Do you remember when you had to wait in line to give money to a teller at a bank? Or when you had to queue to get a statement at an ATM? Back then, you went to a branch to do your business, so you had to know when the branch opened and when it closed and while branch locators helped, it was still a hurdle to overcome. 

Things are very different today. Now, we use digital devices like computers, tablets and smartphones to do  our banking – it’s self-service at its best.

Apps are at the centre of digital banking. You can do a range of banking activities with mobile apps – such as checking your balance quickly, transferring money, paying bills, buying electricity, opening a new bank account, getting in touch with customer service, checking your transaction history, and much more. 

The best thing about banking apps is that they can provide 24/7 banking assistance, 7 days a week. You don’t have to worry about whether your branch is open or not. Given how important they are, a world-class banking app needs to make your life easier, not more complicated. 
  

Common problems with banking apps

Human8 is a marketing consultancy that runs an annual SITEisfaction® Survey on the performance of banks’ online and mobile banking services, including Nedbank. Anneri Venter, Business Director at Human8, identified the 3 most common consumer complaints about banking apps in general: 

• Unresponsiveness – for example, apps crashing or force closing.
• Difficult user experience or navigation – especially with apps with a lot of features.
• Not enough security features.

Features a first-rate banking app should offer

1. Safe login process 

A secure banking app should have a quick, easy sign-in process that is also secure against hacking or digital fraud. Your online banking ID and password could be stolen, so a first-rate app will also offer biometric verification along with the user ID. Biometric verification uses physical features that are unique to you, such as your fingerprints or your face, to verify your identity.
 

2. Managing all your banking requirements

The whole point of a mobile banking app is to let you manage your bank accounts from your smart device. A top-of-the-range banking app should allow you to do core banking transactions with your credit or debit card accounts, check balances, statements and transaction histories, and make payments or send money at any time. It should let you track your spending in real time and help you create and stick to a budget – firstly, to make sure that you’re living within your income, but also to help with financial planning.

A first-rate app will allow you to set your financial goals and revise them when necessary, so that you can automate monthly payments into different savings accounts. It will also allow you to open different investment accounts digitally, and review or adjust your investment portfolio whenever you want to. It should be able to group your spending into easily identifiable categories, like entertainment, food, online shopping, etc, which makes it easier for you both to adjust your budget and to submit accurate tax returns.

3. QR code payments

More and more mobile banking apps are adding the ability to make QR code payments. You can use a QR code reader on your phone to scan a user’s code and pay them directly – and securely – from your device. You can even use QR codes to make cardless withdrawals at ATMs.
 

4. Instant payment

A smart digital banking app should allow you to pay someone instantly in an emergency – either by sending money to their mobile phone, or by paying it into their bank account (even if their account is with another bank). You want your instant payments to be easy, convenient and secure.    
 

5. AI-powered chatbots

A digital chatbot can help to make an app world-class by delivering client support for any aspect of online banking. If you can get your questions answered and be directed to the products and services that you need by a friendly AI-powered chatbot, you save time by not having to go to a branch or phone the call centre.  
 

6. Machine learning

Top banking apps now use machine learning technology  that helps the bank learn useful things about your needs. The technology gathers and processes data to improve client experience and add new features.
 

7. Less is more

Having a host of features on an app may seem impressive, but not if it becomes confusing or hard to navigate. App users need to be able to find and use core banking services easily. ‘Innovation and out-of-the-box features are necessary, but it means nothing if users cannot find these features or do the basics. First focus on mastering the basics, then focus on the next step,’ says Anneri Venter. 
 

8. Digital inclusivity

Given the vast inequality in South Africa and its effect on banking, it’s important that a world-class app allows even those who are marginalised to use it. It’s all about access, ability and affordability, as demonstrated by 3 key questions: 

• Can users connect easily on the app, no matter what sort of internet connection they have? 
• Is the app easy to use, or do users need to be better informed to help them navigate and access services? 
• Are there data costs to worry about, and how high are digital banking fees? 

‘Ultimately, banks earn clients’ respect when they help the marginalised, vulnerable and under-resourced communities, and treat them the same way they would a premium banking client,’ Venter says.
  

What you can expect from the Nedbank Money app 

The Nedbank Money app shines in all the areas we’ve mentioned. It’s secure and easy to use, and enables you to manage your money anytime, day or night – and it even rewards you for good money choices when you’re signed up for Greenbacks. It helps you manage your budgeting, spending and saving with My Smart Money.

You can make immediate payments in several different ways (including PayShap) on the Money app, set up automated payments for regular bills or monthly investments and move money between accounts. You can also get help from our AI chatbot Enbi, request a call to speak to an adviser, or open different investment accounts for your financial goals over the short, medium and long term. In fact, you can access so many products and services with the Money app, that you may never need to go into a branch at all.