I am absolutely giddy about the iPhone 5 coming out with NFC enabled. No more debit card, just wave and pay. Now I just need that ultimate mobile banking app that will take advantage of the technology available. So what should this mobile banking app have? I’m glad you asked.
High Level Security
With everything going mobile, security needs to be a priority. There have already been instances of poor security with mobile banking. As customers begin to access financial services through this channel, they must feel comfortable with using the service.
Basic Functions with a Twist
Of course at minimum, customers should be able to view their accounts, transfer between accounts, and pay bills. But instead of the typical online banking layout, why not go ahead and take a PFM approach? Mint and Geezeo are good examples of this.
View Check Images
If I can view images on online banking, why can’t I on mobile banking?
Hey, no need to pay ATM fees when I can find the closest ATM and get directions on how to get there.
Alerts By Location
In case you didn’t know, customers LOVE getting balance and transaction alerts. This alone will drive up your mobile banking adoption. But what I would like to see is my app having alerts pushed to me within 15 minutes with geo-tagging. It would be great to click on the alert and it show the map location of where the transaction was made. This would have huge potential for fraud protection. Of course, payment processors would need to start providing this location information. For now, it seems we can only get the merchant name, depending on the transaction file you look at.
With NFC now available for Android Gingerbread phones and Apple coming with their version soon, mobile payments will take off. You can bet that Microsoft and RIM will follow suit or get left in the dust. A lot of people are eagerly awaiting this feature.
Remote Deposit Capture
USAA is the poster child of this with over 35% of RDC coming from phone apps. Vendors are now starting to offer this as a stand-alone app. I think integration of this function is way better.
PayPal has shown that people want this feature. Surveys have also shown that customers would love to have this function provided by their bank or credit union.
Mobile Awards and Coupons
Rewards checking has become very popular. Cardlytics offers one of the better products that I’ve seen. But imagine getting specials pushed to you through alerts. These awards could even be sent to you based on your GPS location.
Skype is now offering video conferencing on their phone apps. Mobile banking adoption is supposed to steadily increase. As branch visits go down, being able to video chat with a branch officer about accounts, investments or insurance will be a welcome feature.