Why Banks Need a Mobile App for Their Customers

The world of fintech is growing at a breakneck pace, with customers making a growing number of financial transactions every day. This is precisely why every bank must have its own mobile app to upgrade its services and stay ahead of the competition. Digital growth has led to the online presence of banks worldwide. This article will discuss how mobile banking is no longer a luxury but a necessity, how it adds value to banks' services, and how it affects user experience.

Introduction to the Digital Banking Landscape

Banking mobile app development services are on the rise. According to a report by the American Bankers Association, more than 79% of customers say that technological advances are making online financial transactions much easier and more convenient. Every bank needs mobile app development services to increase business and create an enhanced user experience for their customers.

Let’s take a deeper look at why mobile banking apps are essential for both banks and their customers.

Benefits of Digital Banking

Smartphones and mobile devices are everywhere. Consumers always have their mobile phones with them wherever they go. This is why a mobile banking app can help take care of their financial needs whenever and wherever they need it. Basically, it’s like carrying a bank in your pocket.

Improving Operational Efficiency

Mobile banking increases the bank's overall efficiency. Here’s how:

• Cost efficiency: It reduces the need for physical bank locations, helps increase paperless transactions, and saves money on printing and mailing.
• Time efficiency: Mobile banking saves time on both ends, the banks and the customers. Online transactions help save time by eliminating the need to go to the bank location and are completed almost instantly.
• Security: Banks use modern encryption methods to protect online transactions, customer information, and data.

Improved UX and Satisfaction

One of the primary concerns of mobile app development services is customizing apps to provide customers with the best user experience. Improving UX and satisfying the customers leads to increase in customer engagement, conversion, retention, sales, and ROI. Here’s how customized banking apps improve UX:

• Finances at their Fingertips: Most mobile banking app users explain that they use the app because it gives them full control over their finances whenever they please. They can make transactions and payments, check accounts, and pay bills whenever needed.
• All-Day Availability: With mobile banking apps, banks are open 24/7! Customers don’t need to wait to visit their bank when it opens because they have round-the-clock banking services at their fingertips.
• Instant Action: One of the top reasons apps have taken over smartphones is that they provide action instantly. When you open an app, you have numerous options and solutions for your problem. And your problem can be solved within minutes.?
• Money Management: Banking apps help customers manage their money efficiently with clever new features that instantly inform the user before spending money. Other features allow users to save money.

Case Studies

Let’s take a look at some of the most innovative mobile banking apps on the internet.

1. Bank of Jordan’s Mobile App Transformation

Over the past few years, the Middle East has seen a rise in online banking. One such bank that introduced its mobile banking app was the Bank of Jordan. However, their initial app had a complicated user interface, resulting in unsatisfied and unhappy customers.?

The problem was over-featuring, or having too many complex features, which resulted in user confusion and information overload. Even simple tasks like paying bills online were becoming impossible for customers, causing frustration.

Redesigning the Bank App with New Features

The new BOJ’s banking app needed to engage users, elicit positive responses and be visually attractive so that users would enjoy using it and return often. In addition, customers wanted the mobile banking app to solve their problems immediately.

The BOJ app had to be energetic and dynamic and represent the essence of the Middle East.

Launching the New App:

The new BOJ app is not just an app! It shows Jordan's culture and true essence while offering an optimum UX. It solves user problems and saves their time.?

Impact on UX and Reaction

By pinpointing the pain points of the previous app users, several improvements were made to the app, including an outstanding new UI, a modern way to transfer money and make transactions, and immediate access to customer accounts.?

All these changes raised the app rating from 2.8* to 4.7* in less than six months!

Future Plans

The BOJ app’s popularity with its customers rose after overhauling, which is a testament to how crucial a high-quality banking app is for banks and their customers.

Exceptional user experience is not always about allotting huge marketing budgets. Digital financial products, especially banking apps must ensure the best value and user experience for their customers so that they always choose them over their competitors. The Bank of Jordan’s app transformation is proof of the huge impact a great user experience has on overall user satisfaction.?

2. Brac Bank Mobile App

Brac Bank is one of the leading banks in Bangladesh. It is spread out in Bangladesh with hundreds of branches and a strong digital presence in the form of the Brac Bank Mobile App. The app offers secure banking solutions for its customers.?

The following section will provide a closer look at how the UI affects the bank’s customers and what their experience of using the app entails.

Problems Faced by the Customers of Brac Bank Mobile App

After conducting interviews with the customers and extensive online research related to the mobile app users, the developers were able to form an outline of the problems faced by the customers while using the app:

1. Navigation and information architecture are confusing.
2. Poor UI makes the app slow to load and respond
3. The options for account management and transactions are limited.
4. The app is only in English, whereas users are fluent in Bangla.
5. The number of features is limited compared to their competitor's banking apps.

Redesigning the Brac Banking App

Based on the pain points identified by the customers, the developers proposed several solutions:

• ?The app architecture and navigation were redesigned, making it more intuitive and easy to use.
• ?The UI was redesigned, creating a seamless experience and increasing performance and speed.
• ?More account management and transaction options were added.
• A Bangla version of the app was developed for Bangla speakers.

Future Trends in Mobile Banking

It’s safe to say that mobile banking apps are here to stay! The future looks bright for banking apps worldwide. App development services can expect to leverage AI to develop advanced banking apps. Increased security and personalization combined with an exceptional user experience will allow users to complete all financial transactions online in the future.

Are you looking to launch a newly developed mobile banking app for your business? Don’t hesitate to contact us and book an appointment!