There has been a rapid rise in the number of people managing their money online these days, which no doubt underscores the importance of banking apps. Gone are the days when we need to spend long hours queuing to withdraw cash and deposits at banks. With apps becoming a necessity for every industry, almost 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 mobile banking domain to maximize downloads, improve user experience and increase customer loyalty.

Innovations in user experience
Focusing on excellent user experience has become the main concern of banks and considering this fact, here are some of the innovative features that they have launched.

• Improved transactions
  Banks are making a lot of effort to cater to the basic needs of users and include a number of essential features. Today, people can make P2P payments, pay bills, and even add a payee without registering online. In addition, the number of “real-time” money transfers is increasing rapidly along with the wide 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 support team and customers becomes much easier with mobile banking apps.
• Simple login and ‘how to’ videos
  Not all customers are tech-savvy, and therefore most banking apps host a simple login process and easy-to-navigate features. With specific and easy to understand explanatory videos, you get the right way to access your accounts easily and quickly. You no longer need to be tethered to your personal computer or laptop to check account balances or make transfers online. All you need to do is pick your phone to stay on top of your finances.
• extensive security
  Customers often feel that these are comparatively less secure than visiting the nearest local branch or ATM. However, the security systems and the user password of the applications are generally tested and strict. When considering the security perspective, the user should implement good and tested internet hygiene while using a banking application. Also, it is important that they download applications from trusted web sources and websites.
• Synchronization with other User Money Applications
  All users’ money management apps are automatically synced with their online banking information. This helps users stick to their budget. Updating your accounts in other money management apps becomes simpler with these banking apps and users can get a better scope to see a clear picture of their financial inflows and outflows.

Banking apps no longer represent a niche service these days as the number of users is increasing greatly. Regardless of whether it’s about simplifying the payment processor with customer support, these apps are here to make our financial transactions easier and faster.