In a Banking App: What Do People Expect?

Posted on

April 14, 2021


Gregg Hammerman

Once upon a time, financial institution (FI) account holders were excited just to check their balances on their cell phones. Today, their expectations are vastly different (and higher). They want to complete every financial transaction with their phones, and FIs need to meet these expectations in order to compete. Let's take a look at the top 10 features people now expect out of their mobile banking app.

1. Security

Nearly three-quarters of Americans bank online, so security is important to them. FIs have made security a priority with services like dual-factor authentication. In the same vein, requiring account holders to use strong and unique passwords is becoming more common. FIs that take security seriously and encourage safe practices on their apps have a leg up on the competition.

2. Full-service banking

Users want to manage their entire financial life online. So, FI app features that make it easy for mobile users to manage credit cards, maintain checking and savings accounts, cash checks and more, will appeal to account holders' desire for convenience.

3. Chatbots

As customer service calls become more expensive to offer and more time-consuming for account holders, chatbots are the remedy. People appreciate the convenience and 24/7 access that lets them bank at any time, while FIs appreciate the flexibility and reduced costs.

4. QR code payments

QR code payments will likely account for more than a quarter of online payments by 2024. Therefore, FIs need to be ahead of the curve in providing this service by ensuring their apps showcase these transactions accurately.

5. Cardless ATM withdrawals

A year into COVID-19, people are looking for more contactless services. One of the newer and more sought-after mobile features is contactless ATM withdrawals. Cardless ATM withdrawals use near-field communication, biometrics and QR code technologies to link the banking app to the ATM. Not every FI offers this service yet, making it a definite competitive feature.

6. Easy payments and transfers

Given the need to pay bills and make online purchases, ease of use for payments and transfers is extremely important in any mobile banking app.

7. Real-time/real-place service notices

Online account holders want convenience. A banking app that offers real-time notices about nearby products and services that they're looking for is a valuable tool in retaining account holders. It also increases their activity.

The Larky Nudge® platform provides targeted lock-screen messages that appear at the right time and place, enabling account holders to take advantage of relevant offerings in that moment. Therefore, that efficiency and practicality increase account holders' usage of accounts and their "stickiness" to the FI, driven by the heightened engagement and value that enhances the relationship.

8. Credit score tracking

As credit scores become central to financial decision-making, the ability to track their score is important to account holders. As a result, FIs are expected to provide free access and frequent updates on credit scores to enhance the value and support they provide.

9. Alerts

Account holders rely on FIs to keep their accounts safe and monitor for any potential risks. So, FI apps need to send out relevant alerts in a timely manner. Important notices may include unusual activity, low balance, big purchases, and change of password. Knowing that their FI has an eye on their accounts will give account holders some peace of mind. Thus, strengthening their trust.

10. ATM locations

As ATM fees get higher, people are more concerned about finding one that won't charge a fee. Most FIs today do (or should) offer an app that can locate qualified ATM locations.

In a banking app more is more

The more features a financial institution provides to its account holders via an app, the more likely they are to stay loyal to them. Using a service like the Larky Nudge® platform, which can integrate its real-time notices with an existing mobile banking app, allows FIs to send targeted messages to account holders for the solutions that are most relevant to them.

To learn more or schedule a demo, contact Larky today.

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