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There has been a rapid increase in the number of people managing their money online these days which definitely underscores the importance of banking apps. Gone are the days when we had to spend long hours in line to withdraw cash and deposit at the bank. With apps becoming a necessity for every industry, nearly every other bank is developing apps to make their service more accessible and personalized.

Considering the same, below are some of the best innovations in the field of mobile banking to maximize downloads, improve user experience and increase customer retention.

Innovations in user experience

Giving attention to excellent user experience has become the prime concern of banks and considering this fact, here are some of the innovative features released by them.

  • Improved transactions
    Banks are making great efforts to meet the basic needs of the users and have included a number of essential features. Nowadays, people can make P2P payments, pay bills, and even add a payee without needing to register online. Furthermore, the number of “real-time” money transfers is rapidly increasing along with the widespread acceptance of contactless mobile payments.
  • Money management tools
    With the apps, customers can access their transaction history, financial planning tips or advice, forecasts, and much more. Also, good communication between customer service team and customers becomes very easy with mobile banking apps.
  • Simple access and “explanatory” videos.
    Not all customers are tech savvy and thus banking apps mostly house a simple login process and easy to navigate features. With specific and easy to understand how-to videos, you get the right way to access your accounts quickly and easily. You no longer need to be tethered to your personal computer or laptop to check account balances or make transfers online. All you have to do is choose your phone to stay on top of your finances.
  • Extended security
    Customers often find these to be relatively less secure than visiting their local branch or nearest ATM. However, app user password and security systems are generally proven and strict. Considering the security perspective, the user must implement good and tested internet hygiene while using a banking app. Also, it is important that they download apps from trusted web sources and websites.
  • Synchronization with your other Money applications
    All users’ money management apps are automatically synced with their online banking information. This helps users stay within their budget. Updating your accounts on other money management apps becomes easier with these banking apps and users can have a better chance of seeing a clear picture of their cash inflows and outflows.

Banking apps are no longer a niche service these days as the number of users is increasing dramatically. Whether it is to simplify payment processor availing customer support, these apps are here to make our financial transactions easier and faster.

By skadmin

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