10 steps to a successful banking app in 2023
1. Core information must be easy to find
Yes, banking apps come in different shapes and forms, but the thing they have in common is managing the users’ finance. That’s why information such as account balance, recent spending, spending analytics, etc. should be easily accessible.
On top of the assumptions we’ve just shared, you should make sure your definition of “core information” is consistent with those of your users. The way you do it is through UX research.
2. Innovation & New Features
Banks are not best known for innovation. Useful features usually get “copied” from Fintech rivals. In order to be competitive, putting in place a structured innovation process is crucial. Especially to stay relevant to the younger generation.
3. Educational content
Financial education is still not a priority in the educational system. Banks can provide useful bite-sized educational content to make their users financially aware and responsible. Such an approach provides endless opportunities for upselling and integrating their own products.
4. Clear communication around regulations
Regulations might limit the capability of your products and the ease of the experience. (e.g. forced 2-factor authorization). In some cases, this tends to be an unfair disadvantage. However, by providing clear communication to users you can help them understand these additional frictions to build additional trust. After all, it’s for everyone's safety. Unfortunately, this is not always the case, and users churn as they don’t understand why their seamless experience tends to be broken down when using their local bank's apps.
5. An accessible and inclusive experience
Certain accessibility standards are mostly enforced through banking regulations, but instead of just ticking those boxes try to provide a rich and inclusive experience, regardless of physical or mental disabilities or gender preferences, etc.
6. Seamless Authorization
Banking apps are commonly used to pay for things like groceries, restaurant bills, or train tickets. You need to make sure paying is as easy as a few taps.
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Yes, banking apps require a lot of security to avoid scams, credit card theft, etc. However, each security check you do is delaying the outcomes the users want. As such, you should make sure to strike a balance between convenience and security.
7. Spending analytics
Many people, myself included, sometimes wonder “How on Earth did I manage to spend this much money in the last week/month”. That’s why it’s vital to have a system in place to help categorize spending, or else you’d make your competitors look a lot more attractive.
No user should be forced to go through their transactions to manually do the math.
8. Help clients reach their goals
The banking apps help people make sense of the money they have available. On top of being just a resource that allows you to buy things, money is also something people almost always like to have more of. People often set goals for saving up for things like cars, apartments, computer gear, etc.
That’s why you should have a system in place to help people save. One common mechanism for doing that is saving jars, which can round up your balance daily and transfer the surplus to the jar. You could also have hints, and saving plans. Or, you could have a system to help users cut spending by comparing their spending to the average ones (e.g. Cutting your spending on entertainment by 10%, can help you buy a car 3 months. faster).
9. Transferring funds shouldn’t be a bother
One way or another, users will inevitably have a situation when they share a bill with someone. Be it something minor like a dinner, or a month-long road trip, you need to make sure
Currently, many users have to use third-party apps like Splitwise, and then go through the trouble of copying the credit card info, and sending the funds.
There’s definitely potential to make this process easier. If both users use the same app, you could identify the person rather than a credit card and spare the tedious copying of the credit card information.
10. Lightning-fast support
One of the most frustrating things in the world is having your banking app not work when you need to pay for something. Imagine standing in line in a grocery shop, to have then the transaction be declined.
Situations like these happen, and you need to make sure these issues are immediately resolvable through phone calls or live chat.