What do people expect form a banking app?
Users demand 27/7 access to their accounts as mobile computing grows further. They already have their favorite stores and restaurants in their smartphones as well as parking lots, schools, work places represented with appropriate apps. Users can pay taxes and inform or complaint to their local government within one app. Thus people are expecting the same level of service from a bank they have trusted their finances with.
However today’s users will not be satisfied with just a common application of poor design that simply resolves some of their issues or makes some tasks and chores simpler. They have seen amazing creations mobile developers are offering and will not agree for less. Your app has to be:
- Simple: users have to operate their accounts and make transfers of other tasks with ease and in such a way they can undo something if it was an error from your or their side without breaking a sweat.
- Engaging: users demand engagement in apps as even a banking app is still an app in a smartphone hence it has to be entertaining. This, in fact, increases customer loyalty dramatically.
- Context-driven: user insight has to be leveraged in order to improve app functionality.
More useful knowledge
- People have already had vast opportunities and functionality provided by desktop banking apps and are not expecting anything less from mobile applications.
- All 100% of banks and financial institutions have apps for both iOS and Android, however only 60% of them have Windows Apps developed and even fewer support Blackberry.
- 24% of banking apps allow balance viewed without logging in.
- 29% allow users to block a credit card with a mobile app.
- 32% allow users to view future transactions after logging in.
- Few mobile apps allow loans and investments functionality however other services are widely open to customers.
- 30+% of banking apps allow in-app purchases and have sales and marketing offers included.
- Payment functionality requires a touch. People desire apps because they are able to do various things within it. If you deliver a nice and wide self-servicing functionality for payments and other features people will start moving to your app rather than using a desktop for same tasks.
- Result: users are happier and doing things your employees usually do on their own.
- Dangers: the more functionality you offer the harder it will be to maintain everything in order and there are multiple possible security breaches you will have to avoid. Currently majority of banks are all-in delivering more functionality which has resulted in several loud scandals. Remember: quality always beats quantity.
- People desire engagement from their apps. First steps are vital. Your application has to attract and engage customers from the very first launch hence lots of work on design and general layout as well as logging and welcome screens is required.
- Result: people are generally satisfied with receiving exactly what they have expected from a mobile app. Customer loyalty is increased and with great apps you may add new marketing steps and fun, engaging advertising that will both increase revenue and overall profit.
- Dangers: you are still a banking institution and your app should be designed to carry out serious tasks with lots of customer saving dependent on them. Never get carried away, you are not in the entertainment industry and more sharp looking advanced features does add quite a few potential security breaches as well.
- Use the full power of a mobile device! Did you know devices have installed cameras or access to cloud storages, etc.? Because your competitors did and today apps that are providing more rich, mobile-centric functionality rather that simple banking services are considered to be the future of this industry. Actually Barclays were amongst the first to provide customers with Cloud Storage capabilities. Many banking apps now provide personal cloud storage functionality or any other services that are seemingly unrelated to banking yet loved and desired by users. Apparently one app for everything is the dream both users and business owners share today.
- Result: there are just too many things to write down from far better marketing opportunities and increasing customer loyalty to gaining profit from areas that were earlier inexcusable and even inconsiderable, yet they are in trend for banking apps now.
- Dangers: the very same dangers that were already described in the previous bullet.
I truly believe this information was o service to you and do hope you will gain from it while considering requirements for your banking application development project. Be the first to revolutionize this industry.
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