There were days when a person had to go to their respective bank branch and stand in long queues to make transactions. But the mobile technology has grown to a greater extent that the banking sectors have also developed the mobile apps to improve the quality of banking.
Most of the aspects like, transferring money, checking the balance to depositing is done through the mobile apps. Earlier the customers had to spend one full day to take care of the banking activities because of more crowd, limited time frame, and branches, but the mobile apps have reduced the time spent in a bank and the customers can make a transaction from anywhere at any time.
Quality banking apps
A banking app is considered as a good and useful application tool only when covers few aspects like the accessibility, functionality, and limitations.
Easy usability of the application: The apps must be easy to access and the customers must instantly be able to do the work. The interface of the application must be user-friendly so that the customers can identify where they have to go to complete their task.
Features: The main reason for the customers to choose the mobile app service is because of the functionalities of the application, like with a couple of clicks the customer is able to enter the required option. They apps must also sync with the customer’s email account and online account so that it will be easy for the customer to submit official documents and receive alerts.
Deposit limitations: The banking apps must have higher deposit limit so that it will be useful for the customers. And the customers opt for the app service because of the easy and quick deposition services in the app.
Consumer expectations over the mobile banking apps
The Dectar mobile app is the leading application provider and helps the customers to design exquisite applications. The experienced professional in the company help in building the application and update them as and when required by the customers.
- The customers are expecting a lot from the mobile apps to access their bank accounts and the banking sector is trying to address all the demands set by their mobile app customers, like enabling them to make more transactions and provide 24×7 accessibility to their banking accounts.
- The main goal of the banking app is to involve a number of customers to access their app and to build a strong customer base. Because of the rapid growth in the number of mobile banking app users, a survey was conducted by the tech experts and the results show the trend of these apps in the present scenario.
- The report shows that about one hundred percent of all the banking apps support the Android and iOs devices, while sixty percent of the apps support the Windows and a few percent of the apps are supported by the BlackBerry devices.
- The user expectation keeps increasing when it comes to the mobile apps and at the same time, the demand for desktop banking has reduced over the past years.
- About seventy-two percent of the apps enable the customers to store the ID on the device and the other twenty-six percent of the employees have to use the specific login information.
- Sixty-eight percent of the mobile apps enable the users to see their future transactions post the login, while twenty-nine percent of the apps enable the blocking of the debit and credit cards. About twenty-four percent of the apps allow the consumers to check their balance before login into their account.
- The report shows that ninety-one percent of the banking apps permit the users to make payment and fifty percent allows making payment to a new mobile number or payee. Around two percent allow social media payment and fourteen percent allow the users to make payment using the mobile phones.
- Most of the mobile banking apps include the credit card, savings and overdraft within the account and apart from this some banks have included the investments and loans in the mobile banking tool.
- Thirty percent of the banking application provides encrypted messaging service and seven percent of the application tool provides the live chatting facility to address the customer queries at any time.
- Some of the banks offer the users to purchase products and make marketing and sales in their platform.
According to the report, within few years of the introduction of the banking app service, the banking sector and the financial institution has brought magnificent improvements and features in the application tool.
Factors to consider before choosing the app
There are various mobile banking applications available in the online and choosing the best banking application ensures a secured and easy banking experience. There are some factors involved in choosing the correct mobile app, like
Limitations in the deposit amount: All the mobile banking apps enable the consumers to deposit the amount using the mobile cheque payment using the mobile device. But the banks limitation frame in the deposit amount depending on various aspects like the type of the account, time frames and other aspects. So, the customers must make sure that they are aware of the limitation criteria before making plans.
Service charges: Almost all the banking apps are freely accessible to the customers and they are available on all the platforms, so the users need not pay any extra amount to access these mobile apps. But the users will be charged for accessing the message service and the data usage used to access the application service. The customer must ensure that the banking app is downloaded for free or a paid service, and even when the app is downloaded for free- some of the apps or features within the application.
Utility features: The mobile apps that have different kinds of features and functionalities to access the app efficiently. And the easy navigation feature in the app between the accounts makes it easy for the users to switch between their accounts. The app sync feature connects the email and online account of the user so as to send alters or notification messages when the users make any changes in the account or make transaction. The users can also customize the app according to their wish like automatically paying the bills, making budget plans and other account details.
Specifications: Each mobile app requires different specification, even though the app runs in the Android and iOs platform, the version of the platform depends. on Some of the apps run on lower version, while some apps work on higher version. For example, the app that runs in the iOs 8 will not be accessible in iOs 7 and apps that run on Android version 4.4 might not work in V4.1.
Ease of access: The best banking apps are easy to access because of different reasons, one such reason is the user friendly interface. If the customer is unable to complete a task with a few clicks, then the app does not have a good interface. So, the user must look for the app that has better usability and good interface.
Security: The banking matters are a serious issue and the customers must access their banking transactions on a secured platform. While downloading the app, the customer must check for the app that is from the official app store because there are many fake apps available online. The banks have adapted the encryption mode and other authentication features in the app to ensure the safety of the customer details and to maintain the reputation of the bank or financial sector.