You can do virtually everything on your phone with the advances in technology over the last decade. Financial institutions have enabled customers to do most banking on their phones, just as they would on the website or walking into a branch. Having a well-designed mobile banking app is essential for financial institutions to keep relevant and engaged with customers. It reduces their costs and helps support their customer's needs without having to worry about branch banking hours.
A banking app’s capabilities are important when considering your financial institution. Not all banking apps are alike, so it’s important to know what you need.
A Simple and Secure Sign-In
If you login to your email account on a new device, you will probably have to go through a multi-factor authentication process before you can get access. This typically requires that you enter a generated code that is sent to you via text message or another email address. Alternatively, you might have to enter your password every time you want to access the information on your phone.
Both of these options are time-consuming when you consider other available technology. Biometric authentication technology can look at your physical features such as your voice, fingerprint, gestures, and other metrics. These alternatives offer the security you need for your financial information without the hassle of taking up a lot of your time.
Show Your Spending and Savings Patterns
If you feel managing finances seems a little tricky, you are not alone. Almost half of the American population has less than $400 in their savings to cover an emergency. Your financial institution sees where you spend your money, what you make, and a lot more. These records allow them to help you with how to manage money.
Consider a financial institution that offers notifications or tips on how to manage your money. For example, certain banking apps will suggest that you put an additional $25 in your savings when it appears you can afford to do so. Or, if you have a change in a recurring bill such as your home internet, the app can notify you of the change.
If a banking app is hard to navigate, you likely won’t use it to manage your account. You should be able to pick up your phone and find the features you’re looking for without having to go through multiple screens. Whether you are a tech-savvy person or not, the mobile app should allow for both types of users to navigate the app without frustration.
Having All of the Major Banking App Features
Banking apps should allow you to have access to the most popular and useful features available. Features that include being able to change your balance, transfer your money, and manage all of your accounts. Being able to make mobile deposits, use online bill pay, and make digital payments through peer to peer payment services such as Zelle are also key features. Some mobile banking apps even allow you to set up automatic savings that round up your debit transactions and places the extra money in a separate savings account.
You never know when you might need to have access to cash. Having the ability to use your mobile banking app to find the nearest branch or ATM is helpful. This feature makes it much easier to find a location than trying to access the financial institution’s website and finding the ATM locator.
Customer Service Access
Chatbots are becoming more popular in banking, and some mobile apps even build in chatbot support. This service provides you with access to customer service 24/7 and can answer many of your questions, so you won’t have to call or go into a branch location. Chatbots save you time and can answer most of your questions in less than a minute.
A well-designed banking app will allow you to choose the notifications you’d like to receive. Give some thought to which transactions you would want to receive a notification for. These might include when you receive a direct deposit, when a purchase has been made, if your balance drops below a designated amount, and more. Your banking app should be able to alert you of these everyday activities without accessing your app unless you decide to opt-out.
If you would like to learn more about mobile banking with NASB, click here or give us a call at 800-677-6272.