Banking should be accessible to where customers are at any given time, and that’s not necessarily inside the bank. As more people begin to trend toward using online transactions and services, a large number of banks are moving in the direction that consumers expect them to go — and some are going digital-only.
Simply put, mobile banking involves making financial transactions via mobile devices, such as tablets and cell phones. This can be something as simple as a bank sending a text alert telling a customer that a statement is available online. But it can also be as complex as applying for a mortgage online via a tablet.
The worldwide banking industry is taking a number of steps to meet customer demand and adapt to ever-changing consumer behavior. Technologies such as blockchain, machine learning, artificial intelligence (AI), big data and analytics are playing a huge role in automating processes, improving accuracy and transparency, and ultimately serving the customer better.
Even so, there is still a lot of work to be done to provide the kind of seamless mobile banking experiences that consumers seek. Banks can make the mobile experience more valuable to users by taking a few simple steps.
Step 1: Security
A surge in mobile banking malware has led to a large number of threats related to mobile banking. A simple way of addressing this issue is by introducing either fingerprint, voice or facial recognition technology. This biometric technology analyzes the physical characteristics and behavioral patterns of customers, allowing for a higher level of security and fewer security lapses.
To ensure security, mobile banking must also provide the customers the option to:
- block their debit/credit card(s) the second they notice something fishy
- turn the card(s) on/off
- report lost card(s) and
- use fingerprint and other biometrics for login and transactions
By employing blockchain technology, which refers to a growing list of records linked and easily traceable, banks can make transaction monitoring more secure and verifiable. Since blockchain provides ease of use and security, it can be helpful for promoting transparency, especially for payments and currency exchange. It maintains profile details and real-time payment information on several blockchain servers, protecting customers’ personal and financial data.
Step 2: Personalization
While personalization may sound basic, it helps users keep a continuous handle on their financial positions. Users should be able to choose and have control over what they see and what they do. By applying machine learning techniques, banks can better understand how to target people differently and give them options for customizing their mobile banking usage.
Most people prefer targeted offerings. For mobile, there should be a focus on using data and analytics to ascertain how consumers are interacting with apps. The banking firm can then leverage that information to offer experiences that are better tailored to them. Using advancements in AI technology, banks can deliver unique mobile banking experiences to the customers.
Personalization can also be provided in the form of budgeting tools, financial advisors for investment suggestions and for scheduling appointments, among other areas.
Step 3: Customer Service
Mobile is the future of finance, and with customer behavior rapidly changing and demand for better mobile banking experiences on the rise, banks are facing newer challenges and opportunities. Adapting to such changes by focusing on the customer experience is central to maintaining close connections with customers.
Offering customer services tools on the web or mobile app can help enhance customer loyalty. Features such as allowing customers to have a conversation with a human or conversational AI assistant could increase their engagement with the banking app. Offering ways for customers to keep in close touch, to contact the bank at any time and to resolve issues quickly and seamlessly will be key to ensuring that they remain happy with the banking experience.
Customer service also means anticipating what customers may want, and offering those services before they ask. This will require banks to always be monitoring trends, consumer requests and industry data to remain on the cutting edge of consumer needs and desires.
Step 4: Ease of Use
Users prefer a login process that is simple, allowing them quick access to basic account information and easy management of their bank accounts. Features such as fingerprint login, streamlined access to account balances and easy account transfers are extremely important to ensure consumers remain satisfied with the mobile banking experience and accounting services.
Everyone wants to save time and simplify their lives. A good mobile banking app must include proper navigation to point the customers to the content they are seeking. With landmarks and icons, such as search boxes, section navigation tools and labels in the app, it should be intuitive while simple to use.
A banking app that can automatically populate data or set up defaults for repetitive actions can greatly reduce customer effort and errors. Auto-suggestions, spell-check and predictive text can also bring down the time spent on basic data entry tasks.
Step 5: Real-Time Updates
Issuing real-time notifications, including balance information, fraud alerts and bill pay reminders, allows customers to manage their finances and security in real time. By providing alert capabilities via mobile, banks can virtually meet users wherever they are and help them closely watch their banking activity and guard against fraud. The ability to adjust alerts via mobile gives users more control over their engagement.
Setting alerts for purchases above a certain amount allows customers to keep digital tabs on their spending, and you should provide consumers with the ability to turn on and off such alerts so they can tailor the mobile banking experience to their own specific needs.
Mobile technology is extremely widespread and banks must embrace it — and they must take advantage of it to remain relevant to today’s digital-first consumers.