The global banking software development market is expected to reach a figure of $40.67 billion by 2029. To get a share of this lucrative industry, you must include some noteworthy features in your banking software. In this blog, we will discuss these features in detail.
Must-have features in your banking software
The following are the must-have features to have in your banking software.
Online Bank Account Management
The point of using banking software is that you can manage your account details through your device. It helps to make things more effortless.
Features like credit card management and bank account management make it easy for users to gain insights into their finances and stay on top of things. Plus, they can do this from anywhere at any time.
Embedding CORE banking software should be at the core of your mobile banking software application as it is a way to digitize banking services.
Here are some cool online banking features you can provide
? Online deposits and withdrawals
? Opening accounts online
? Online loan management
? Customer relationship management (CRM)
You should also include online bill payment and payment processing features in your banking software. The users should be able to pay utility bills and shop online using the online payment management systems integrated into their banking software.
Without these features, your banking software will lose to your competitors as online payments are now an integral part of most of the top-notch mobile banking software. Hire a top software development company to assist you in integrating payment solutions into your banking software.
Without including online bank account management features, your fintech solutions won’t be able to realize their true potential.
Advanced Security & Fraud Alerts
Security is a very important matter in digital banking software. Whether you’re looking for protection against hackers or cyber theft, as long as confidential data is concerned, it’s always best to be extra cautious and make sure you choose the right solution.
To create a successful banking app, it’s important to include a secure sign-in function. The steps for signing in should be simple and easy for the user.
There’s a fine line between being cautious and being paranoid. Successful banking software makes the sign-in process quick and easy while also keeping information secure, so you can help your users feel at ease.
For example, multi-factor authentication is a secure technology and an integral part of any banking software, but it can also be quite time-consuming. Longer sign-in processes will deter customers from using your banking app if you don’t have other complimentary features that are strikingly worthwhile.
Biometric authentication, on the other hand, verifies users based on physical metrics. This more advanced technology can recognize a person’s typing rhythm, voice and even physical gestures, as well as many other personal idiosyncrasies.
Wells Fargo just updated their app to include an eye-scanning feature to log in. It only takes a second, and you’re good to go.
Voice and touch ID features are also good ideas if you want to take advantage of those. For one thing, it provides the end user with more security options to choose from for their peace of mind.
This feature gives your finance software a more personalized feel as well as the highest level of security. They’re like killing two birds with one stone!
It’s the same with fraudsters and hackers- they’re always getting better. However, it’s not all doom and gloom for software developers, engineers, and programmers. Because with the latest security technologies, you can safeguard your users from banking fraud. Always keep security a top priority in mobile banking software development.
Tracking spending habits
Transaction management is a feature designed specifically to provide people with more helpful resources when it comes to their budgeting and spending habits. The budgeting feature could be a great addition to the banking software of various banking institutions. You can even use the feature on your phone and easily keep track of what you’re withdrawing or spending.
Here are some of the most crucial features of transaction management that you must consider while developing banking software.
Savings objectives
Users should be able to select from predefined goals, add their own, and set deadlines for completing them.
Detailed reports
Analytical charts are an excellent tool for demonstrating personal progress and motivating users.
Users should be able to specify what information they want to receive and how they want it delivered.
Budgets
Include a large number of spending categories as well as the ability to add new ones.
Customers should be able to set an amount for each category and see how much money they’ve spent and how much is left at the end of a week, month, or year.
Notifications
Notifications can remind users to enter data about their everyday spending, display reports, and remind them about upcoming payments.
ATM Locator
On your fintech software development journey, you will find out that finding nearby ATMs is still a big task for many users. ATM locator is a super, basic feature that would be important to implement in your mobile banking software. Granted, this may be the most basic element of many, but it is still crucial.
With most banking software incorporated with this feature, the need to find an ATM near you is a small inconvenience. To save money on gas, all users should be able to turn to their mobile banking software.
With the increasing popularity of mobile banking software, people are starting to use them as a way to bank on the go. By all means, be creative with your application, but don’t forget to include a locator function that will tell your users where nearby ATMs are.
Conclusion
Like other sectors, the baking sector is also undergoing a phase of major changes. Technology is leading this disruptive change in the banking sector. If you want to remain competitive in the banking sector, then you will need to build effective banking software. Integrate the above-mentioned features in your mobile banking software and reap rich rewards.
