The mobile banking market is growing, and it’s expected to reach $3.47 billion in revenue by 2030. That’s not surprising given that 60% of mobile users opt for finance apps over websites. As more and more consumers use mobile banking for personal finance management and to transfer money conveniently, financial institutions need to invest in innovative features that go beyond general money-related operations.
However, even the most advanced functionalities won’t capture the user’s attention if the overall experience is mediocre. That’s why banks need to introduce the best mobile banking app features—from personalized interactions and intuitive interfaces to seamless navigation and more. That’s especially important given the diverse audience, including younger as well as older generations and users with disabilities.
Neontri understands these demands and helps banks create advanced mobile solutions that combine innovation with intuitive design. Our expertise in mobile app development services empowers financial companies to deliver exceptional experiences that stand out in a competitive market.
In this article, you’ll discover the must-have features of modern mobile banking apps that deliver exceptional user experiences for diverse audiences.
Key takeaways:
- Mobile banking apps are projected to reach $3.47 billion in revenue by 2030, highlighting the need for continuous innovation to stay competitive.
- The best banking apps combine intuitive design, innovative features, and robust security to meet diverse user needs and increase customer satisfaction.
- Before deciding which features to implement, financial institutions should thoroughly understand their audience, analyze market trends and competitors, and prioritize features using proven frameworks.
Must-have mobile banking app features
In the age of digital natives, customer experience is of paramount importance—it has become the heart of every mobile banking app. While good experience can increase customer retention and loyalty, driving growth, the poor one can have the opposite effect.
When developing mobile banking apps, financial institutions have to understand the needs, preferences, and behaviors of both new and existing customers.
1. Simplified bank account management
The whole mobile banking experience—from an account opening to closing and beyond—is what a right mobile banking app is meant to do. Since these are core functions, they should be as simple and intuitive as possible.
Users should be allowed to easily:
- create new accounts;
- manage account activity;
- view account balances and transaction history;
- manage multiple bank accounts and credit cards;
- schedule recurring payments;
- set up account alerts and notifications.
When such functionalities are complex and not intuitive enough, users are likely to abandon this user-unfriendly experience and turn to competitors.
The Wells Fargo app offers a simple and user-friendly interface with intuitive features. Customers can use the app to easily check their balances, track account activity, deposit checks, send and receive money through Zelle, and pay bills.
2. Advanced security measures
Almost 74% of customers are concerned about security risks associated with banking apps. Many users, particularly those new to digital banking, may experience a natural sense of anxiety. They are worried about losing funds and personal details to unauthorized access or cyberattacks.
That’s why app developers and owners should take such fears into consideration. Building trust by providing excellent security and vigorously protecting user funds should be a top priority. There are many measures that banks can implement to improve the security of their apps.
Multi-factor authentication
By requiring multiple forms of verification, multi-factor authentication adds an extra layer of security. It combines something users know, for example, a password, with something they can use additionally, such as a code sent to their device or biometric data. This way, unauthorized access becomes much harder.
Biometric login and encryption
65% of consumers prefer to use biometrics in banking to protect their financial data. Facial recognition, fingerprint scanning, or voice recognition—these are the ways users can use biometric data for secure login. This ensures that only the authorized user can access the app. Encryption protects sensitive data by converting it into unreadable code. Together, they protect both identity and information.
Real-time transaction monitoring
By monitoring all transactions in real time, the system can detect any suspicious activity. When some potential fraud is spotted, it sends alerts to users or banks, ensuring rapid response. It can also freeze accounts and cards in case of fraudulent activities.
The Chase Mobile app provides advanced security features to protect users from cyber threats. Through 24/7 fraud monitoring, users can review transactions on-the-go for unusual activity. The app can text, email or call its users if there are unusual purchases on their credit card. The Chase Mobile app also supports Apple’s Face ID, Touch ID, and Google’s Fingerprint Login for quick and secure account access.
3. Flexible payment options
The need for flexible payment options has never been higher. Banks are responding to this trend by including a variety of payment options in their mobile banking apps. Users can now select from both traditional options and modern ones.
Digital wallet integration
Payment details are securely stored in a mobile app and can be used to make electronic payments. PayPal, Apple Pay, and Google Pay are a few examples of available digital wallets. Near Field Communication (NFC) technology can also be used in digital wallets to enable contactless payments.
QR code payments
Scanning a QR code from a mobile app is an alternative to using a payment terminal to transfer funds electronically at the point of sale. By 2026, QR codes are expected to be the most common type of digital wallet transaction globally.
Peer-to-peer payments
Such payments are rapidly becoming popular, particularly among younger consumers. Almost half of Millennials and Gen Z regularly use peer-to-peer payments for quick and easy money transfers among friends and family.
Buy Now, Pay Later (BNPL)
BNPL is revolutionizing shopping by allowing customers to buy items without paying the full price up front. It gives them flexibility and frees up their funds. Currently, there are over 360 million BNPL users globally.
