”

Today, the next-gen customers are demanding and expecting a level of service that requires banks to provide a banking experience that is fast, convenient and effortless. In view of the expectations and the convergence of technology, banking is also compelled to offer digitalized services to bring more customers into its fold. 

Traditional modes of banking involved a customer going to a physical brick and mortar branch to conduct various transactions. It also meant that banks had to have several branches to cater to the underserved customers in distant places or rural areas. But today, if banks have to continue to attract more customers, mobile banking services are not just ‘good-to-have’ but a must-have.

Mobile banking platforms

Mobile banking platforms need to be intuitive, intelligent and innovative to provide differentiated level of services for the bank. Digital banking solution providers such as Modefin have developed mobile banking applications such as Speed App for UMB, a Ghananian bank that has seen an increase in its customer base and ROI since the time it launched its Speed App in 2018. 

In countries such as Ghana, which is one of the fastest mobile money markets in Africa, and where time and again, banks such as UMB have proved that adopting digital technologies for providing banking services is the most sensible and forward-thinking approach, considering the mobile penetration of the population (about 128% of the population, according to phys.org).

With mobile banking in the palm of his hand, a customer can use the platform to make payments to a medical shop in an emergency, or transfer money to someone quickly and safely, or even pay for goods and services. It’s not only convenient, but mobile banking is a necessity today.

So what features should one include?

As a bank that wants to introduce digital banking experiences for your customer, you need to understand usage behaviour of clients and what they would need it for most. Banks must realize that there are different segments of customers that the platform must cater to, since not all our next-gen and mobile savvy. Hence platforms must come with features that offer greater financial inclusion to customers, where they feel comfortable and at ease to conduct their daily transactions. 

Keeping in mind the most frequently used banking services, here are 4 key features that are a must-have in a bank’s mobile banking platform.

  1. Check account information – an app that allows the customer to check his/her bank balance and download an account statement is a must-have. It’s a primary need for all customers to check if they have enough money in their account, how much money in their account, and learn about recent transactions and more.
  2. Money transfer – easy money transfers are another essential feature for a mobile banking platform to have. In an increasingly cashless global economy, quick money transfers are an enabling feature that help customers manage their business or daily lives smoothly, without a hassle.
  3. Credit cards – whether applying for a new credit card, making bill payments to a credit card, checking loyalty points or checking on transactions, customers want to know, monitor and control their spends. Having a mobile banking platform that allows them to do all of this is once again, a feature that is a must-have.
  4. Card less ATM withdrawals – in an age where our mobile phones have become our second skin, we may forget our ATM cards or our car keys, but not our mobile phones. To withdraw money from an ATM using your mobile banking platform offers safety, security and convenience like never-before. In just a few clicks you can withdraw money from the ATM even in the absence of a card. This can be a lifesaver and is definitely a feature that we think is an absolute necessity.

Modefin’s Speed App, developed for UMB bank, Ghana, proved to be game changer for the bank. By providing many of these features on the mobile banking platform, UMB has been able to build a stronger and healthier customer relationship that loves the idea of convenience banking. With Speed, UMB has been able to significantly increase its customer acquisition and of course have many of their existing customers say “thank you”.

Listen to an interesting conversation between Modefin CEO, Amarnath Chowdary and Head of Channels, UMB, Myles Hagan where they discussed the need for digital banking platforms, and how banks must capitalize on fintech to fulfil their business objectives. Access the webinar here – https://www.youtube.com/watch?v=CGEwUsl-xBI