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Mobile technology is revolutionizing the global banking industry which offers new opportunities for the bank to provide added convenience to their existing customers. The ability to access information in one click from smartphones changed the way customers access their bank accounts. Checking bank balances, transferring funds, making payments in few seconds came to reality with mobile banking applications.
Customers are not passive recipients anymore; they are hyper-informed individuals looking for more convenient services. It gives rises to the challenge of extending the portfolio of services provided. Mentioned below are some ways to improve the user experience for mobile banking.
1. Creating secure and user-friendly mobile applications is the priority. A multi-factor authentication will not yield favorable customer experience. Introducing fingerprint, facial or vocal recognition can effectively address this issue. This allows a new level of security.
2. Integration of legacy systems and the user interface is the second crucial thing. Lack of integration will set back the digital transformation goal. The current approach is creating a layer of application around the legacy systems as an extensive sudden replacement is impossible.
3. With emerging technologies like machine learning, mobile banking applications are touching new degrees of sophistication. The voice-controlled applications are already in reality.
4. A personalized customer experience should be made possible allowing customers to customize home screen and quick access to customer support. Financial advice for investment, budgeting tools etc can be provided with the help of an AI integrated platform, which can perform these tasks better.
5. An ideal design which minimizes customer efforts with proper navigation and instant redirects. Touch heat maps can be used to identify where the customer is getting lost in the process of navigation. The mobile banking app should not demand too much effort from the side of the customer.
Delivering high-quality user experience will definitely delight mobile banking population. A refined user experience only will benefit the financial institutions in their long run.