A recent study found that the U.S. banking industry is among the most competitive industries in the country. With so many banks offering similar products and services, you need to stand out from the crowd to keep customers coming back again and again.
To really get the most out of your bank, you need to choose one that has implemented essential service features that many banks don’t offer. These features are small but important details that will help you get the most out of the money saved in your bank.
That said, here are six essential service features that almost every bank should have:
1. An Easy-To-Use Mobile App
A mobile app is one of the best ways to make customers’ lives easier. With an easy-to-use mobile app, customers can check bank account online, pay bills, transfer money, and do other essential banking tasks right from their smartphones. In fact, research shows that mobile banking users are approximately 25% more satisfied with their banks than non-mobile users are.
In addition, mobile apps are particularly useful for customers who travel frequently. Customers who frequently travel outside of their home countries may need to pay large fees to access their bank accounts. A mobile app solves this problem by allowing customers to access their accounts from anywhere in the world.
2. 24/7 Customer Service
One of the most frustrating aspects of modern life is the fact that few companies offer truly 24/7 customer service. Instead, most companies offer the bare minimum 8-5 customer service.
If you choose a bank that doesn’t provide 24/7 customer service, you may have questions or need assistance outside of regular business hours, you may be left high and dry. This can be a truly frustrating experience, especially if it’s a pressing matter.
3. Robust Security Measures
Banks are trusted institutions that are used by millions of people every year. However, many banks have fallen victim to hackers who’ve siphoned money and sensitive customer information.
To avoid finding yourself in such a situation, ensure that your bank’s website uses a secure HTTPS connection. This can be crucial when you need to check your bank account online.
Next, you should choose one that offers two-factor authentication (2FA) on all essential accounts. This login method requires users to provide two pieces of information to log in: their username and their password as well as a secondary piece of information such as a one-time code sent to their phone.
4. Free Financial Tools
You are partnering with your bank to achieve your financial goals. Therefore, it only makes sense it provides you with financial tools that they can use to stay informed and on track. Some financial tools to consider offering include retirement calculators, debt calculators, and other financial planning tools.
5. Smart ATM Integration
ATMs are essential parts of financial infrastructure. However, they can also be extremely frustrating to use during busy times. To solve this problem, you can integrate your ATMs with your online banking platform. This will allow you to withdraw money from your account at any time without having to wait in long ATM lines.
6. Overdraft Protection
Overdraft protection helps people avoid bounced checks, which can hurt their credit scores. Unfortunately, many banks no longer offer this service, which is why it’s an important feature to look out for in your preferred bank.
The banking industry is booming right now. New players are entering the market every day, and existing banks are coming up with new ways to attract customers. As a result, there’s never been a more exciting time to start using banking tools to grow your wealth.
But with so many banks offering different services and features, it can be difficult for consumers to find the one that best meets their needs. As a good starting point, make sure your bank has the features highlighted above for the best customer experience.