It seems many members have embraced mobile banking from the onset. The idea of not having to wait until 9 am the next morning to talk to a teller or wait until you are at home in front of your laptop to see if a check cleared has its obvious benefits. While most people are familiar by now with the conveniences of a mobile banking app, there are several marketing efforts out there illustrating the benefits these apps can provide. Picture a woman out with friends who suddenly realizes she doesn't have her credit card in her purse. After a brief moment of panic, she whips out her phone and instantly freezes her card. She then walks calmly through the frozen crowd to retrieve her lost card, still sitting absently on the table with her bill at the restaurant they just left. A simple solution - offered through remote control cards in her mobile banking app - to an inconvenient and often common problem.
In a recent study by J.D. Power, ease of use and the ability to easily navigate to find the desired information was the biggest factor in app satisfaction. Part of ease of use was a simplified sign-on process, incorporating perhaps the use of biometrics to log in and also providing a clear location to input your login information. In addition, the ability to log-in one time and then have the app save the information or recognize your device for future log-ins was also viewed as a must-have convenience.
- Checking account balances or recent transactions.
- Transferring money between accounts.
- Reviewing alerts (push notifications) from the credit union.
- Making a deposit.
- Making a bill payment.
- Locating the nearest ATM or branch.
While these six features are the most used functions, they make up a very small portion of what a mobile app should be capable of, thus the 80/20 rule. 80% of the member’s time is spent with only 20% mobile app functions. Be aware of the features that members use the most and provide an app that ensures a frictionless experience in this vital 20%. This means balances are shown on the home screen, history is easily accessible with one touch, transfers are intuitive, push notifications are built-in, remote check deposit is a common sense process, bill payment (no matter the provider) is integrated directly into the app and finding an ATM or branch near you is right at your fingertips. Rock the basics and you’ll rock the member experience.