A great mobile banking app does a lot more than track account balances and send text alerts. Here are 19 features that retail financial institutions should consider integrating into their mobile banking app, along with 19 examples of banks and credit unions that have done so already.
2. Visualize Information – Banking is boring, with lots of numbers and text. Good mobile banking apps are functional, while great ones “dress up” otherwise dry information and make it as visually appealing as possible.
3. Quick Balance – Users can “preview” or “peek” at their account balance with a swipe — no login required.
4. Transaction Details – The app doesn’t just show the amount of payments made. It displays full contact info for the payee, including address, phone number (with click-to-call option) and a map showing where the charge was made.
5. Account Security – Beyond just regular passwords, users can opt for either biometric verification using Fingerprint ID or a gesture-based password method.
6. Debit Card On/Off – Lock or unlock your debit card for security in a single tap, while the actual account itself stays open.
7. Customer Service – Get help from a personal banker quickly, or set up an appointment with a financial advisor. Users should also be able to browse FAQ’s and video tutorials to get help without speaking to anyone.
8. Mobile Photo Check Deposit – Users can effortlessly deposit money into your account anytime, from virtually anywhere using your mobile device’s camera. This is a must-have feature.
9. Mobile Photo Bill Pay – Users can take a photo of their bill and the app will upload all the necessary billing information so they can set up a one-time or recurring payment in a matter of moments.
10. Branch/ATM Locator – Users should be able to locate your financial institution’s branches and ATMs based on either their current GPS location or a search function. Results should include hours of operation and phone numbers (with click-to-call functionality). It’s helpful to list what services each location provides — e.g., ATMs that accept deposits.
11. Personal Financial Management Tools (PFM) – View, aggregate and manage money with goals, spending alerts, spending categories and visual tools.
12. Safe-to-Spend – It’s one thing to know your “available balance” which can be misleading and result in reckless spending. It’s another thing to know exactly how much you have available to spend. At a glance, users should be able to know how much they have left after their scheduled bill payments, pending transactions and savings goals have been accounted for. (Hat tip to Simple for this idea.)
13. Receipts – Users can take photos of receipts to help them keep track of expenses. This really only works if you are offering PFM as well.
14. Person-to-Person Payments – Quickly and securely transfer money to anyone at any time using just their mobile phone number or email address.
15. Travel Notification – Users can quickly let their financial institution know they will be traveling. All it takes is a swipe or tap.
16. Personalization/Customization – Users can quickly view a list of their most frequent actions (e.g., a shortcut listing recurring bill pays). They can customize their dashboard, menu or interface to suit their needs/situation. They can personalize their profile, with a nickname and photo.
17. Credit Monitoring – The app displays the user’s credit score, updated monthly.
18. Mobile Photo Account Opening – A user can snap a picture of their driver’s license and be on their way to opening a new account in less than five minutes. It’s a handy feature when the need arises, but one that will probably be used fairly rarely.
19. Wearables Integration – Users can customize their settings to receive various alerts and notifications related to their accounts and/or spending patterns — e.g., account balances, recent transactions, transaction details and other important messages.