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.
Even for members who are not quite comfortable using the latest (and greatest) card controls afforded by most mobile banking apps, the sheer convenience of having immediate account information brings massive value. However, while app downloads and usage indicates popularity, data shows most members are still just using the app's basic functions, such as checking an account balance, transaction history, and transferring funds between accounts. The key to bumping up this usage of the additional in-app features lies in making them as user-friendly as possible. Members who are not as tech-savvy as others need to feel comfortable with navigating beyond the basics.
While Gen X and Millennials are often thought of as the main target for the mobile banking market, there are still many others who would benefit from the mobile app once they achieve a certain comfort level.
Here are a few things to consider when looking to maximize your app's usage and increase member satisfaction.
1. Ease of Use/AccessIn 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.
2. Clearly and Readily Available Information
Having your account information easy to find also contributed to over-all app satisfaction. Being able to click a link or button or simply chose from a drop-down menu to select an account or when navigating to statements was important. Positioning it front and center and providing clearly laid out options when navigating, with current and accurate account information was also cited as what made an app successful.
3. Being Able to Easily Perform Transactions
This includes transferring money between accounts, bill pay, loan payments, and P2P transactions. An intuitive user interface should allow members to easily navigate through transactions. Studies have also shown that if the mobile app layout resembles the institution's website, users will feel more comfortable when using it.
The Pareto Principle, also known as the 80/20 rule, states that 80% of the effects come from 20% of the causes. This rule has been applied to many facets of business and it also applies to mobile banking usage. Most members will use your credit union’s app to perform six main functions:
- 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.
Additionally, consider offering a users guide online or quick tutorial when the app is initially installed. This can quickly familiarize the new user with all of the apps conveniences and capabilities and hopefully assist in the overall successful adoption of the app.