Improving Mobile Banking Could Be Simple Points Away

Mobile banking, by and large, gets the job done. Some places do it better than others—that’s the way it’s generally always been when a new technology emerges—but most at least get the basics right. However, there are some who believe that mobile banking could improve throughout the sector, and NASDAQ.com took a look at that point recently.

Essentially, there were four key points NASDAQ cited in improving mobile banking. The first was to promote awareness, to make it clear to users that these exist to begin with. A PwC survey found that customers weren’t using a mobile banking app in large numbers because they didn’t even know it was an option.

Second, financial institutions need to innovate harder. Instead of imitating Apple Pay and the like, it’s vital for mobile banking to lead the way into things like investment trading and other points that aren’t currently being explored. The more the app can do—while keeping usability front and center—the more time will be spent therein.

Third—and this relates to the second point—keep the overall functionality high. Sure, ease of use is important, but taking advantage of industry connections and the like to keep bringing out material and content is likely to improve things. Bank of America actually added a loan option to its app, offering approval in just a few seconds.

Finally, personalize. Customers expect personalization as table stakes these days, so adding those extra touches—making suggestions, helping to manage accounts, financial management tools—are things that will keep the user’s interest.

There’s nothing here that’s not worth considering; too much of this list should be obvious, but banks aren’t really seeing it. If banks ever want to get to the point where they don’t need branch operations any more, the only way to do it is to make the app so attractive that there’s no real reason to turn to the others in the field.

Offering discounts, new features only available in one place, working with retailers to set up payment options or even credit options—imagine a layaway app through your mobile banking system—are all ways to go about doing the job. It’s a job that needs to be done, too, lest the field’s upstarts end up walking away with all the business.