3 Reasons Why Your Mobile Banking App Fails to Launch
As we head to 2022, developing a mobile banking app is no longer an option. Each bank now has at least one application for each customer segment. However, releasing an application that can receive good feedback from customers and stand out in the market is not an easy job. Many projects ended up failure. Banks might lose customer loyalty just because of the poor experience on mobile apps.
In this post, we will highlight 3 major mistakes that most banks fall into when developing mobile banking apps and how to avoid them.
1. User is not put in the center of the design
Effortless experience and availability of features are keys if you want your customer to stay with your application and your bank. If the user can perform a specific task comfortably, he will continue using the solution.
And here are a few things you need to care about:
View all transactions online
A decade ago, when the first mobile apps were created, they included only basic features (check bank account balance, make a transfer, transaction history). Nowadays, customers want to use mobile apps as their regular or even primary banking channel.
Therefore, banks need to embody mobile banking apps. Users currently do not need to visit an offline branch to create a new account. The latest technology called eKYC makes user onboarding journeys faster than ever. Most of the banking-related stuff is now handled online. As such, if you launch your mobile app with just basic features, you will lose this game.
Do not bring your webpage to mobile
Sometimes the easiest way to implement a feature is to copy what is running for now on your website to mobile.
User behavior on mobile is totally different than on the website. The mobile phone’s screen is much smaller and it also works in a different environment. Not only will you have to adjust the UI to make them big enough for fingers, but you also must adapt to all the processes and functions so that they can be completed comfortably on mobile devices.
Besides that, several features can be implemented only on a mobile device:
- Login using biometrics (TouchID, FaceID)
- Location navigation and services
- QR Code scanning
- Direct call
- Push notifications
2. Untrusted security
The one that banking customers mostly care about is security. The mobile banking app is where customers do everything online with their money. How can the application not give trusted security options to its users?
We listed out the key factors in the security area of mobile banking app development.
- Apply stable and modern technology on authentication process while keeping the customer journey effortless
- Password rules must be applied strictly
- The device must be trusted
- Biometrics is tied to account. Only one biometrics is allowed at one time.
3. Boring experience
Banking customers are becoming younger. We are now focusing on GenZ who were born in the Internet era. They have a high standard for the mobile experience. A customer journey that can satisfy this group must be fast and fun.
These best practices will help banks delight their young customers:
Adapt to User Needs
Customers always love solutions that satisfy their needs. In your design, you need to focus on the user’s goal, where users are able to complete their goal in the fastest way. More than that, there must be no obstacles in the user flow. Obstacles are where users stop and think about what they should do next. Putting your users in the center of design will bring the product that wins customer satisfaction.
Use Smart Prediction and Recommendation engine
Customers must fill in many forms to complete a transaction. Every time, they have to enter the same thing. If you want to stand out and save effort for your customer, think about implementing smart prediction.
Besides, for recommendation engines, there are some solutions out there that can provide good recommendations for your customer based on their behavior on mobile applications. It will personalize the customer journey on your application.
Animate to create moments of delight
Leading solutions are always appreciated for their speed, user-friendliness, and motion design. Your mobile app’s animations must be designed before all. You need to define the moments of delight, for example, when users finish the transfer or order a new card and implement animations to amaze the users.
These additional details define the high quality of your solution. They sure will cost you more hours, even days to develop. But they are worth it.
It’s not to say that animations make the application appear faster and smoother. They are also a way to tell users that the actions they perform have an outcome. Motion design gives visual cues that help the user complete the actions they need to.
It’s clear that animations are not only about aesthetics but also about values to users.
Today, mobile banking apps are a must for banks. Therefore, they should be designed and implemented with the highest quality. The tips from this article will help you identify customer pain points and suggest solutions.
Great UI/UX leads to a win-win where users love the solution, and the company is satisfied with the results.
If you would like to build a mobile banking app from scratch with fast time-to-market while delivering a user-centric experience, KMS Solutions can help.