An online bank transfer app can provide access to all virtual banking services available via net banking. These apps have made banking portable, ensuring that you can access your account easily regardless of the time or location. However, before using a mobile banking app, you should be aware of what this app can offer. Take a look at some of the unique features that a banking app can offer:
Cardless ATM Withdrawal
Cardless withdrawals are an excellent solution for reducing all types of physical contact while withdrawing cash from an ATM. With this facility, you can gain access to your account through your bank’s online bank account app. For a cardless withdrawal, you don’t even need to use your debit card. it is an excellent mode for accessing either banking services or cash instantly, especially in situations when you don’t have your card on you.
Contactless payment
As the COVID-19 pandemic was spreading across the world, people started looking at contactless payments as a viable option for carrying out expenses. The contactless payment feature ensured that payments could be made without any touch. That’s why this facility was introduced by banks as a part of their consumer banking services. Even after vaccinations, the feature of contactless payment continues to be used today. That’s because this feature eradicated the hassles associated with cash payments. One of the best examples of contactless payment options is the QR code scanner.
CORE banking
Centralized Online Real-Time Exchange (CORE) banking is a back-end system that processes transactions and records them almost immediately. This system can help you with things such as signing up for a new account, managing an already existing account, calculating interest rates, managing loans, making withdrawals, and many more. Moreover, this banking system can also be used for purposes such as retail, securities trading, and wholesale banking.
Account management
With the help of your bank’s mobile banking service, you can use your credit cards, transfer money, and check your account balance by downloading your bank’s online statement. Apart from the facilities mentioned, some apps can also help you manage upcoming expenses. For instance, IDFC FIRST Bank’s online bank account app allows you to view and manage your upcoming expenses. This facility helps in identifying unnecessary expenditures.
Advanced security
Your online bank account app must come with a high level of cybersecurity. A banking app’s security features should do more than just protect your money from hackers and malware. The best security features of banking apps will protect your account against all types of threats such as phishing, trojans, and man-in-the-middle attacks. Apart from keeping attacks against your account at bay, the app’s security feature should also send alerts to you and your bank.
These are the key features that a good online bank account app should have. Before downloading a banking app, make sure to check whether it offers these features.
Reference links
https://www.chetu.com/blogs/banking/9-must-have-features-for-a-successful-banking-app.php
https://dollar.bank/be-dollar-wise/august-2021/15-features-your-online-banking-mobile-app-should
https://www.forbes.com/advisor/banking/desirable-mobile-banking-app-features/