The mobile banking basics
It is all about creating the right experience at the moment of engagement for your customer. So creating a mobile app is not just about ‘developing’ an app, it is about keeping the context in mind. It is about educating the customer what else could be. Let’s take mobile banking. With a good mobile banking app you could:
- Deposit checks
- Pay bills
- Transfer funds
- Send and receive money
- Explore account activity
- View balance information
- Get access to ATM locations
Adding context and intelligence
Now let’s talk about an ‘omni channel’ experience that kicks in customer loyalty and topline revenue growth. How can you create a context driven experience with information such as location, time of day or past behavior to tailor mobile banking experience?
Imagine this — a customer receives a notification from the bank that the account has been overdrawn. Now he can deposit money or transfer fund using image capture and his wife can check the status of those on her tablet almost instantaneously. Now if he starts to do a fund transfer on his mobile and gets interrupted by a phone call; he finishes the transfer on his iPad. Depending on where in the world he is banking from, he receives the list of local ATMs with augmented reality feature for location and directions. Depending on his historical transaction history, the bank makes a recommendation on how he should be investing. If a customer has withdrawn more than usual, the bank sends notifications to ensure if those are legit.
Apart from context and the hand-off between touch points being seamless and consistent, the omni channel experience means that banks need to integrate with channels beyond online banking.
- Digital banking executives need to be cognizant of which devices they want to support and which type of app they should create — native, web or hybrid
- Banks have to start broadening their horizons with digital banking to include marketing, account opening, application processing and onboarding
- Banks might go through acquisitions and mergers which might affect the mobile banking strategy and roadmap
How to build the Next-Gen mobile banking solution:
- The platform architecture should be scalable to support devices and new touch points
- Select the right platform that can scale to number of users
- Banks need to understand what the customers are doing in each channel and support them to switch channels during complex researching, buying and customer service interactions
- Develop comprehensive APIs through which banks can integrate differentiated features such as calculators
- Develop a responsive design mechanism to web development that is intended to support optimized web experiences from a single front-end code base.
- Mobile banking needs to take advantage of new opportunities that devices provide- click-to-call, motion detection, voice control, address book integration, push notification and location.
- Integrating personal financial and digital money management including spending snapshots, budget tools, and calculators.
- Integrating digital money movement through person-to-person payments, expedited payments and ability to manage recipients.
- Integrating mobile digital wallets for customers
- Rethinking mobile contextual offers to cross-sell new banking features
- Rethinking mobile for home lending
- Rethinking customer service through mobile chat, video chat and secure messaging
New technologies to build new capabilities
- Bar and QR codes to make bill payments
- Biometrics — such as voice, finger print and facial recognition to secure financial information
- Camera to support remote deposit of checks
- NFC for contactless payments
- Voice control to carry out mobile banking
