Can you find a bank that doesn’t have a mobile application nowadays? Well, I may say that it is almost impossible.

Now we can see a really significant shift in how financial services become much more available for the clients. In fact, recent surveys reveal that modern customers have quite a strong preference for mobile apps over traditional websites —  with more than 60% being more likely to use a mobile app than a website through a mobile browser.

However, even though banks make an effort to keep up with all these technology and designing trends, not all of them succeed. And the impact of such upgrades on the quality of customer service can be not so clear. So, why is design so important for mobile apps? What actions should be done to create a positive customer experience? Let’s figure it out together.

Key Features Modern Banks To Keep Their Eyes On

Let’s start with top-3 features your bank must include in the mobile bank, shall we?

First of all, I can advise banks to think about a range of features that can meet the growing user preferences and expectations. Banks that invest in innovative and user-friendly mobile apps can set themselves apart from the crowd, gaining a real competitive advantage. A nice-designed app may help fintechs to earn clients’ loyalty by making processes convenient and fast.

Don’t forget about operational efficiency. Banks should understand that mobile apps are created first of all to be a convenient and fast way for people to get financial services. Bank apps may remove the need to have physical branches, eliminating many offline branch costs. Furthermore, by implementing automation, banks serve more customers with fewer human resources. This is not only about cost reduction but can also allow bank staff  to focus on more complex and creative tasks.

Last but not least comes customer support provided inside the bank’s mobile app. Understanding that we have quite quickly entered the world of automatisation, users still want this personal experience. Not to deny, you want to be heard when asking a question or facing an issue. Use chatbots, comprehensive FAQs, and live support. You should remember about human touch and feeling of constant support. And who doesn’t want that?

Mobile-First Approach: Why Should Banks Prioritize It?

Based on everything I’ve touched upon above, one of the main mistakes banks can make when creating mobile applications is neglecting the user experience. A poorly designed UI and UX can be very frustrating and result in customers leaving to seek more user-friendly alternatives among competitors.

Here’s some pure facts: today, 15% of U.S. adults are “smartphone-only” internet users. This implies that modern users are increasingly accustomed to seamless digital experiences and conducting their financial operations “on-the-go”, so mobile-first approach is a must-have for banks. Now you cannot just duplicate the design of traditional online banking system into your app. Modern customers demand easy-to-navigate technical solutions that can make their banking tasks faster.

Which 5 Essential Features Should a Modern Banking App Have?

Let’s switch to the main part - what steps should you never skip when building a worthy modern mobile banking app?  Here are the top features that, to my mind, are a must.

Begin with ensuring your app has an automated onboarding. Automated onboarding  may help improve your clients’ satisfaction right from the very beginning. Remember that in most cases, it’s the first impression that really matters. Ensure that if users download your bank’s app, they will be able to easily and quickly create their accounts and complete the registration and KYC process within a few minutes. This may also be the thing that enhances security.

Then, don’t forget to implement biometric authentication. Who wants to remember all their personal data and passwords in 2024? To make your customer’s lives easier, you should surely incorporate biometric authentication methods into your app. This will not only help users access their bank accounts easier but will also enhance security by lowering the risk of unauthorized access.

The third step would be connecting the transactions to contacts. You may think it is obvious but don’t be so sure. Of course, it allows customers to transfer money easily without any details such as IBAN numbers. Simplified transactions, in my opinion, will make any app more user-friendly and increase its utility in daily usage.

Then, create a well-organized dashboard. The dashboard (main screen) is the most frequently viewed screen  in a mobile banking app and, as such, should be designed with more attention and care. It should present critical information in a clear and concise manner, so don’t put any ads and extra design elements. Quite often, they are just too messy (I won't point my finger). Otherwise you will definitely see people’s frustration.

Finally, card management. Your users should be able to freeze or block their cards, view PIN, request reissues if it’s needed, and access card details directly from the app without any extra actions and requests. Many people have security fears and banks should do everything to minimize them.

Of course, the things I told you about are the only one part of the successful mobile app. These are technical details, and the most important you should always think about are people.