5 Hot Features to Implement Into Your Mobile Banking Solution In 2019

More and more customers are utilizing mobile apps while resorting to banks’ services.

Clarabridge says that while 35% of customers are banking online using a desktop or laptop, 38% of customers do it via a mobile device.

Source: cnbc.com

To attract as many customers as possible and increase profits, you must ensure that your mobile solution is competitive and meets consumer requirements.

In this article, we will tell what features you should implement to make your banking app competitive in 2019.

How Banks Benefit From Mobile Apps

In case your bank doesn’t have its own mobile solution yet, let’s discuss how banks may benefit from mobile apps’ implementation.

Banks get the opportunity to attract more customers

Having your own application, you increase the chances that people might want to become and remain your customers.

The fact is that customers find banking apps convenient, and convenience is an important criterion when choosing a service provider.

According to statistics from the Federal Reserve Board, 39% of consumers use banking mobile apps because they like the convenience of mobile banking.

Thus, the bank, whose application gives people the best customer experience, gains a significant competitive advantage.

Banks automate routine processes and minimize human errors

Work in the banking sphere is connected with great risks because customers’ money and the reputation of the bank are at stake.

Mobile technology helps reduce risks by decreasing the chance of human error and ensure a high level of data security.

For instance, automatic payments through customers’ accounts have advanced protection due to the encryption techniques implemented in mobile solutions.

Source: mobilebusinessinsights.com

These Features May Help Your Banking App Be Competitive in 2019

Let’s look at each of the features in detail:

AI-powered predictions

Over the past few years, we may notice that mobile apps beсome an integral part of companies’ workflows, not just an appendage.

For example, top firms like Apple, Facebook and Google have been implementing AI with predictive analytics to improve customer experience across their apps, and are going to continue these activities in 2019.

Source: techbakbak.com

Banking apps also can be good soil for the use of such complex technologies as AI and Machine Learning.

As an option, AI can be applied to Customer Service by creating intelligent virtual assistants.

For two years already, Swedbank has been using Nina, a human-like conversational tool based on Natural Language Processing (NLP), to enable quick data access.

AI can even make a step further to become predictive.

Have you ever heard of Generative Adversarial Networks (GANs)?

GANs are deep learning systems that act as two concurrent neural networks, one of them is called a generator and second a discriminator.

These two networks work together and analyze real and fake data sets to detect fraudulent behavior in the future.

Thus, you can implement similar technologies to make the security of your customers’ data even more advanced.

Integral chatbots

Over the past few years, many experts from various industries have realized that the implementation of сhatbots is a great way to improve customer relationship management.

Steven Casey, the Principal Analyst at Forrester, states that, “The best way for B2B marketers to enable self-service research that buyers are now expecting is by deploying proven customer care solutions — starting with knowledge management (KM)/FAQ and intelligent virtual assistant (IVA) applications.”

Source: technologyreview.com

Mr. Casey also believes that virtual assistant apps “directly facilitate prospect-driven journeys and can connect buyers with the content they need to understand and evaluate your offerings.”

That’s the reason why chatbots will now work (in fact, many of them are already working) as virtual assistants within mobile solutions.

Above, we have already mentioned Swedbank and its conversational solution, Nina.

This case illustrates that thanks to the advancement in AI, it is now an easy job to integrate chatbots within apps almost without involving intricate coding.

Branch & ATM locators

Your customers would be pleased if you allow them to locate your bank’s ATMs or branches based on their current location via GPS.

For example, a virtual assistant embedded in your application can show the nearest ATM to a customer. (Source: chatbotnewsdaily.com)

As an option, search results may contain such information as working hours and phone numbers (with convenient click-to-call functionality).

Also, you can specify which services are provided in each location, for example, if  ATMs can accept deposits or whether a client can get a loan in a specific bank branch.

Advanced compliance

Banking and financial services relate to a highly regulated business sphere.

As a consequence, banks’ customers pass through a strict process before granting access to the service.

For example, besides the basic information, banks should verify the client’s identity and address. Most likely, these operations should be completed before opening a bank account.

So, the process of verification should be designed in such a way to be as painless and easy as possible.

For instance, N26, the German mobile banking startup, connects external providers to verify customers’ identity via ID Now,  an identity verification platform.

Also, you may implement such feature as mobile photo account opening.

A user can snap a picture of their driver’s license and be on their way to opening a new account in less than five minutes.

Visualized information

Due to the abundance of numbers and other financial data, banking may be too boring and sophisticated for a usual customer.

Although your application should be functional and technically advanced, you also should not forget about its visual side.

Source: pinterest.com

To make the information easier to perceive, you can add colored graphics and images to your application.

Wrapup

Nearly 40 percent of consumers prefer to utilize mobile devices while using the services of a bank.

Every year, this number increases, which means that banks and other financial organizations should invest in mobile to attract as many customers as possible and increase revenue.

In our article, we described how mobile apps help banks, and also listed five features you should integrate into your mobile app in 2019 to remain competitive.

Here they are:

  1. AI-powered predictions
  2. Integral chatbots
  3. ATM & Branch GPS-based locators
  4. Improved compliance
  5. Visually compelling information

In case your bank doesn’t have its own mobile app or you want to implement new top-notch features in the existing product, contact us, and our experts will answer all your questions and tell you where to start.

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