Voice-activated payments
Voice commands are becoming more common in everyday life, and voice-activated banking and payments are quickly following suit. Customers can already complete payments using simple spoken instructions, such as paying bills or sending money to contacts by voice.
Mobile check deposits
Mobile check deposit feature allows users to deposit checks through a mobile device by capturing an image of the check and uploading it to a mobile banking app. Users can do it anytime, anywhere, with instant confirmation and deposit notifications.
While most mobile banking apps offer flexible payment options today, Bank of America stands out by offering Zelle for quick money transfers, digital wallet integration, seamless bill pay services, mobile check deposits, and wire transfers.
4. Budgeting and expense tracking
Budgeting and expense tracking should be among the top mobile banking features. Such tools help users to improve their financial well-being by:
- track spending through diagrams and comparative charts;
- set savings goals and diversify their spending limits;
- gain valuable financial insights.
Since bank apps generate large amounts of data about their customers’ spending habits, they know how much money their customers make and how they spend it. As a result, they can provide advice on how much users should save monthly or where to cut costs. This way mobile banking apps are transforming into automated advisors.
Ally Bank’s app might be a good example here. Its “Surprise Savings” feature analyzes the user’s spending trends and immediately transfers safe funds to a savings account.
5. Loan and credit services
Incorporating loan and credit services into mobile banking apps is an excellent addition to traditional core banking offerings. Many banking apps now integrate loan and credit services which allow customers to:
- Easily apply for loans.
- Receive regular updates on credit scores and tips for improvement.
- Keep track of loan repayments.
- Get loan recommendations based on real-time credit score updates.
The SoFi app allows users to apply for personal loans directly within the app. The process is simple and takes only three steps. SoFi is known for its user-friendly interface and quick application process. It also offers personalized loan options for different needs like travel, weddings, home improvements, and more.
6. AI-powered customer support
In case of problems and questions, users expect quick and easy access to customer support. Banking apps have a broad audience and it’s very likely that some users might encounter certain issues and won’t be able to solve them on their own. Very often non-standard situations are not addressed in the FAQs.
Given that more than 60% of customers say they switched from one brand to another due to poor customer service, banks may want to provide excellent customer support to keep their customers satisfied and not to lose them to competitors. The best mobile banking app features for customer support include in-app chatbots, virtual assistants, and even direct call options.
Chatbots
Chatbots allow users to solve problems at any time, offering personalized assistance at the user’s fingertips. They help with various tasks, from checking an account balance to guiding them through more complex financial transactions.
Visual assistants
While similar to AI chatbots, virtual assistants are more versatile. By using big data, deep learning, and machine learning algorithms, they deliver more conversational experiences.
Direct calls
Some issues and questions require human assistance. Moreover, as many as 76% of users still prefer traditional phone support. This option streamlines the transition to call center support and provides users with the desired omnichannel experience and quick resolution.
The Bank of America app provides its users with Erica—a virtual financial assistant. In essence, Erica is a chatbot, available 24/7 to the bank’s 25 million mobile customers. She can help users with automated tasks such as looking up transactions, paying bills, and receiving account alerts and insights.
7. In-app education
Integrating educational resources into mobile banking apps is another must-have feature. It is particularly useful for younger and older audiences. Teenagers may already have bank accounts and use banking apps daily, but they lack basic money management skills. For example, in the United Kingdom, 61% of children manage their money through an app, while 43% receive pocket money via bank transfer.
In-app educational resources also benefit older generations who are gradually coming around to using mobile banking apps. Today, 40% of older consumers use apps to manage many of their regular financial transactions like paying bills and checking account balances and payment status.
Educational content comes in various forms, from videos to interactive tutorials, and usually includes budgeting, savings strategies, and investment basics. It helps users make more informed financial decisions regardless of their level of financial knowledge.
The Chime app offers educational content that helps users make more informed financial decisions. Through collaboration with Zogo, Chime incorporates gamified courses on credit and budgeting. This makes learning more accessible and engaging because users can receive rewards like gift cards upon completing modules.
8. Seamless card management and control
Mobile banking applications should let users easily manage their cards, including activating or deactivating them, setting spending limits, and receiving transaction alerts. These features help users stay in control and keep their cards secure. Options like temporarily locking and unlocking cards add extra protection.
The Capital One app enables users to easily activate/deactivate cards, set spending limits, and lock/unlock cards instantly for enhanced security and control.
9. Global and accessibility features
When almost everything takes place online these days, mobile banking services must be also easily available to everyone, regardless of their ability or background.
Accessibility options
1 out of every 6 adults is disabled, and many more have temporary disabilities—these can be physical, cognitive, or sensory. So, if a digital design fails to accommodate the needs of disabled users, it creates an access barrier.
