6 Essential Mobile Banking Features for Community Banks 1

6 Essential Mobile Banking Features for Community Banks

Financial institutions have many picks when enforcing a cell banking solution. The majority of community banks do not have the assets to increase cell software in-house, so they may maximum possibly implement a mobile platform from a software dealer.

Community banks need to provide sturdy and intuitive cell banking apps to compete against large national banks and appeal to new clients, mainly tech. Savvy Gen Y purchasers. Banks additionally gain the ability to promote greater offerings to present clients, hold cutting-edge clients and decrease operational costs. For a financial institution to achieve those benefits, their cellular app should encompass many key capabilities.


The 1 characteristic that all cellular apps must have is protection and fraud controls. Mobile payments in North America on my own are envisioned to reach $288.Four billion by 2014, a reality that has the eye of hackers and enterprising criminals. Banks need to pick out a cellular platform that guarantees all trendy Internet banking security capabilities are carried out at login and multifactor authentication and 128 bit SSL encryption even as the app is in use. The banking session has also automatically quit while the app is closed. It is interesting to be aware that Javelin Strategy & Research estimates that 30 million human beings within the United States have interaction in cellular banking, and 1/2 of these clients no longer assume cell banking is at ease. Clearly, the blessings of cellular banking outweigh the viable dangers in the minds of clients.

Graphical User Interface

Consumers have come to be accustomed to interacting with many cell packages, ranging from video games to on-line newspapers. When deciding on a cellular banking application, financial institutions must pick out an intuitive platform for purchasers and easy navigation. Large buttons and full-screen menus with restrained scrolling necessities are the right features in a graphical consumer interface (GUI). Apps that rely completely on SMS textual content messaging instructions ought to be prevented. Consumers are used to interacting with full-service packages at the touch of a button now not texting precise commands consisting of BAL CHK1 to check a selected account balance. People revel in texting their pals, no longer their financial institution.

Bill Pay

Bill price and balance inquiries are simple features that every one mobile banking program must have and are vital to customers. The capability to check account balances and pay payments at the move is why many customers use cell banking apps. The software program must provide real-time account balances and integrate smoothing with an FI’s Internet banking device. Apps that do not automatically sync with Internet banking platforms are frustrating for clients to apply and might increase customer support calls.

Fund Transfer

Fund transfers are some other simple characteristic that purchasers assume when they use a mobile banking app. The potential to transfer money among accounts fast and securely is a trait that community banks have to provide their clients. Many network financial institution clients do not use a network financial institution as their primary economic institution. They could discover the capacity to transfer price range to money owed to different institutions attractive. Community banks can try to win over these clients and become their number one monetary institution (PFI).

Mobile Banking

Mobile Deposit

Mobile deposits allow customers to deposit checks with a smart telephone by taking an image of taking a look at and submitting it to the financial institution for processing through the application. Mobile deposit is a famous characteristic because it’s miles handy and saves customers lots of time. Mobile deposit additionally will increase coins flow and lets in customers faster get admission to their money. If a financial institution chooses to offer a mobile deposit, it’s far essential to ensure that the software program dealer includes equipment to assist in risk management, including duplication detection and fraud tracking.


Person-to-individual (P2P) bills or fund transfers are becoming more popular. Javelin Strategy & Research forecasts that 60 million American families will use P2P transfers by way of 2014. The most popular form of P2P transfers is PayPal, but numerous other carriers have to be had. P2P bills permit customers to ship cash to each other via the cellular tool, from one bank account to another. Customers may use the carrier to pay bills from organizations that accept P2P payments. The satisfactory P2P applications allow customers to transfer price range among money owed that aren’t held at the equal monetary institution.