One of the most obvious trends in banking is the increasing adoption of mobile channels across all age groups that started over a decade ago but has accelerated during the pandemic.
BAI’s 2023 Banking Outlook survey shows numbers in line with the trend. Mobile (21%) is the second most preferred customer channel across all demographics, followed by branch (24%). But when it comes to the number of monthly interactions, mobile far outstrips other channels. This applies to baby boomers as well as Generation Z. A better mobile experience.
The latest BAI Executive Report explores the state of mobile banking. This includes a quest to improve the pleasure factor of the daily user experience and a relentless effort to protect that experience from sophisticated and aggressive tactics. Developed by scammers to target mobile users.
Featured articles by contributing writer Edmund Lawler focus on what banks of all sizes are doing to enhance their mobile apps. As one banker said: “Mobile apps are what people see every time they consider a bank. They want to see what features and functionality are offered and what they can do.”
Lawler also uses so-called “super apps” to check the status. The app is a solution envisioned as a one-stop-shop not just for finance, but for travel, hotels, dining and other lifestyle experiences.
Contributing writer Katie Kuehner-Hebert delves into fraud prevention as it relates to mobile banking. As mobile becomes more and more the channel of choice, it also becomes a bigger target for highly skilled and well-prepared scammers and scammers.
One of the holy grails of the industry is real-time payments and transfers from mobile devices, but money once in the hands of scammers tends to be lost forever. This protects these customers while reducing the margin of error in maintaining an enjoyable customer experience.
In Q&A for this month’s Executive Report, we speak to Abhinav Gokari of Yabx Technologies, a Dutch-based fintech startup that combines mobile reach and alternative data to expand lending services in developing countries. listen to Yabx is a 2022 BAI Global Innovation Awards finalist for its strength in lending solutions aimed at increasing financial inclusion in Africa, Asia and Latin America.
Yabx uses mobile wallet transaction and communication data to create algorithms used to gauge the creditworthiness of potential borrowers. Data is provided through partnerships with telecom providers, wallet networks, banks, merchants, and others. Yabx also offers credit education to its customers, as many of the underserved people in these regions are new to banking products.
Apiture’s Jennifer Dimenna tackles the growing number of conversions to mobile banking across all age groups and demographics in her article. Of course, the younger generation is leading the way, but people who grew up in the analog age are becoming more and more heavy users.
With this increased level of mobile engagement, banks and credit unions are providing more touchpoints than ever before that can strengthen user trust and build deeper loyalty. Focusing on smaller banking institutions, Dimenna suggests a number of steps that need to be taken, starting with mobile app modernization and synchronizing features available on mobile and online for continuity. doing. It’s also important to be able to seamlessly acquire customers from her mobile channel, with human help if needed, she says.
Alkami’s Jeff Chen begins his article with the position that too many financial institutions are not considering improving their mobile and online services from a strategic perspective. This, he says, is a big factor in the challenges they face when competing with deep-pocketed money centers and digitally native neobanks.
Chen suggests five ways banks can improve their digital customer experience. First, Credit will start by making the information it seeks, such as scores and upcoming payments, more visible on his mobile device. Personalized messaging and product offerings are also avenues for greater engagement, he says. The holistic approach is about optimizing the user his experience. “His UX and functionality of the banking platform is the biggest factor that separates a ‘good enough’ financial institution from the ideal his FI.”
Terry Badger, CFAis the editor-in-chief of by.
The BAI Executive Report, Building on Mobile Banking Success, explores the current state of mobile banking, including the quest to improve the everyday user experience and protect customers from fraud.