How to make mobile banking simple and secure.
With most of our worries coming from security threats and a myriad of useless features, especially since its about our hard-earned money, we should acknowledge the need for building simple and secure mobile banking solutions. The world we knew used printed papers as banking solutions, but its time for digital now. While most banks have adopted the need for mobile banking, many of them have ruined the experience. It can get so frustrating that a user may after all choose going to the bank and filling out documentation, while it can be done on the couch, with a smartphone.
But in all possible futures the bank branches are here to stay, since the possible changes that could actually happen to banks are they could change interface or simply start offering more services. While looking at the future we can also make out that the mobile banking is here to stay, but the need of the hour is diversifying services into a number of applications. Banks should understand the need for simplification when it comes to mobile banking and its universal scale.
Here’s what we need to look after while making mobile banking applications.
1. The need for a well designed UX
While you may overlook the need for building a specific design for lower class people, you are not maintaining a good design for middle/upper middle class too. Studies have shown that as the advancement of going digital continues, many people are heading towards mobile based solutions. They may be lower class, old or young, but the need for a mobile banking app to feature a universal design with least flaws remains impeccable.
While most banks are trying to put in myriad of features, they overlook what customers actually want. They try going all in but forget that its checking the bank balance and fund transfer the primary craving for such an app.
Most people believe that mobile apps are way less secure than our computers, its a myth and actually otherwise in most cases. While Trojan horses and phishing remain the most common attacks on computers which could potentially break in the security on bank websites, these are virtually not possible on mobile devices until you put yourself on a risk by allowing applications to be installed from ‘unknown sources’. This is only a problem with android since ios doesn’t allow any applications except from the app store making it one of the most secure devices in the world. With popular devices being built daily, most of which are more secure then our generic windows computers, we need to reconsider our beliefs. With biometric sensor availability even in the cheapest smartphones, recent linking of biometric databases to banks, an intersection can rule out 99% of threats to security.
3. The need for diversity
While the most popular platforms are android and ios, the need for continuous development to reach out other platforms is impending with new operating systems and mobile devices launching daily. It is also to be kept in mind that most android users run on an older version of the os making back support for the app a necessity, this is less of a problem with ios since most users advance to the updated os and you need less back support.
4. The need for a digital wallet
With advancement in payment methods across the world shifting to digital, the need for banks to maintain their own digital wallet is out question if they don’t want to lose business against someone else’s digital wallet. Keep providing offers, discounts to lure customers.
5. Utilizing push notifications
With the feature of push notifications on smart phones, you can always have an edge over internet banking. You can display changes in balance, offers around user and much more using push notifications.
6. Location based tracking
With gps sensors in most mobile phones, an accurate map representation and navigation to nearest atm and bank branches can be easily provided, this upscale the true potential of ease of being on mobile banking and comes in as a really handy feature.
7. Setting up different apps
As discussed above, most users are looking for checking balance and transferring funds. But maintaining a separate set of applications for check deposit, loan request, fixed-deposit and much more can be built to truly maintain the design and need of going for mobile banking apps for most users. Usability remains the foremost priority to stay on top, while added features being rolled out as separate apps remains an add-on.