What do people really want in mobile banking?

 

In the first segment of our three-part mobile banking series, we gave you an infographic with the results of our Google survey about US residents’ use of mobile banking services. In the second segment, we showed you why it’s in financial institutions’ best interests to step up their mobile game. In our third segment, we take you through what consumers want in their mobile banking apps.

 

We did an online literature review to understand more about what people are looking for in their mobile banking apps. These are the top four things people want in a great mobile banking app.

 

State-of-the-art Security

 

  • Despite increasing levels of use of online services, security is still a considerable factor limiting comfort with mobile banking. According to a study by Kaspersky Lab, about 85% of users and non-users of mobile banking said they would be more likely to increase their use of mobile banking if there was more security.
  • A great mobile app will offer an experience that employs state-of-the-art security protocols, but does so in a streamlined, fluid manner for users. This might incorporate fingerprint or two-factor authentication, or a gesture-based password approach. Mobile apps can also offer users security features like the ability to quickly and easily lock and unlock debit cards (without affecting the account itself).
  • In addition, financial institutions that build strong communication about security risks and best practices into their mobile banking platform and marketing will help customers be more secure via education, while simultaneously positioning the bank as security proactive and assuaging anxiety.

 

User-friendly Experience

 

  • One key aspect of a great mobile app is that it works fluidly with the user’s mobile device—whether they’re on an iPhone, Android, etc.
  • On a related note, apps that freeze, are slow to load, or cumbersome to use will not only mean that customers will stop using the app—customers might stop using the bank. According to the 2015 Makovsky Wall Street Reputation study, nearly half of consumers are likely to switch to a bank with a better app.
  • Mobile apps should be intuitive, easy to understand and perform functions without needing assistance. Screens should be simple, and buttons and text large and readable. Anxiety about learning how to use the app can be a barrier to adoption, so customer education about the app should highlight its simplicity.
  • When users do need help, the app should make it fast and easy to get the help they need—for example, one-click requests for assistance changing account details or requesting a branch appointment.

 

Personalized, Customized Experience

 

  • Apps should be highly customizable to consumers’ individual needs and preferences. Users may have the option to customize their dashboard, menu, or interface; quickly get to their most frequently-used actions; or personalize their experience with a profile, photo, or nickname.
  • A great app might allow consumers to customize their home screen with easy access to the features they use the most.
  • Consumers are used to being able to select preferred color schemes and imagery on the apps they use. Chase, which has a highly rated mobile app, offers users the ability to see images based on their geolocation. New York users may see images of the Manhattan skyline, and residents in Cape Cod may see images of lighthouses and fishing boats.

 

Great Benefits and Value-adds

 

  • Great apps will save customers time. They will offer greater convenience and efficiency, compared with traditional banking methods.
  • Mobile apps can be designed to offer mobile photo check deposit features, allowing users to deposit money anywhere, anytime, simply by taking a picture with their device’s camera. Similarly, a mobile photo bill pay feature enables users to upload all the required billing information for a one-time or recurring payment with a single photo of a bill, and a mobile photo account opening feature empowers users to open a new account swiftly simply by sending a photo of their driver’s license.
  • Some consumers are interested in using mobile banking apps that offer more sophisticated analysis of their financial patterns. These apps could use existing data to make projections about users’ financial future in a way that could shape their behavior and improve their financial outlook. Apps could provide updated credit scores every month, or “safe-to-spend” data that lets users know how much money they’ll have left in their accounts after accounting for scheduled payments and pending transactions.

 

— posted by Ingrid

 

Sources:

The Best Mobile Banking Apps (Dec 2015)
 (URL: http://www.forbes.com/sites/nickclements/2015/12/22/the-best-mobile-banking-apps/#7148f85e7902)
Mobile banking: what consumers really want (May, 2015)
 (URL: http://www.bankingtech.com/297231/mobile-banking-what-consumers-really-want/)
What We Learned From 100 Mobile Banking App Reviews (March, 2016)
 (URL: http://discover.liferay.com/blog/what-we-learned-from-100-mobile-banking-app-reviews)
Top 3 Surprising Reasons People Don’t Use Online Banking
 (URL: https://www.abcbank.net/why-use-online-banking/)
Research Finds Security Risks Prevent Consumers from “Buying” into Mobile Banking (Aug 2016)
 (URL: http://finance.yahoo.com/news/research-finds-security-risks-prevent-130000777.html)
How to Make a Secure Mobile Banking App? (Oct 2016)
 (URL: https://www.romexsoft.com/blog/mobile-banking-app/)
19 Awesome Mobile Baking Apps from Banks and Credit Unions (Dec 2016)
 (URL: https://thefinancialbrand.com/62560/best-mobile-banking-apps/)