We live in a world where everything is operated virtually. Within this context, an online banking app should be more than just a digital version of a traditional bank branch. They must be a secure and user-friendly tool that allows customers to manage their finances effectively.
According to the latest reports, 87% of Indian mobile banking users were likely to remain loyal to service providers with better-performing apps. The study also states that banks that do not invest in such facilities fall behind their counterparts.
After understanding the banking environment in India, let us explore the six essential features an online banking app must have.
1. Secure authentication
The latest research states that around 86% of cyber crimes happen with the intent of stealing money from mobile banking apps. This is why most banks focus on identity verification processes involving complicated steps like one-time passwords, encrypted PINs, and message confirmation.
The electronic Know-your-Customer (eKYC) and biometric selfie verification are also being embraced. It helps clients to digitalise the KYC process and deters identity fraud.
2. NEFT/ RTGS/IMPS
With these transaction facilities, banks in India emerge as the biggest facilitator of implementing digitalisation. They allow transactions of a substantial amount of money with nominal charges. These real-time services allow clients to electronically transfer funds from their bank accounts to another account.
3. QR code payments
QR code payments are emerging as one of the most popular payment methods, enabling users to transfer funds instantly. With the ease of scanning the barcode, users can make purchases quickly and accurately.
Leading banks are jumping on such transaction trends by implementing QR code scanning technology into their online banking app. Users only need their smartphone and a stable internet connection for this super convenient and secure transaction method.
4. Peer-to-peer payments
As per the latest reports, paper money is declining in popularity as the government encourages the adoption of digital payments in India. Therefore, most of the population carries less cash than in earlier times.
This is where peer-to-peer payments or P2P payments permit online banking customers to directly transfer the said amount from their account to another individual’s account. With modern banks on mobile, people can deposit their money more securely, safely, and instantly. Although many third-party vendors provide the same service, using a reliable banking app is more convenient even for overseas fund transfers.
5. Intelligent chatbots
AI-powered chatbots are a crucial component for optimal customer service and keep clients loyal. With the 24/7 support of these intelligent chatbots, the banking experience becomes more personal and conversational.
With reduced waiting time for response and multilingual assistance, clients remain satisfied as their queries are answered instantly. The calls are transferred to expert executives for more complex cases to provide a more personalised solution.
6. ATM and Bank branch locator
This might look like a basic feature for your online banking app; however, it is crucial. When a customer requires assistance to find their nearby ATM or branch, they can depend upon a reliable banking app to locate it.
Bottom line
With these six features, Indian banks aim to provide solutions to their evolving customer demands and look after their safety. With such efficient features, the bank on mobile emerges as a top choice for transactions in the country.
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