Features that distinguish an Outstanding Mobile Finanacial Service

In recent years, there has been a rapid revolution in mobile wallet services because younger generations expect exceptional services from mobile payment options. The digital native understands the contribution technology has on their financial life. According to Forbes, by 2026, the digital native will account for 59% of customers in the United States alone. 

Millennials and Gen Z are slowly replacing their physical wallets with e-wallets. After all, mobile wallet services can achieve beyond what physical wallets can ever do. It’s natural for a generation that’s empowered by and connected with technology to expect cutting-edge financial solutions. 

Aside from shopping online, the digital native also looks to e-wallets for banking services. What are the features that distinguish an outstanding mobile financial service? How do you know that your e-wallet will make transactions swift and easy? 

We’ve compiled a list of features to help you identify e-wallets that guarantee great customer service and unmatched security.   

Let’s take a look!  

Source: Pixabay

Simple Navigation and Intuitive Design 

Achieving simple navigation and an intuitive design might sound easy, but many mobile finance services are still playing catch up.  Customers still encounter fragmented check out experiences on various online shopping platforms.

As a customer, it’s not your job to figure out how to complete a transaction on a mobile payment application. An example of poor navigation is when you can’t seamlessly transition from mobile web to the mobile app and vice versa. It would be frustrating if you couldn’t figure out how to withdraw from or deposit into your Unibet India betting profile. 

To make navigation easy, mobile banking applications should have an in-app search feature that allows users type in queries. You can use it to quickly find what you’re looking for. 

Customized Financial Insights 

Money management is like math, there is always someone who can’t seem to get it right. Wouldn’t it be delightful if your mobile financial service offered useful financial insights? Customized financial insights is a mobile banking feature that cannot be overlooked. 

Fintech apps are at the forefront of this crucial innovation, incorporating fun and intuitive, savings and budgeting tools for users. There are even conventional banking institutions that have jumped on the bandwagon, indicative of this feature’s appeal. 

The in-app virtual assistant the Bank of America introduced surpassed 10 million users after only 18 months. The customers appreciated the feature’s personalized insights. It’s an AI-powered featured that uses machine learning to provide users with accurate answers. 

Accessible Customer Support Features 

An outstanding mobile banking app should have accessible customer support features. Users should be able to access a customer support agent with the touch of a button. Be it virtual chat, live phone or a live chat, the features should be visible and easy to use. 

Many businesses prefer the virtual chat customer support feature because it accommodates both voice and text communication. Users can directly connect with a digital assistant or a customer support agent and get the help they need. 

Expanded Alerts 

Most of the alert features that outstanding mobile banking apps have exist because customers raised the issue. If it’s important to the users, then mobile financial services should incorporate them for great customer experience. 

Aside from basic fraud alerts, here are the expanded alert features a high performance mobile banking app should have:

• Large cash withdrawals 
• Due bills 
• Overdraft risk due to low balance 
• Large purchases 
• Special purchases 
• Password change 
• Deposit notification 

Users should have an easy time managing extended alert features. Mobile financial services should also make essential alerts actionable. For instance, the checkout process should have a ‘pay now’ button to make purchase decisions clear.

Wrapping Up 

Since Millennials and Gen Z are more likely to use mobile payments than their predecessors, business owners have had to incorporate seamless mobile checkout processes. Mobile banking is an opportunity for telcos, banks, e-commerce businesses, and financial companies to build a rapport with the digital native. 

 

By *Rick Johnsson *