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Research has shown that the current generation of banking apps has enhanced customer’s experiences. However, there is still a wide margin between financial apps and others like Uber, WhatsApp, etc. These simple and intuitive applications have raised consumer expectations.
With the global pandemic progressing, digital banking has become a necessity in the wake of social distancing. Creating a low-friction user experience is an effective approach to serve customers in the best way. Like other sectors, the banking community has been revolutionized by advances in mobile tech. Internet consumers’ adoption of digital banking solutions has doubled up over the previous two years. 64% of digital-loving customers engage with fintech applications, EY’s Global FinTech Adoption Index 2019 reported. Here are four ways banks can improve their mobile apps.
Feature parity with banking websites
Although many customers now do their banking on their mobile devices, some users express their frustrations at the lack of flexible features in their banking apps. On banking websites, consumers often complain about limited features. It is thought that adding flexible functions that allow customers to see their pending payments, add new payees, and manage their direct debits/standing orders is a big plus for consumers’ mobile banking experiences.
Balance security features with convenience
For the majority of users, checking their balance is the number one reason to install mobile banking apps. However, end-users also have a better understanding of the need for security and convenience to go hand-in-hand. Some banks are unable to strike a fair balance between these, which makes their banking apps not that great. It can be stressful for customers to have to type in several complex passwords and usernames each time they simply want to check their balance.
Banks can improve their mobile services by matching their security protocols to the risk level of the task required. While high-risk transactions like adding new payees and changing sensitive personal info could require stricter security measures, checking balances could be allowed without customers having to always type in passwords.
Personalize customers’ mobile banking experience
To stand out and be a successful financial institution, banks need to offer personalized mobile banking experiences to their customers. This will create an amazing experience and satisfy the needs of digitally active and branch-dependent customers. For mobile banking apps, data analytics could be used to track how customers interact with their applications. Insights from their behavior could be leveraged to tailor services to individual users. With the rising acceleration of artificial intelligence, there is more room for banking institutions to cater their services to their unique consumers.
Create a continuous delivery model
One serious challenge to digital banking transformation is innovating a culture that is conventionally bureaucratic or hierarchical. It can be hard to drive innovation in a big banking organization, partly due to changes in management initiatives. However, it helps to rethink the waterfall methodology and implement an agile culture. This is instrumental in keeping pace with technology and creating a continuous delivery model.
