Technological advances over the last decade have allowed you to do virtually everything on your phone. Financial institutions have enabled customers to do most of their banking on their phones, just as they would on the website or walk into a branch. A well-designed mobile banking app is essential for financial institutions to remain relevant and engaged with customers. It reduces costs and helps support customers' needs without worrying about branch banking hours.
When choosing your financial institution, consider a banking app’s capabilities. Not all banking apps are alike, so knowing what you need is essential.
A Simple and Secure Sign-In
If you log into 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 entering a generated code via text message or email. Alternatively, you might have to enter your password whenever 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 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 managing finances seems a bit tricky, you are not alone. Almost half the American population has less than $400 in savings to cover an emergency. Your financial institution sees where you spend your money, what you make, and more. These records allow them to help you manage your money.
Consider a financial institution that offers notifications or tips on managing your money. For example, certain banking apps will suggest that you put an additional $25 in your savings when you appear to be able to afford it. Or, if you have a change in a recurring bill, such as your home internet, the app can notify you of the change.
Easy Navigation
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 going through multiple screens. Whether you are a tech-savvy person or not, the mobile app should allow both types of users to navigate the app without frustration.
Having All of the Major Banking App Features
Banking apps should allow you access to the most popular and valuable features. These include changing your balance, transferring money, and managing all your accounts. Other key features include mobile deposits, online bill pay, and digital payments through peer-to-peer payment services.
Other Helpful Features
Many mobile banking apps now offer sophisticated features like automated budgeting and the ability to link external accounts. This allows users to view their entire financial picture comprehensively in one place. Users can track all their income and expenses effortlessly by connecting accounts from various institutions – checking, savings, credit cards, loans, and investment accounts. Automated budgeting tools can analyze spending patterns, categorize transactions, and suggest adjustments to help users stay on track with their financial goals. These features empower individuals to make better financial decisions, improve their money management skills, and achieve economic stability.
ATM Locator
You never know when you might need 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 accessing the financial institution’s website and finding the ATM locator.
Useful Notifications
A well-designed banking app will allow you to choose the notifications you’d like to receive. Consider 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 you having to access your app unless you decide to opt out.
NASB's Mobile Banking app includes all of the above features and more. If you want to learn more about our mobile banking app, click here.
