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Greatness · 2023-05-29T15:17:39Z

As a consumer in today's digital age, you expect convenience and efficiency. Nowhere is this truer than with your banking and payments. A well-designed mobile banking or ewallet app can transform your financial experience, saving you time and hassle. But what exactly makes for an excellent mobile banking app? Here are the key features to look for based on examples from leading Nigerian fintech companies. Secure Login and User AuthenticationTo ensure the security and privacy of user data, a robust mobile banking app must have a secure login and authentication process.1. Multi-factor authentication: Requiring multiple factors like passwords, security questions, SMS codes, and biometrics (fingerprint or face ID) adds an extra layer of protection for user accounts. Nigerian apps like GTBank Mobile Banking, FirstMobile, and ALAT by Wema all offer multi-factor authentication.2. Biometric login: Using fingerprint, face, or voice recognition to log in is very convenient for users and helps prevent unauthorized access. Many major Nigerian banks like Access Bank, UBA, and Fidelity Bank have added biometric login to their mobile banking apps.3. Automatic logout: The app should automatically log out users after a period of inactivity, usually around 2 to 5 minutes. This reduces the risk of unauthorized access if a user's device is lost or stolen. Most Nigerian mobile banking apps like Sterling Mobile and FCMB Mobile have implemented automatic logout.4. Data encryption: User data like account numbers, balances, and transaction details should be encrypted both at rest and in transit to prevent hacking and fraud. Nigerian mobile banking apps are required to use strong encryption to protect customer data.5. Regular security updates: Mobile banking apps need to frequently release security patches and updates to fix any vulnerabilities that could be exploited. Nigerian banks regularly update their mobile banking apps to the latest version to ensure the highest security standards are met.With a secure login, biometric authentication, automatic logout, data encryption, and regular security updates, a mobile banking app can provide customers with a safe and protected experience for managing their finances on the go.Intuitive User Interface and Seamless ExperienceTo provide an optimal user experience, a mobile banking app must have an intuitive interface and seamless functionality.• The app should have a simple, uncluttered design with clearly labeled icons and buttons. All important features and services should be prominently displayed on the home screen or within 1-2 taps. This makes the app easy to navigate without confusion. For example, apps like ALAT by Wema Bank and GTBank Mobile Banking have a straightforward interface.• There should be continuity in the app's design and layout across different devices and platforms. The same features should be available in similar locations on the Android, iOS and web versions of the app. This provides a consistent experience for users no matter how they access the app.• Biometric login options like fingerprint, face, or voice recognition should be available in addition to passwords. This makes it more convenient and secure for users to access their accounts and complete transactions. Many Nigerian banking apps like FirstBank's FirstMobile offer biometric login.• In-app notifications and alerts should be customizable so users only receive updates that are relevant to them. Notifications about account balances, transaction receipts, and security alerts should be timely and actionable. For example, alerts about suspicious account activity should link directly to the ability to freeze the account.• A help center or chatbot should be built into the app to quickly address any questions or concerns from users. The support content should be tailored to the local market. For example, a Nigerian banking app should have help articles about common mobile money services like airtime top-up, bill payments, and fund transfers.With an intuitive design, consistent experience, robust security, customizable alerts, and local support, a mobile banking app can provide an optimal experience for its users. Focusing on these key features will set an app apart in Nigeria's competitive fintech landscape.Quick and Easy TransactionsQuick and Seamless Transactions For an ewallet app to be effective, transactions should be fast, easy and secure. Some features that enable quick and seamless transactions include:• One-touch payments: Registered cards and bank accounts should be available for one-touch payments to minimize the number of steps required to complete a transaction. Users should be able to pay bills, transfer funds or make purchases with a single tap.• Quick balance access: Users should be able to instantly view account balances and recent transaction histories to monitor spending and ensure sufficient funds before making payments or transfers.• Instant transaction alerts: Push notifications should be sent...

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[Sticky] Features Of The Perfect Mobile Banking Ewallet App

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Jrd

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Oct 09, 2023 11:03 pm

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:thumbup! :thumbup!

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Jrd

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Nov 14, 2023 2:00 am

(@jrd)

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:spoton: :spoton:

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Jrd

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Nov 14, 2023 2:02 am

(@jrd)

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See, I keep coming back to comment. This is pure gold. :knuckle:
Evergreen.

Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. 💰

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Loru

Nov 21, 2023 1:15 am

(@loru)

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All the features make sense but its has to be simple else people will not like it

True.
You cannot pack in all features and forget simplicity. It has to be easy to use.

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Dec 03, 2023 3:56 pm

(@_b7_)

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