Mobile banking has now become a necessity. People would rarely bank somewhere that did not have a mobile banking app because they know that they need a great mobile experience to feel satisfied. Mobile banking is no longer just a simple app where we could check our balance now and then. It has now emerged into an integral part of the banking experience and one of the aspects for customers to consider before choosing a bank. Let’s see how it started and why it is trending up until now.
The development of online banking services
Digitalization, as seen everywhere, is also driving the future of the banking industry. The development of it has greatly facilitated customers in accelerating transactions, including opening their accounts. This then affects the competition of online banking services. Bank services should be able to keep up with the development of digitalization because people are already familiar with digital things such as the use of mobile applications. With the innovation of bank services through digital platforms, old customers feel more comfortable with this particular bank's services, while new customers are getting more reachable to attract. However, the bank has to raise its online security to make their customers feel safe while using their mobile banking application.
The current mobile banking trend in the eye of millennials
The majority of mobile banking applications have successfully provided features to help users do all kinds of bank transactions without hassle. Among all of that, there are some particular features have become a popular trend among millennials, such as:
Cardless ATM Withdrawals
Cardless ATM withdrawals are now becoming very popular among millennials. Mobile banking plays a very crucial role in cardless ATM withdrawals, and many banks have provided cardless ATM withdrawals feature on their app. With the cardless ATM withdrawals feature in the mobile banking app, we can enter a nominal amount to be withdrawn and the app will generate a code for us to input on the ATM. That way, users do not need to worry about the risks of their ATM card being either stolen, lost, or misplaced.
E-Card/Virtual Credit Card
Some banks in Indonesia provide virtual credit cards which is obtainable through internet banking, email banking, or SMS banking. However, there are some banks in Indonesia use mobile banking as a virtual credit card. This is an innovation where the mobile banking app acts as a substitute for a credit card that we usually use to do any online transactions.
Mobile banking trends seem to reduce the use of physical ATM cards while also improving their security system. Also, we can say that your mobile banking app is technically your ATM card. Now, what makes a mobile app interesting for their variety of customers?
Mobile banking’s UI/UX design strategy
Each bank has different customer categories. From various ages, professions, and various levels of education. Based on these categories, we can develop some UI/UX strategies along with the rise of mobile apps, such as:
Simple UI /UX
The competitiveness of mobile banking industry requires UX designers to create a template of design that is user-friendly. Mobile banking apps need to be able to translate complex financial data into simple, meaningful, and actionable information. Simple interfaces are easier to memorize and handled better by customers because neural links formed faster when the brain is not overwhelmed with too many things. When interacting with the app, the brain tries to simplify the perception of things to predict the interaction result. This means that the offered solution should be predictable while also giving off a sense of control for the user. Too many elements can confuse or even scare the user.
Strong focus on UX
UX trends and rules are something that you should stick to at all times. If you want to build a worthy mobile app design, you should combine the ease of usage with a clean and convenient interface. The main rule which you should always bear in mind is that UI should be effective, and not just aesthetically pleasing.
Minimize unnecessary animations for greater performance
To attract users’ attention, we need to have a good and interesting animation in mobile apps. However, m-Banking users pay more attention to performance compared to animation, and it is already undeniable. Most people already use sophisticated smartphones, but the essence of m-Banking is not only seen from its good animation, but it is also the preferred performance. Always remember, people use m-Banking because they need fast transactions, not its beautiful graphic animation.
Thus, we can simply say that m-Banking is proven to be the right solution for millennials to do any kind of bank transactions. The offered features somehow attract users to keep on using mobile banking and start to slowly leave conventional bank transactions to the point where their ATM card is no longer necessary. This may, or may not be, the beginning of conventional bank’s extinction all around the world. However, if it is going to be replaced by something so versatile such as m-Banking, then we do not need to worry too much.
Author: Rifat Firdaus (Technical Manager)