Banking Applications otherwise refers to as Banking Apps is one of the most disruptive innovation in Banking till date. It makes visits to the brick-and-mortar for banking services completely unnecessary.
With a Banking app, all but very little banking functions can be performed at your convenience anytime and anywhere there is internet service.
Here are the lot of functions your Banking App should do
- Customer Service Functions – Your Banking App should be able provide answers and solutions to basic banking question and issues. There should be answers provided to Frequently Asked Questions in the App that could guide you on basic steps to take to sort out issues relating to your account/s. Video tutorials should be provided in your Banking App to guide and assist customers. With a Banking App, the customer should be able to set up appointment with the bank representative/s. READ THIS: Be a smart bank customer, avoid these banking mistakes
- Account Security Functions – Your Banking App should be able to provide a high level of security for your account/s. It should allow you deactivate your ATM debit and credit cards when you sense compromise and activate same at will. It should allow you deactivate banking functions on any alternative banking channels (PoS, ATM, Online, Contact-less pay and others) and reactivate same at will. The App should also allow you set up notification preference. READ THIS: All you need to know about joint accounts
- Payment and Fund Transfer Functions – Banking Apps should be able to allow customer make payment without hassles. Utility bills payment, Airtime top-up, Data purchase, Internal and Inter-bank transfers including foreign transfers from foreign currency accounts are some of the payment functions your banking app should be able to do.
- Account Opening Functions – Banking Apps should be able to allow existing and new customers open new accounts at will. With the use of Bank Verification Number (BVN) customers and prospecting customers of the bank should be able to open and operates accounts with the Banking app. READ THIS: How KYC can assist your banking relationship
- Receipt Functions – Your Banking App should be able to allow you generate receipt for transactions such as Transfers, bills payments and others and also provides functions to allow you send such receipts so generated to a third party.
- Photo Transaction Functions – Banking apps should be able to allow customers take photo of their banking instrument especially cheques and deposit same into their accounts using the app. photo bill payment is another function that should be allowed on the Banking App. Your App should also be able to act as you bank card for contactless transactions when needed.
- Bank ATM Locator Functions – The Banking Apps should be able to provide banking customers with a quick guide to location of the nearest ATMs and Quick service Points.
- Loan Calculator and Monitoring – Banking Apps should be able to assist customers to calculate their loan amount eligibility status, balance on their loans and also provide monitoring including notifications for their loan repayment date and amount.