What are the must-have banking features by 2027?

Over 60% of respondents in Australia, China, and India find credit-building tools to be useful.

Nearly eight in ten bank customers feel in-app fraud prevention tools would be useful, with the majority rating it as the most useful feature, according to a survey by Forrester that identifies must-have banking features by 2027.

Security remains a top priority for customers, who also value security alerts, it added. They increasingly appreciate capabilities that allow them to view, monitor, understand, and act on how their personal and financial data is being used, with India rating this tool as the most valuable.

Forrester noted that designing mobile banking applications to be accessible to people with disabilities is becoming essential. This not only complies with regulations but also expands the customer base, it said.

The survey also revealed that over 60% of respondents in Australia, metropolitan China, and India find credit-building and debt management tools that support financial well-being offerings to be useful.

Virtual cards and related concepts like one-time-use or numberless cards offer faster and more secure value for customers, Forrester said. It emphasised that traditional banks must catch up with fintech firms, which are leading in digital-native cards that offer instant, dynamic, and easy use across ecosystems.

As people subscribe to more services, the need for subscription management tools has increased, the survey showed. Gen Z and millennial customers in Australia, China, and India expressed interest in having these tools integrated into their bank apps.

A majority of bank customers also rated autonomous budgeting and saving tools as useful. Forrester noted that customers desire tools that can automatically move money to savings and create personalised budgets.