Which features should be in a modern mobile banking?
Nowadays, banks’ need for the mobile app is no longer a question, though, the way which mobile banking should evolve in is. Bank 3.0 has already become a new industry standard and it leads to such business tasks as personalizing services, increasing in the easiness of use and transactional revenue and building up a customers base. The challenge is how to address these tasks from the perspective of mobile product design and development.
Focus on core operations
Check the balance and transactions
These are the most oftenly demanded, so keep them on the main screen. Most of the time users just check whether payments went smoothly and the balance change is expected. For those who have multiple cards connected prepare an easy way to move between different accounts and make the app remember which one was opened last time.
Transfer money
“Seamless” is the word that must describe these processes within your app. If accessed from the main screen — you can pre-fill it with the credentials of the card which was opened by that time. Save templates automatically and make them accessible right from the transfer screen or even on the main one. Instead of showing user with a “check the fields” screen show him with a notification on successfully moved payment and an ability to decline or edit it if needed. The focus of such move is to postpone the actual payment for, lets say, 10 seconds after the button is pressed.
Open accounts
Once believed as a something for the desktop banking only, now creation of new accounts is something users want on the go. Engage them to start using new products and services right from the app with a minimal effort needed. If some signs or paperwork required — suggest to make an order and pick a time of delivery with notifications as the process goes.
Get info on nearest ATM or office
These are the features that you can make available even for unregistered users who just were browsing the App Store and installed your app. What would be useful for all is the opportunity to share facility’s address in a readable format. Make it shareable to the navigators even better — such a small detail make a great relief in situations.
Keep online banking secure
AI based antifraud solutions
Each of your customers leave a personal trace in the system — make it working for their benefit by implementing Artificial Intelligence for the Data Analysis. Having personal profiles of characters on each of your users will let you to know automatically when the transaction is suspicious and make a follow up notification to the user.
Biometrical keychain
Biometrical sensors are now built in almost every device on the market, accompanied by depth cameras in flagships. The more easy it is for your users to log in — more probable they will come back and make a transaction which benefits you as a company.
Make money-related experience easier
Personalized menu
Instead of making your users remember the corners where their frequent actions are placed, make the main menu of the app sorted by the frequency of use so the most popular options would always be at the top of the list. Even better is to pull options along with templates from submenus out to main menu. If you place such custom menu on the main screen then it means your users have truly personalized app.
Smart spendings statistics
As more and more people prefer to track their spendings in the app — why do not make your mobile banking that kind of app too? Put some design effort to create fancy and readable charts and graphs in conjunction with personalized categorization of user’s spendings and make it customizable. Today, regular user thinks twice before packing his or her with a new app so having one cross-functional financial tool is something they’ll appreciate you for.
Keep possible payments on display
Once again, month by month your clients make repetitive actions such as paying bills and sending money their relatives. Learn these routines and then suggest users with personalized reminders is something what may be truly called “smart banking assistant”.
Deep OS integration such as Spoltight, 3D touch
It just may seem like there is no change in smartphones’ interfaces. Instead, such features as a Spotlight search and 3D touch in iOS are becoming highly popular and natural to use. These are the fast entrances to the app. You can make payment templates accessible by name via Spotlight and a new payment form as an option from 3D touch menu. Such tricks let your users skip most of the steps and save the time.
Add new interfaces like watches, assistants and bots
Quick actions and notifications on the smart watches
Think of your mobile banking as a service rather just an app. If balances, last transactions, templates and navigation to the nearest ATM are accessible right on the wrist — there is no need to even grab the phone from the pocket.
Bots as a replacement of contact centres
Most of the users avoid calls as messaging becomes an easier medium of communication. Utilizing chatbots which function as a part of your app or separated accounts in popular messaging platforms may suggest with frequent requests and ask most of the questions automatically, saving your costs for the contact centre as a result.Stretch a range of related services
Personalization by learning user patterns
Besides usage data generated from the app you can utilize the data you may receive from bank’s CRM. That may let your service come up with special offers automatically and engage your customers even further by notifying them with the details of specials possibly interesting for them.
Include other related services
With the use of AI you can make a personal concierge inclusive. Such services as booking tickets and accommodations, ordering taxis or food can make you an additional income from the commissions paid by the partners.
Instead of conclusion
Besides all the tips mentioned in the article, the key one is to consider your mobile banking as a complex service that touches your customers in 360 degrees view and let them think in terms of tasks and services rather than tools or apps. The range is specific for each bank and depends on what services company provides at the moment and what the requirements of the current user base are. Effective development is based on a quantative researches, developing and testing hypotheses. If you are in thoughts about developing or updating your current mobile services we are keen to share our practice and do some free audit in advance.