It’s been over a decade and a half since the first mobile banking apps appeared, around the same time Apple released its first touchscreen smartphone with full Internet access in 2007. Since then, both smartphones and apps Mobile banking have evolved and have become extremely popular with consumers.
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According to Ankit Bhatt, EVP, Consumer and Chief Digital Officer at US Bank, the rise of mobile banking can be largely attributed to convenience.
“The world is becoming a more digital place, and our customers want their banking experiences to be as simple and convenient as everything they do on their mobile device,” he said. “It became imperative that customers be able to meet their banking needs themselves – they needed a bank in their pocket that never went out of business.”
Read on to learn more about current and future trends in mobile banking apps.
Current trends with mobile banking applications
Mobile banking app leaders, including US Bank, have apps with certain features in common, such as depositing checks, blocking and unblocking cards, making mobile payments, paying bills, and transferring money.
However, Bhatt said that’s not enough: Apps also need to be smart and personalized for each customer.
“That means using the data and the interactions we have with our customers to make our experiences richer, more useful and more informative for them,” he said. “We do this through financial information that appears on our mobile app and tells customers how they’re doing with their budget, savings goals, investment goals and more. Helping them with their financial well-being is very important. We give them tools to help them set, track and reach their goals, and we have automated budgeting and savings tools that suggest smart ways to increase their savings and manage their spending.”
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Bhatt also said that while customers have turned to digital tools for their daily needs, such as check deposits and money transfers, they still want human interaction and guidance when it comes to more complex financial matters.
“That became very evident during the pandemic,” he said. “So where we find real value is in using technology to make those human connections, through things like our co-browsing feature, which allows customers to screen-share with a banker as they browse the mobile app together. US Bank”.
Bhatt added: “It has become a key way our bankers help clients and offer guidance, and we get a lot of positive feedback from our clients. It’s convenient for them, it’s fast and safe. The bottom line is that ultimately digital will make human interaction even more valuable as technology will enable better customer interactions and experiences.”
predictions for the future
So what does the future hold for mobile banking apps? How will they continue to evolve?
“Banks don’t set customer expectations for digital banking, but instead are judged based on the best-in-class digital experience in every industry, from pizza delivery to ride-sharing,” Bhatt said. “The key is to use the data to better understand the needs of our customers, in order to better position our solutions. For example, if we see that a customer has a revolving balance on a credit card, we may offer a 0% balance transfer. Or if you’ve recently paid off your student loans, we can offer you a high-interest savings opportunity, automatically, all right in our mobile app or online banking. This creates value for the customer because he is helping him. That’s the power of customization.”
Bhatt said there will also be further integration of digital and human functions in future mobile banking apps. As for what that will look like, Bhatt offered the following:
“For example, our Goals portal – this is a connected digital and human experience, where our bankers learn about the goals that clients have set in the mobile app and can then talk to them about solutions that align with those goals,” he said. . “It allows our bankers to move from a transactional capacity to more of an advisory role, which is what clients want.”
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This article originally appeared on GOBankingRates.com: Mobile Banking Apps: Current Trends and What the Future Holds