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What Goes Into A Great Mobile Banking Application?

The rapid global adoption of smartphones and tablets has revolutionised our use of the internet like nothing before. As modern organisations look to leverage consumer support for digital devices, the mobile app ecosystem has grown exponentially.

The banking industry was an early adopter of using mobile devices to support customers in their banking needs.  With customers no longer tied to a computer using a traditional browser, customers were provided a level of convenience for conducting banking unparalleled with previous banking channels.

According to a research note by The Asian Banker, mobile banking is increasingly becoming the preferred channel of choice for customers to engage with their banks. Many banks are seeing an exponential growth in the transactions volume on the mobile app and numbers of subscribers as against internet banking. 

The challenge for banks, then, isn’t getting their digital strategy off the ground – most already have some form of digital footprint already, including a mobile app – but launching a mobile presence that stands out, is functionally robust and promotes use; that’s a continuous challenge. So, what are the mobile banking application features that offer a competitive edge?

Provide effective, intuitive mobile banking UX

One of the fundamental features of an effective mobile banking app is the user experience (UX). The evolving digital environment has pushed app development towards ease-of-use, with modern individuals and businesses demanding solutions that allow them to complete tasks quickly and move on to the next item on their agenda.

Working with a company that has a broad set of skills and years of experience designing efficient, intuitive and rich mobile apps will be key to deploying a strong mobile presence in the market.  In addition, there are other key elements that are crucial to customers adoption of the mobile channel.

  • Customers will not initiate downloading your app unless it’s clear to them how this app will improve how the interact with you.  Effective marketing, customer incentives and good old-fashioned word-of-mouth will be key to getting customers to download the app
  • Understanding and predicting how your customers will use the app will also be key to delivering an intuitive user experience that encourages use.   Understanding that this is a continuous process after launch cannot be underestimated.  A great example of this would be the discover of “quick peek balance” many banks now provide to allow you a quick peek at your balance without going through the process of authentication.  Banks who have a UX that sets them apart with their customers are generally banks who are conducting regular focus group sessions with the customers and potential customers in the market.
  • Do not underestimate the value of visual appeal.  While some apps go overboard with colours and graphics, studies have shown that visual appeal along with an intuitive design is key to continued use of the app by the consumer.  Customers have a long memory of poor experiences, so getting right up front is key.

Focus on Customer Journey

It should be a statement of the obvious, but a bank will never achieve any measure of ROI on the mobile investment if customers don’t use the app.  For Banks to create a sticky customer engagement, they need to design the app catering for all age groups, should be secure and scalable and have a frictionless UX throughout the customer journey.

Right from customer on-boarding, enhanced payment functionality, leveraging AI and natural language processing to allow customers to perform financial transactions to providing contextual services, banks need to offer a delightful UX experience to their customers to retail them and increase loyalty

Secure by design must be a foundational principle

As useful and convenient as mobile banking apps are, some users are still hesitant to engage with the technology due to security concerns – according to a Forrester research, consumers feel more secure making financial transactions on a laptop or PC than on a mobile device.

Providing a mobile app that users can trust is essential in the financial industry more than any other, and developers must understand the risks associated with the sector and have the skills and technology to avoid them. Building your product from a platform that has achieved Payment Application Data Security Standard (PA-DSS) certification – such as Tagit’s Digital Engagement Platform, MobeixTM – is a recommended starting point, however reassuring customers that their accounts are protected can be achieved in a number of ways.

Taking advantage of the most up-to-date mobile hardware is one strategy, implementing support for fingerprint sensors now built in to most iPhones and Android devices, for example. Having security and privacy content included in the app, along with easy pathways to access it, will also help set your customers’ mind at ease.

Provide consistent experience across multiple channels

Figures published by Statista show that 25 percent of mobile owners carry more than one smart device, with many users likely to enjoy the features of both major operating systems. Including both Android and iOS development in digital banking strategy allows enterprises to capture a wider segment of the market, while also offering users the same experience in whichever channel they prefer.

Similarly, an effective digital solution shouldn’t neglect emerging technologies, so adding support for new devices such as smartwatches or the ability to leverage the voice and chat capabilities that are frequently used by consumers on their mobile devices, increases convenience as well as customer reach, moving ever-closer to a complete mobile banking strategy.

Tagit’s Digital Engagement platform – MobeixTM – was built with digital banking solutions in mind, and has the functionality and security that modern organisations demand. Get in touch with us today, and let our expert team help craft a mobile banking application that sets your enterprise apart.

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