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Tips to improve Mobile Banking Experience Research Team | Posted On Saturday, January 18,2020, 03:48 PM

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Tips to improve Mobile Banking Experience



Gone are the days where you will find a long queue of people in front of banks to open an account or get bank statements. Today, most banks offer mobile banking platforms.  This benefits the bank as well as the customer. Customers can access services from their comfort zone without being physically present at the bank. And banks, on the other hand, can reduce their transaction costs, operational costs and become more eco-friendly by going paperless. Research proves that mobile transactions are way cheaper than ATM transactions.

To stay in the competition, it is important for customer-centric organizations to ensure mobile apps provide not only information on products, but also personalized services. Your app must be aimed at making people’s lives easier. Complicated bank transactions are expected to be carried out easily via mobile apps.

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Tips to Improve Mobile Banking Experience

To improve the mobile banking experience, the following key points must be taken care of:

  • Simplification

Mobile banking apps must be simple and easy to use. The main objective of a mobile app is to get things done easily and quickly. If mobile apps are complicated, it will have contradictory results. That is without human intervention, customers will find it difficult to progress with the services.

See Also: What is Mobile Banking?

  • Banking products are generally complex and because of this complexity, customers tend to stay away from these products. Mobile apps can focus on providing a few simplified products that will successfully attract customers.
  • When it comes to transactions, customers usually have to go through lengthy reports consisting of several pages. But with mobile banks, specific searches and filters navigate through individual transactions.
  • The first thing that comes to mind while applying for a loan would be time-consuming, complicated paper work involved. With mobile apps, this can be reduced.
  • Banks on the other hand, enhance co-ordination across departments. Internal processes that usually involve multiple departments are aggregated to meet the needs of a single customer via the app.

Simplifying mobile apps based on the above points provides an improved banking experience to the customers. In coordination to the addition of complex features and products, simplification must be maintained for better customer experience.

  • Analytics and Artificial Intelligence-Driven Banking

Compare the Two Scenarios:

1. You walk into a bank along with a number of people, and all of you are treated by the same staff in the same manner.

2. You are provided with personalized services on your mobile screen, no matter where you are present. Which one would you prefer? The second one for obvious reasons.

Personalized services are an attractive feature. Banking apps are now using artificial intelligence (AI) and advanced and predictive analytics to offer personalized services. It includes bill payment reminders; spend analysis, saving recommendations and credit management. Virtual assistants with natural language capabilities are used for this.

See Also: How to Use India Post Mobile App?

For example A retail bank in U.S introduced voice-activated services for their mobile banking app. Customers can ask their app to check the balance, make peer to peer payments or check specific transactions.

Fintech companies are a huge competition to banks. Banks lose up to 25-51% of their secondary products and investment sales to them. This is mainly because of their timely offers made to customers. Banks must use AI and predictive analytics to provide personalized products considering the customer’s financial history and purchasing behavior. This will enhance customer experience and the bank’s operating efficiency.

  • Open Banking

Sharing financial information securely and electronically with customer approval is called open banking. Application programming interfaces (API) allow third-party developers to build applications that can do the above. For example, budgeting apps or digital wallets will retrieve banking information to provide personalized financial management.

Instead of third parties, banks themselves can develop and include open banking features in their mobile banking apps. This will attract the most needed features of mobile banking, enabling transactions across channels with ease.

See Also: Banking With Your Phone

As the features of a mobile banking app improve, the right promotional activities must also take place. Only then adoption rates would increase. The front office staff must be trained to show the customers how similar transactions and advanced features can be accessed via the app. Promotions and incentives on using the mobile app for certain transactions are also beneficial.

  • Distinctive User-Friendly Approaches

Mobile phone is a means to make life simple. When there is high competition between mobile apps alone, banks can focus on bringing in new and untapped ideas in their apps to attract and retain customers.

Banking apps can include smartwatch integration, being able to scan documents, automatic verification and approval of various products and so on. These features assist in gathering customer data, based on personalized products and services offered.

See Also: What is India Post Mobile Banking Facility?

To Note: While taking strategic business decisions, ensure online platforms representing the banks are also in sync with the development activities.

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