Thanks to increased internet penetration, an increasing number of people in India access their bank accounts through banking apps today. They offer convenience, security, and several features to simplify financial transactions. Today, customers expect more from their Android banking apps and banks focus on fulfilling customer expectations through their apps. Here are six essential features your new mobile banking app should have today.
- A banking app that helps to track and analyse expenses
One of the most valuable features of a banking app is the ability to track and analyse expenses. IDFC FIRST Bank’s ‘Track Your Expense’ feature empowers customers to gain insights into their previous payments, categorise them, and set budgets accordingly. By understanding their spending patterns, users can make informed decisions, optimise their expenses, and save more for the future.
- Features that help you save more
Banking apps should provide tools to help customers save effectively. IDFC FIRST Bank’s ‘zero-fee banking’ feature helps customers save more by waiving twenty-eight savings account-related fees. Additionally, the bank offers monthly interest credits on certain accounts, allowing customers to earn while saving. With high-interest rates on savings accounts, customers can maximise their earnings and achieve their financial goals faster.
- Quick online transfers
Secure transfer of funds is a fundamental requirement for any banking app. In 2023, users expect quick and hassle-free online transfers. A banking app should integrate seamlessly with various payment systems allowing users to make instant transfers. This feature helps customers conveniently send and receive money without delays or complications.
- Searchability of features
With the increasing complexity of banking services, a user-friendly search feature is essential for customers to find specific features easily. IDFC FIRST Bank’s mobile banking app, for instance, offers the ‘Universal Search’ feature that enables users to quickly locate desired functionalities. Features similar to Universal Search help customers save time while accessing banking services.
- A good user interface
A visually appealing and intuitive interface improves navigation, simplifies tasks, and fosters trust in the app’s security. Elements such as clear menus, easy-to-understand icons, and a logical flow contribute to a positive user experience. A good UI also ensures that users can access the app’s features seamlessly, enhancing their overall banking experience.
- Avenues for investment
Banking apps must also provide opportunities for investment. IDFC FIRST Bank, for example, offers personalised investment recommendations tailored to individual financial goals and risk appetites. IDFC FIRST Bank customers can explore investment options directly within through the IDFC FIRST Bank mobile banking app.
In 2023, banking apps are going beyond basic functionalities and offering features that cater to the evolving needs of customers. From expense tracking to savings optimization, quick transfers to user-friendly interfaces, and investment avenues, a comprehensive banking app can transform the way individuals manage their finances. Be sure to prioritise these features while selecting an online banking app in India today.
