Mobile Banking Innovative Features

While some mobile banking applications receive excellent ratings and user approval, others receive a barrage of criticism and negative feedback? Innovations and a customer-centric attitude are the obvious answers. Are there any features that would offer you the greatest bang for your bucks? When it comes to mobile banking app providers, they tend to focus on the features that are most likely to generate revenue for their bank or credit union. New features that satisfy conventional banking demands are perfectly acceptable. Your app should cater to the client’s “daily demands” if you’re aiming for customer adoption. 

Peer to Peer Transfer 

Alternatively known as P2P, Peer-to-Peer payments allow a user to transmit monies from his bank account or credit card straight to another person through the Internet. Beginning to take off is the public’s acceptance of mobile payment options. 

To avoid losing its tech-savvy consumers, the banking industry must adapt to emerging trends in mobile payments. The easy process to open a mobile banking account attracts people at a large level. 

Despite the fact that P2P payments have never been about making a profit, they remain one of the most effective ways to keep users engaged over the long term. Investing in payment solutions to improve consumer experience and explore new possibilities, such as peer-to-peer payment methods is on the rise. 

It’s possible for your consumers to transfer or request money directly to each other with the aid of Peer-to-Peer payments. In contrast, money transfers to a bank account might take several days. This provides the consumer some degree of freedom, since he does not have to depend on the larger organization to conduct the money transfer for him. 

Voice Banking 

The Royal Bank of Canada and Barclays are among the early users of this relatively new technology, bringing voice banking to the forefront. As a result, these banks’ clients may now ask Siri to pay their bills. 

It is now possible to use the new functionality within the mobile banking apps. Apple’s speech assistant is used by several institutions to start payments.

Despite the fact that voice payments haven’t been widely used yet, they’ll be the next financial channel to catch on. The number of voice payment users is expected to double over the next five years, reaching 31 percent of US adults or 81 million customers by 2022, according to a 2017 BI Intelligence report. 

Budgeting and Savings 

In today’s market, there are several programs that allow you to keep tabs on your spending habits. As a result, why not incorporate this feature into your banking application. Look after your customers and let them know what they may expect from you in the future. Later, they will thank you. Don’t just tell them what to do, but also show them how to do it. You may boost brand loyalty with apparently little things. 

Conclusion 

Mashreq bank is considered the first digital bank in UAE to offer all innovative mobile banking features to its customers. Mashreq helps you think of ways to assist consumers handle their money more efficiently as well as ways to enhance your earnings.

James Mason

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