What’s Next in Mobile Banking? More of Everything

“Today’s banking customers do more, want more, and expect more on their mobile apps. Meanwhile, banks have an ever-growing list of possible features to add to their apps.”

That’s the intro to Forrester’s latest report called What’s Next In Mobile Banking: Seven Indispensable Features Coming To US Banking Apps. 

So what are the must-have features that financial institutions and fintechs need to consider for their mobile banking apps? The report highlights seven features that Forrester identifies as table stakes that mobile banking must have for consumers by 2025: 

1. New ways to use rewards and points to pay for purchases with points or cashback bonuses. 
2. Ability to manage which devices and third parties have access to financial data. 
3. Account aggregation to view, monitor, and manage financial accounts across different providers. 
4. Integration with digital wallets for contactless payment options. 
5. Automatic savings functionality to help save money. 
6. Subscription management tools to help manage spending.
7. Virtual cards that can be instantly issued to quickly replace a lost or stolen debit or credit card. 

That said, the report also says that even if a financial institution or fintech rolled out every feature above, it would only put them ahead of their competitors for a little while. To stay ahead of the game for the long-term, Forrester calls for a dynamic roadmapping approach to continuously generate new ideas and iterate in ways that allow them to adjust to change. Check out the full Forrester report to learn more.