Whether looking for a new way to save money or keep up with your banking, there are many things to consider when choosing a new banking app. These include personalization, security, and automatic savings features.
Personalization
Personalized banking is a process of providing tailored services to meet individual customers’ needs. This process can be accomplished through data, analytics, and behavioral science.
For the retail sector, personalized experiences have become a crucial competitive advantage. Top retailers customize customer product suggestions using data analytics and artificial intelligence. These solutions improve repeat business, foster loyalty, and boost earnings.
Consumers want to interact with a bank that offers convenient and personalized interactions. Banks need to create personalized customer experiences. Instead, they are flooded with generic marketing messages.
To create personalized experiences, banks need to break data silos and combine historical data with real-time analytics. This data can be used to create workflows and rules. It also allows for better visibility into customer data.
Banks have realized the importance of targeting specific customer segments. It has helped banks differentiate themselves from other financial institutions.
Moreover, targeting segments has helped banks increase customer satisfaction and engagement.
Automated savings feature
Whether you are saving for retirement, an emergency fund, or vacation, automating savings is a smart way to help you save. With an automatic savings feature in your banking app, you can save without thinking about it. And you can even increase the amount of money you save by 1% every time you get a paycheck.
One of the first banks to offer an automatic savings feature was Bank of America. If you have a checking account with Bank of America, you may set up automatic transfers to your savings account each time you purchase. The business also provides budgeting software and other money management solutions.
Touch and Face ID authentication
Touch and Face ID authentication in your mobile banking app is a great way to protect your account. Using this method to secure your account, you will never have to type in your login information again.
The first step to using Touch and Face ID authentication in your mobile banking is registering your fingerprints in the Touch ID & Passcode section of your device’s settings. If you don’t have a fingerprint scanner, you can disable the feature by selecting the Face ID toggle.
When you use Touch and Face ID authentication, your device will pop up a “Touch ID for First State” screen. If you have more than one fingerprint registered, you’ll be prompted to present your finger for scanning. However, you may be able to skip the prompt. You will be asked to enter your account password if you have five failed attempts.
To use Touch and Face ID authentication in your banking app, you can register up to five fingerprints. Each fingerprint is stored in a hardware chip on your device. The fingerprint data is encrypted and stored on your device. You can then enroll additional people’s fingerprints into your account.
Security
A secure banking app can reduce the risk of account takeover and identity theft. Here are some tips to secure a banking app.
Security of your mobile banking app starts with the data you store in the app. Therefore, ensuring your app’s data storage with high-level encryption is essential. Unprotected storage can expose confidential banking details.
Protecting the app’s communication with communication security tools would be best. These tools include encryption algorithms that render sensitive data unreadable.
You should also set a secure passcode and use a biometric ID. It will help you lock your screen when you are not using your mobile banking app.
You should also set alerts on your phone for suspicious activity. These can be via text or email. You can also set up notifications to know when your banking app performs transactions over a certain amount.
