For the last couple of years the industry of mobile banking has experienced a major shift.In US, the count of mobile banking app users toppled the numbers of in-person appearances at physical bank locations, as per a report published by Javelin Strategy & Research—a research based advisory firm. The trend clearly indicates the balance in favor of mobile banking apps over crowded places.Javelin also foretells these digital channels will soon become the voice-of-opinion for a large number of banking customers. However despite the ever-growing preference to log-in through a smartphone app for a banking transaction, a major concern arises how to develop an app that guarantees and facilitates an exceptional customer satisfaction?
Some financial institutions may not have the required hands and brains to develop a top mobile banking app, but hiring a professional mobile app developmentcompany can be the best alternate. So let’s examine how developers can deliver an exceptional customer engagement and consequent satisfaction through a well-functioning mobile app.
Some financial institutions may not have the required hands and brains to develop a top mobile banking app, but hiring a professional mobile app developmentcompany can be the best alternate. So let’s examine how developers can deliver an exceptional customer engagement and consequent satisfaction through a well-functioning mobile app.
1. Provide a potent onboarding process
A fact is certain that around 20% users of mobile banking apps do not cross the phase of initial log-in, making the onboarding process as simple and seamless as possible a mighty challenge for most financial marketers today. What app developers must invest their efforts on is finding gaps in the user engagement process and try to apply automation at every step applicable to result in a top interaction and experience.
Using appropriate mobile analytics and engagement platform, banks can precisely recognize users’ disinterest points and automate relevant and useful service messaging.For instance, a user may lose interest at some step in the registration process, but the inclusion of an automated onboarding process will come in the form of in-app assistance from live customer service department.
The point is to catch the moment and provide important information to the app user at the right moment in order to provide a smooth and engaging user interaction and experience.
2. Assimilate a smooth transactional experience
Seeking a favorable customer feedback is undoubtedly an appreciable prospect, but thetask is not always that easy to achieve. Generally speaking, improving the functionality of a mobile app may seem like just including a couple of new buttons, but in reality calls for an extensive research and testing to ensure the new features clearly express the institution’s benefits, products, offers, etc. to clients.
To serve the purpose, developers need to see the app is functioning welland provideseffortless transactional experience. Take the exampleof Rocket Mortgage for instance, their introduction of “push a button, get a mortgage” provides a swift online mortgage application.The benefit of providing a quick online transactional experience is rightfully served here.
3. A one-touch access to customer support
A number of top institutions can be seen stressing on promoting smooth online account management to cater customer’s needs, while failing to notify the significance of proper customer support at the same time. A typical routine process asks the customer to close the app to enter the FAQ page or filling out an online request document. The time taken may just tick in seconds, but can instantly make an even potential client disinterested, let alone the user opting for a more customer-oriented competitor of yours. This is the gap developers can capitalize on by including a one-touch feature in the app which can directly navigate the user to the FAQ or customer support page without needing to close the app.
4. Engineering intuitive user navigation
Mostly a number of popular mobile apps focus on incorporating aneasy and highly intuitive navigation feature that would allow users to save time. For example, Ally bank has instilled a virtual assistant that guidesusers step-by-step on how to perform transactions.
5. Effective financial management
Developers can further enhance the visibility and scope of a mobile banking app by associating a financial analyzer that displays user-friendly charts and graphscontaining a plethora of financial information such as statistics of income, expenses, overall investment performance, several business banking aspects, etc.
6. Applying customer data for a personalized experience
Banks can acquire and capitalize on the large bulk of personal data customers tend to generate on regular basis. Adding personalized reminders and notifications may seem a tiring prospect, but the rewards can be astounding if done appropriately. For example, banks can notify a customer by sending him/her an alert stating the account balance has fallen below a minimum threshold, or when a withdrawal cash has crossed a certain limit.
But let’s not forget the vigilance factor to be taken into consideration along with incorporating such features on personalized cases.For instance, it will be totally inappropriate to deliver a reminder to a client who wants to purchase financial instruments like a bond, when the maturity has already gone beyond the due date.This is what developers should examine from all angles before designing and sending personalized reminders and notifications to customers. Additional examples of using personal data for personalization could be offering specific recommendations for loans, home-refinancing chances, debt management, etc.
Final Words
Evidently, providing an outstanding customer experience through a well-tested and run mobile banking app requires real investment in effort and time. And the involvement of the above aspects will guarantee you the emergence and acceptance of a powerful app that will solely focus on delivering quality banking transactional experience.
Author’s Bio: Judy Alex is a professional Android app developer in Dubai whose work is not only confined to creating top apps for a plethora of businesses, but is also an avid writer of mobile phone and app development industry trends and other aspects.