Recently, we carried out YouGov research that revealed that one in four of generation Y (aged between 18 and 34) would hold their bank in higher regard if it offered mobile phone banking services. Additionally, we polled the attendees at a recent breakfast briefing where a majority of the UK banks were represented – 36 per cent of respondents cited increasing customer satisfaction as their primary driver for providing mobile banking services. Thus, evidence suggests that banking apps have a key role to play for banks focused on their customers and their experience.
For the mobile user community, time is money. If mobile services are not robust and fast, there is a strong chance that apps will be dismissed. For example, if it takes a user longer to check their balance via a mobile device than say online or through a call centre, then there is little motivation to readily use this service. For any app developer, therefore, one must consider ease of navigation, intuitive user interfaces and fast screen-to-screen load times to ensure repeated use and happy end users.
Tied with equal importance to the user experience is for the app to look and feel like a natural extension to any other channel or service provided by the bank. Branding is more than just putting a logo into the top right hand corner of the screen – it’s around consistency, familiarity and ultimately driving trust. Poor branding may lead to apprehensive users and a lack of trust in the app causing a decline in use and preference to other channels.
Though we have covered this critical topic in an earlier post, one cannot escape the importance of security when it comes to developing mobile banking applications. Fundamentally, it will drive the usability of the application along with the trust the user develops. As ever, the key challenge here for developers is building applications which balance both a slick user experience with one that is secure.
In summary, developers of mobile banking applications have a fantastic opportunity to help banks solve some of the fundamental challenges faced today. The time is now right to step up and show how this can be achieved …
James Richards, Director of Mobile at Intelligent Environments
Intelligent Environments (IE) is part of Parseq plc, a new group that focuses on technology-led outsourcing, spanning digital banking products with supporting BPO services. IE is a digital software provider for the financial services industry. Founded in 1985 and headquartered in Kingston-upon-Thames, UK, IE works with many of the country’s high street banks and building societies, providing solutions to help acquire new customers, improve customer service and reduce costs. www.ie.com
The editorial views expressed in this article are solely those of the author(s) and will not necessarily reflect the views of the GSMA, its Members or Associate Members