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Optimising the Mobile Banking Experience

almost 3 years ago by Luigi Muscat Filletti
Colleagues working together in an office with a laptop

The personalisation of the mobile banking experience is a growing priority for banks and financial institutions today, as technological growth and the fast-paced lifestyles we lead are shifting such organisations towards a consumer-driven approach, greater than ever before. In a world fuelled by data, organisations must also be adaptable, creative and purpose-driven, and as users’ financial data becomes more easily accessible to them, efforts must be made to provide a seamless and straightforward method of accessing such data through a number of effective options, now on mobile banking platforms. That being said, users’ problems must be solved by providing a range of intelligent financial solutions which are customer-driven as much as they are technologically innovative.

With so much data at one’s fingertips, the essence of simplicity becomes a major focus. One of the challenges for banks is perhaps to simplify the presentation of various service offerings to lessen the choice of options for the user when mobile banking. Financial institutions in the Fintech sector have cleverly surpassed well-established banks with regards to user engagement through simplified interface design, providing the customer with a range of useful services presented in a clean yet informative layout. The core of their operations is both customer-centric and purpose-driven, resulting in a mobile banking app which satisfies user demands and does away with unnecessary complications one might mention when dealing with internet banking. 

'With so much data at one’s fingertips, the essence of simplicity becomes a major focus'

It is undeniable that today’s and tomorrow’s generations will increasingly demand more from mobile banking channels, as younger age groups who are not well-informed about traditional banking processes will find it more convenient to navigate through a well-structured, easy to understand mobile app, when compared to the time and effort it would take to understand such processes through research or rather, heading to a local branch to learn more. It is one thing to provide a multitude of useful services, but another completely to communicate them effectively to the user.

As a result of such methodology, banks and financial institutions must work to provide a digital presence on mobile which is quick, simple and secure. It is essential to respond to the expectations of the user and innovate in this area, meaning that such organisations must now invest in securing top talent in areas of AI, Software Development and UX to guide them in leading in their sector. Recruitment opportunities in Tech and Finance are becoming more and more plentiful, as banks continue to understand the importance of a great mobile banking app to engage and retain customers. Simply put, the goal is to offer customers the ultimate mobile banking experience, and this takes a team of talent to deliver the results.

'Banks and financial institutions must work to provide a digital presence on mobile which is quick, simple and secure'

Understanding the customer is the first major step - this means knowing what the customer wants, needs and expects out of a mobile banking app, as well as when and where they are most likely to use it. The second stage would be to implement a design concept for an app which focuses on its functionality and purpose to benefit the user’s experience. Making use of innovative technologies such as those of Blockchain and AI analytics can give a bank’s mobile app that cutting edge, and paired with an exceptional interface design, can really make it stand out from the competition. The reality is that people today are living a faster-paced life, so a successful mobile banking app is one which makes people’s lives easier. One must take note, however, that banks must find effective ways of integrating their traditional processes and services within a secure, online platform for mobile users, and through digital innovation, provide a method for users to carry out such services in a straightforward manner. This will continue to be an issue worth resolving for banks, as the services they offer may be greater and more complex than other financial institutions, meaning that the essence of a great user experience must be maintained as more features are included on the mobile banking app.

Vacancies in Banking and Finance will present themselves on the job market, primarily those which are Tech-based, referring to developers with skills for the Fintech sector. Software Developers and Engineers with skills in Python, Java and C#, amongst others, will be sought for keenly by banks and financial institutions who are serious about achieving and more importantly, maintaining a high ranking amidst competitors in their sector. Not to mention, the growing fields of Blockchain and AI will carry on revolutionising the financial sectors of the world, so remaining relevant from a technological vantage is essential for banks as they move forward. Further to this, experts in Cybersecurity should also be consulted to ensure a safe and secure method of carrying out financial tasks online through mobile devices.

'Banks and financial institutions must understand the ideal customer journey when navigating and making use of the services available to them'

Therefore, developing a great mobile banking app is vital for customer loyalty and retention, however this may be more the case with younger generations. Customers who have been frequenting their local branch for quite some time or who are not very tech-literate might feel inferior to adopting a mobile banking method. A solution to this could be to train front office staff to introduce the mobile banking process to this segment of customers when they visit a local branch, showing them how to complete financial tasks and seek for financial advice through this platform.

To conclude

Banks and financial institutions must understand the ideal customer journey when navigating and making use of the services available to them. Whether in-house or through collaboration with Fintech companies, banks must get ahead by optimising the mobile banking experience for their customers, who nowadays might be growing tempted to jump ship for more straightforward mobile banking apps by financial institutions who provide simple, quick and secure methods of payments, loans, transfers and more.