To make a bank’s mobile app more accessible, it’s important to follow the WCAG 2.0 guidelines. These guidelines are internationally accepted web content accessibility standards that make sure disabled users have screen reader compatibility, adjustable font sizes, and voice navigation.
Multi-language support and currency conversion tools
Mobile banking apps can support international users with multi-language options and currency conversion tools. These features make global transactions seamless and convenient.
Simple interfaces and navigation
Simple and intuitive navigation and interfaces matter, especially when 94% of users judge the app’s design first and 88% are willing to abandon an app if it’s overcomplicated. To suit users of all ages, from seniors to kids, mobile banking apps should focus on clear, simple, and user-friendly design. It reduces clutter and organizes information logically, allowing users to manage their finances with confidence and ease.
Revolut’s app is a good example of how to support international users and improve accessibility by offering multi-language options, currency conversion tools, and a simple interface. For those who are less tech-savvy, the app provides easy navigation, voiceover support for visually challenged users, and adjustable text sizes.
10. Cashback features
It’s not uncommon for banks to offer cashback and other incentives for using their debit and credit cards. However, incorporating rewards directly into mobile apps simplifies earning and redeeming rewards more than ever. According to studies, 74% of consumers prefer financial products that offer cash back.
Cashback rewards add real value to everyday purchases and encourage customers to use banking apps and payment cards more frequently. Offering a percentage of purchases, banks provide a compelling reason for customers to choose their services over competitors.
Monzo offers a cashback feature and, with just a few taps, customers can earn between 2% and 10% cashback from a range of retailers. They can also keep track of all their earned rewards directly within the app.
11. Green banking
Modern customers prefer brands that share their values. One of these principles is environmental sustainability. In fact, 76% of customers ditch companies that treat the environment poorly. This encourages banks to incorporate environmental, social, and governance (ESG) initiatives throughout their various financial services.
Banks can attract environmentally conscious customers by offering products that support renewable energy projects or environmentally responsible funds. Mobile banking apps now include features that enable customers to:
- Apply for loans to fund green initiatives.
- Invest in green funds and monitor their performance closely.
- Calculate carbon footprints and donate to offset projects.
- Receive paperless statements and sustainable credit/debit cards.
Customers are more likely to remain loyal when they see their bank sharing their values, which leads to stronger relationships and higher retention. Eco-friendly practices can help banks attract new customers and foster stronger relationships.
Aspiration—a U.S.-based app—allows users to plant trees with every debit card purchase through its “Plant Your Change” feature. Also, the app offers fossil fuel-free banking, sustainability scores for purchases, and eco-friendly credit cards. Customers can track their carbon footprints and invest in green initiatives.
How to prioritize features for your mobile banking app
With so many trends and best-mobile-banking-app-features ideas around, it might be challenging to choose the features that will really be the best in your case. So, before deciding on what features to include in your mobile banking application, take a moment and read the tips below.
Step #1: Know your users
Get to know your users by doing surveys, focus groups or interviews to get more insights. Create user personas to identify key needs like accessibility for seniors or gamification for younger users. Highlight pain points and unmet needs to guide your priorities.
Step #2: Look at market trends and competitors
Check out top-rated apps to see what features are must-haves and look for emerging trends or innovative features that will set your app apart. Knowing the competition will keep you relevant.
Step #3: Prioritize using frameworks
Use MoSCoW or RICE to rank features by importance, user impact, and development effort. Also, balance what users want and what’s technically possible.
Step #4: Prototype, test, and iterate
Build prototypes of key features and get user feedback. Continuously improve based on insights and performance data. Use analytics to track feature adoption and adjust priorities after launch.
Partner with Neontri for innovation in mobile banking
Neontri understands the importance of developing user-friendly and innovative financial solutions. With over 10 years of experience in custom mobile app development, our experts have created apps used by millions of customers around the world.
For example, we successfully developed IKO—the world’s best mobile banking app that is now used by more than 8 million customers. Also, our experts built a PSD2 hub that connects over 300 Polish banks to third-party services, assuring compliance and improving user experience. Reach out to us to discuss special mobile banking solutions for your business.
Final thoughts
The best mobile banking app features encompass intuitive design, innovative features, and robust security to meet diverse user needs. By prioritizing user experience and staying ahead of market trends, financial institutions can ensure their app stands out.
FAQ
What are the benefits of using AI-powered chatbots in mobile banking apps?
AI chatbots provide 24/7 customer support, answering common queries instantly and reducing wait times. They also help users manage accounts, track expenses, and even detect fraud, improving convenience and security.
What are some examples of successful mobile banking apps?
Successful banking apps like Revolut, Chime, and N26 stand out for features like real-time spending notifications, budgeting tools, and seamless international transactions. Their focus on user-friendly design and innovative features has made them leaders in mobile banking.
Paulina Twarogal
