Mobile banking apps are one of the most common ways to do banking. Gone are the days when you would need to walk into a bank to get paid or send money. In the recent past, many people stopped going to banks so often and started making transactions via the banks’ websites.
But, more recently, apps have started to become more popular than banking websites. In fact, 6 in ten mobile phone users would rather use a bank’s app than a website. The most likely reason for this is convenience.
With a banking app, you usually only need to enter your passcode, and you’re good to go. In contrast, websites have extra layers of security that make accessing your bank account more cumbersome.
This article will look at 4 ways to make a banking app better; make it customer-centered, use little or no code at first, turn banking into a game, and make it personal.
Build a customer-centered experience
The first way to make successful mobile banking apps is to ensure a user-centered experience.
The baking app users are also the bank’s customers. Therefore, it is in the interest of banks to ensure their apps make every aspect of banking easier.
Some banks make the mistake of trying to create an app that has as many features as possible. Sometimes, it is more like an app developer’s vanity project than a banking app. However, when creating an app for the public, it is not the time to show off how tech-savvy you are or how many features you can put into one app.
The three keywords to remember are convenient, fast, and fun.
Convenient; the user should be able to perform simple tasks such as checking their balance and making a transaction without having to press more than five buttons.
Fast; On mobile banking apps, all banking tasks should be completable within 3 minutes.
Fun; your customer should look forward to using the app and not become frustrated or overwhelmed. A banking app’s whole point is to simplify banking, and you only do this by giving people minimal options.
One great example of a customer-centered banking app is Chase, which allows users to manage transactions, upload checks, and check their credit scores.
Use no code/low code development
When creating a new app, one of the biggest challenges is always budget. Financial software development is costly.
People think that creating an app is about learning a bit of design and then a bit of coding, but this could not be further from the truth.
However, one form of app development that can be fantastic for lower budgers is the no code or low code development. By using this method, you create what is known as an MVP- minimum viable product.
An MVP is an app in its most basic form. It has fewer features than a finished app. However, it has the essential ones. Creating an MVP is cheaper and much faster than creating a finished app.
If the MVP is a success, you could invest time and money into creating mobile banking apps with more features. However, you don’t want to put lots of time and effort into an app that is destined to fail.
When you make an MVP, you create an app with the essential features that most people will use. You might not have additional features such as credit score, uploading checks, or international transactions. Still, you can have enough features to get your foot in the door and have early access to users.
Turn Mobile banking apps into a game
Gamification is one of the excellent trends in mobile banking apps to encourage more people to choose your app. Remember, user experience is the key to successful mobile banking apps.
When most people think of banking, it will not be a positive image that comes to mind. They may think of managing their credit score, paying bills, or avoiding debt. However, some banking apps have learned how to turn banking into a game. This benefits the bank as customers become more likely to use them, but it also helps the customer as they learn to be sensible with their money and avoid getting into bad debt.
Let’s take the bank BBVA, for example. They have a scheme where their app’s users get points for each transaction they make or loan they pay back on time. After collecting enough points, they can download music, movies, and even video games.
Perhaps, you want to reward your customers when their credit score goes up, when they pay off a long-standing debt, or when they spend less on things such as alcohol or cigarettes. Whatever you reward people for, and however you reward them, this system turns banking into a game. It makes financial control something to aspire to.
Personalize the experience
No two people are the same; that’s a saying you have likely heard many times. The type of financial support a student might need will be very different from that of a 50-year-old with five kids. So, if people are so vastly different, why does it sometimes seem like all mobile banking apps are trying to appeal to everyone?
Our final tip is to personalize the experience for your users. Think about who you want using your bank and, therefore, the app. You may have created a bank for many sections of society. There are many options: young people, those who run a business, older people, people within a particular industry, or immigrants.
Once you’ve decided on your target market, you can ask yourself what this demographic wants or requires in mobile banking apps. You may offer discounts on services such as Shopify and Grammarly Premium to appeal to business leaders. For example, if you wish to appeal to students, you could offer student discounts to everyone who downloads your app.
Even if your target market is the general public, asking yourself what the average joe wants in an app could help you create a better one.
Summary
In the modern age, it’s very difficult to build a successful bank without good mobile banking apps. And our best pieces of advice are to focus on the customer, start with an MVP, turn it into a game, and make it personal to your customers.
All of this advice should help you to build an app that helps you retain customers long into the future.
