Years ago I headed up the mobile banking project at my former employer. Mobile banking was new on the scene and there weren’t many providers to choose from. So what I focused on was what type of mobile banking I personally wanted to use.
We ended up going with the “triple-play”. The iPhone had just come out so smart phones weren’t as popular. Consequently, I figured the WAP and mobile app options wouldn’t be that popular. Text messaging, however, turned out to have a very high adoption rate.
We blew the industry standard adoption rates out of the water. At the time, I figured SMS alerts would be a highly desired feature. Once people saw how it worked during branch demonstrations, they signed up in droves.
Fast forward to today and we see that mobile banking has really evolved. Unfortunately, most credit unions don’t take advantage of the many features that are available. Decision makers seem to select solutions that allow them to say “we have mobile banking”. Instead, they should choose a solution that they themselves want to use.
Were I on a mobile banking project team today, I would try to get the most awesome-est mobile banking app available; something that I would want to use and show off. So what features would this app have? I’m glad you asked.
High level security
If we want members to use mobile banking, we have got to make sure this is nailed first
Branch & ATM locator
Credit unions have the largest ATM network in the nation. What better way to show that off?
Real-time transaction and daily balance alerts
Some credit unions have mobile alerts, but transactions have to have a minimum amount, typically $100. Or, you can only get a balance alert once a week. I don’t know who made this decision, or maybe it’s a vendor limitation, but that isn’t going to cut it. If I get a $3 latte at Starbucks, I want a doggone alert sent to my phone. Every morning, I want a balance alert. Personally, my daily balance alerts saved me when my account was compromised. Say it with me, no minimum thresholds.
Alerts by location
Since I’m already receiving transaction alerts, why not interface with Google maps and give me the location of where the transaction was made?
App help button
Amazon’s Kindle has a help button and that seems like a really cool feature. I don’t always want to talk to someone, but having a direct connection would be nice. Especially if it’s something like Apple’s Facetime or Skype
Passcode/Touch ID integration
Typing in my online banking credentials takes soooooo long. It would be nice if I could just open the app to view balances and use Passcode/Touch ID for transactions that move money out of my accounts
There are times where I may need to do a quick transaction from a secondary to primary account. Going through the transfer screen can be tedious. This would work similar to quick withdrawals found on ATMs
Cardless ATM transactions
Paydiant’s solution seems to have this nailed down
Send money feature
Something like Simple’s MoneyDrop would be nice, especially if it can be used outside your credit union network.
Schedule an appointment
For when email and mobile chat just won’t do. Sometimes in person is the way to go.
Mobile remote deposit capture
Although I don’t use this feature a lot, I know others do
Yeah, I’m that guy. You know, the one that pulls out his phone to pay at Starbucks. Now if I could only do that in the Lego store.
City Bank in Texas has a feature that allows you to disable/enable your debit card from their mobile app. Setting “do not use” times, similar to “do not disturb” for alerts, would be nice also.
View check images
For those of us that still write the occasional check, this would be handy; especially if I don’t have to scroll through transactions to find and view the images.
So there you have it, my most wanted mobile banking features. Unfortunately, no one vendor offers all of these in their solution. But now they at least know what one credit union member wants.