In the present world, Mobile banking apps are increasingly becoming more substantial. A recent survey showed that people visit branches at less than half the rate that they use banking apps. As a result, the banks continue to close branches and invest more heavily in technology. The developers of the banking sector are trying to provide a better design, a more perceptive interface, and a good functionality in a well-organized manner.
Smartphones and mobile devices have changed the way that a normal person does banking. A simple app download can now give access to services that were only valuable in person at a bank branch. These apps bring the bank branch to an individual’s hands and let them bank at anytime and anyplace with the help of internet. A good banking app should be easy to use by the people.
People want to be able to do everything on their phones that that can do in a branch or on the website. Being able to deposit cheques with a phone is a great feature. But having a low deposit limit is an annoying one. The most highly rated apps have both great design and functionality. The most important point is that best apps are filled with critical functionality. Mobile banking is one of the main factors when determining with which bank to open an account. The folks are curious about what mobile features their current bank has to offer.
Mobile Banking Trends:
The customer’s expectations around mobile banking are higher than the ever use of mobile banking increases at the expense of desktop banking. Around hundred percent of the banks surveyed both iPhone and Android devices, with sixty percent supporting Windows and fewer financial institutions investing in Blackberry support. According to a recent survey, about seventy-two percent of banks allow saving their ID on the mobile app while the vast majority of banks integrate savings, overdraft and credit cards within the mobile banking app, far fewer include loans or investments. Sales and marketing, as well as the ability to buy products within the mobile banking app, is available at fewer than thirty percent of the banks monitored.
According to the Research:
According to the research conducted by KMPG (a professional service company and one of the big auditors) in August the year 2015, the number of mobile banking users globally is likely to double nearly two billion which is over twenty- five percent of the world’s population, in the future. The more catchy point is that the mobile banking users in India account for over fifty percent of its population today. The mobile banking and payment systems are increasingly being connected with other technologies for the betterment of an individual’s life.
Important Key findings on Mobile banking in India:
- India has the youngest population of mobile banking users across the world.
- Presently, Banks are increasingly adopting ‘Mobile Firs’ technology.
- Large banks have already acquired technology growth in a huge manner.
Best App for a large Bank:
Chase is one of the best mobile apps of large banks in the country, with a good rating. The average rating for large banks is the average one. It has been investing heavily in its app, having added Touch ID login for iPhones. The app is full of features, allowing users to send money to friends, send national and international wire transfers, and see statements etc. The app also has small, fun design features. If an individual uses the app in New York, they will see the images of New York City.
Best App for the Large Credit Union:
PenFed is one of the largest credit union apps all over the globe, with more than nineteen dollars in the assets. It has been growing dynamically with a strategy that delivers very low-interest rates on auto loans. These reviews demonstrate that the credit union is also focusing on customer experience. Although it is a credit union one, it is relatively easy for anyone to join.
Most used Banking Apps:
HDFC Bank Mobile Banking:
This app is designed for the HDFC customers. It is freely available on the Google play store. Customers can perform all banking tasks through this app. One can pay credit card bills, utility bills etc. One can also request for cheque book, request statements, stop payments etc. The account holders can also transfer funds between different bank account. According to a recent survey, nearly five million users have downloaded this app.
State Bank Anywhere:
This app is a popular Android Banking app which is available on Google Play Store for free. It provides the mini statement of last ten transactions. This app allows the folks to select an account number and one can check information about the account. It also supports intra-bank, inter-bank, fund transfers within different accounts. According to a recent survey, approximately ten million users have downloaded this app.
Axis Mobile Banking:
This app is only available for the axis bank customers who own an android Smartphone. It is free of cost and one can view account summary, mini statement, credit card details, transactions etc. The customers can also block and replace credit card details and also can check the credit card validity. Around five million users have downloaded app.
What are the features to be considered when evaluating a banking App?
Most of the banks offer mobile app services free of charge, which means the bank won’t charge any extra fees for use of the app, but the phone carrier will charge standard data and messaging rates. One must be sure to check specific bank to be clear about the rates. Bank may offer a free download, but some services within the app, such as transfers, may come with a fee.
Most of the mobile apps provide mobile cheque deposits which mean, that one can deposit cheques using only the mobile phone. On the other side of the coin, banks have particular deposit limits depending on timeframes, account type, and other factors. One should be aware of the deposit limits before they start making plans to use the service heavily.
Each app has specific technology requirements. Some apps will run on iPhone iOS 7 on the other side of flip some require iOS 8 or higher. This feature applies similarly to that of the android. Some apps require OS 4.1 and others require OS 4.4. A few apps have features for Apple or Android watches.
Easy to Use:
The best mobile banking apps are generally more easy to use. Apps should have an interface that is should be a reliable one. If a person finds difficult to manage the banking apps with tabs and swipes on their phones, they can skip the app and use the browser. One must be sure that the app they choose must have an easy-to-use interface and designed in a good manner.
Apps with multitude functions are the easier one to use. Some customers may want an app that allows them to easily handle multiple accounts. Some apps also send email notifications when they make mobile deposits or other changes to their account. An app offers the ability to customize features such as automatic bill play, account alerts, and budgeting plans.