Fundamental functions of a great commercial bank digital banking app

Commercial banks have been around for centuries, and their function has always been the same: to store our money and lend it out when needed. However, the digital banking revolution has allowed these institutions to take on new roles in our lives. 

In this blog post, we’ll explore the most fundamental functions of a great commercial bank digital banking app. Keep reading to learn more!

Top 7 fundamental functions of a great commercial bank digital banking app

1. Bank Account Management

The purpose of using a mobile banking app is to allow users to manage their bank accounts directly from their mobile devices.

Users can monitor their credit cards and bank accounts, check balances, view transaction histories, and transfer funds from anywhere at any time thanks to bank account management capabilities.

You should always include the necessary features; however, you can still be creative when developing your app.

2. Core Banking Features

A back-end system that processes transactions and posts updates almost instantly is known as core banking, also known as centralized online real-time exchange banking.

All types of services are now available across multiple digital channels thanks to cutting-edge banking software.

The CORE of your mobile banking app should be CORE banking. CORE banking software can be customized for retail, wholesale, or securities trading.

3. Peer-to-Peer Payments

Peer-to-peer payments, or P2Ps, enable online banking customers to transfer funds from their accounts to the account of another person directly from their mobile app.

P2Ps are the reason that married waiters splitting checks for groups of 12 is no longer common. In most cases, money is deposited safely, securely, and instantly using mobile banking apps with P2P capabilities.

Although many third-party vendors offer similar services, using a banking app is far more convenient. The banking app requires the user’s ID number, and the bank manages the funds transfer.

4. QR Code Payments

QR codes are becoming increasingly popular in mobile apps, allowing users to scan their code on a barcode reader to make purchases quickly and without contact.

Leading banks are now getting in on the QR code action by incorporating QR code scanning technology into their applications.

QR codes offer an excellent alternative solution for both issuers and merchants looking to expand their customers’ mobile payment options.

5. Advanced Security & Fraud Alerts

Nowadays, you can never be too cautious. When it comes to sensitive data, users want the best protection against hackers and cyber theft.

To have a successful banking app, make sure that it has secure sign-in functionality. You want to include specific steps in signing in to a user’s online banking account without adding too many steps that may irritate users.

The line between being cautious and being paranoid is thin. A successful banking app ensures that the sign-in process is quick and simple while also secure, giving the user peace of mind.

6. ATM Locator

An ATM locator feature may appear to be a very simple feature to include in your banking app. It is critical, no matter how simple it may appear.

Customers should be able to rely on your banking app to locate an ATM near them when they need one.

Most mobile banking apps include this feature because customers demand it, not because everyone else does.

7. Bill Payments

Paying bills by check is time-consuming, inconvenient, expensive, and harmful to the environment. It’s also far from the most secure option.

There are numerous advantages to using a banking app to pay your bills. Users can set up automatic bill-pay features so that they never miss a payment, in addition to the convenience of paying bills from anywhere at any time directly from their smartphone.

They can set up one-time or recurring payments, as well as customized email or text alerts to notify them when someone sends them money, there is activity on their account, and more.

Conclusion

In order to create a great digital banking experience for your customers, there are 7 key features that your commercial bank digital banking app must have. If your app includes all of these functions, you will be well on your way to providing an excellent digital banking experience for your customers. Is there anything else you’d like to include on this list? Please let us know in the comments section below.

Don’t forget to contact SMARTOSC Fintech today to get the best technology solutions for your institution.