3 Changes in Mobile Banking You Should Know About

What should you be considering to make your mobile banking app successful this year? Here are some key features that will be changing the banking landscape, both online and offline, in 2017.

Conversational AI will be huge

Up until recently, the thought of going hands free and using our voice as a sole form of interaction was met with frustration and dismissal. This is not because users are inherently against voice controlled devices - more likely it was down to the services providing conversational interactions not being up to scratch.

This, however, is no longer the case.

The current financial tech landscape shows us that voice interactions are the way forward, with both Barclays and Santander introducing voice recognition technologies and investing heavily in conversational AI last year. Last week’s release to iOS 10.3 Beta included a nod to the mobile banking industry in the form of SiriKit’s new payment features. The update will allow users pay bills and request payment details using the voice controlled assistant, Siri, through their iPhone or Apple Watch.

The service may not be completely hands free, with some form of authentication required to access private details. However, with more and more people basing their decision on banks that offer the best services and mobile banking rather than on brand loyalty, choosing to ignore conversational AI’s upcoming disruption to the industry could mean a reduction in users.

What could this look like?

This could be as simple as a customer saying “transfer 100£ to John Doe from my current account” and the payment going through automatically. It could also be take the form of a customer asking ‘How much did I spend last night?’ and having your application respond with a breakdown of their transactions.


Internet of Things(IoT) Will Make Data More Useful

IoT in the financial tech industry (or ‘Fin’-ternet of Things) is making mobile banking smarter, more personalised and increasingly engaging. Consumers expect always-on convenience with hyper personal experiences when it comes to mobile services and banking should be no exception. To meet these expectations, embracing IoT is crucial.

Consumer adoption will not take much convincing, considering the success of online banking, mobile banking apps and contactless payment technologies. The introduction of IoT is simply the utilization of technologies the majority of your customers are not only familiar with, but using on a day to day basis. The data generated from IoT adds value for both you and your customers, allowing you create the personal experiences, tailor financial advice and provide contextual support which can make or break a customer's loyalty.

That being said, collecting more useful data about consumers means that you will need an extra layer of security across the ecosystem. Having so many collection points and shared systems raises issues around data protection which may mean restructuring your current security policies both in terms of encryption of existing data and authentication tools on the data collection points - Touch ID and voice recognition could be solutions to these security risks.

What could this look like?

A customer wearing a smart device could walk up to an ATM and be authenticated to take money out without the need of a card or a PIN. Location based push notifications when visiting new areas or shops also falls under this category.


Interactive Timelines will Change the Mobile Banking Experience

Mobile banking can take inspiration from the success of social media platforms and tailor their dashboards to their consumers’ needs. The idea that recent spending and transactions could be displayed as an interactive activity feed could seem like a simple adjustment, but in the grander scheme of things has massive benefits for both users and banks.

If we apply the logic of Facebook timelines to that of mobile banking transactions, interactive 'cards' which display your customers’ recent spending could be enhanced with contextualised suggestions. Financial milestones like applying for a mortgage, buying a car or saving for a holiday can all be included in the user's timeline.

Introducing a social aspect to this feed could go hand in hand with P2P payments, a feature which has become increasingly popular and lends to quick money transfers between beneficiaries. This toys with the idea of Banking as a Platform (BaaP), allowing retail integrations to provide services within the context of the specific user. The options are endless and the payoff is a seamless banking experience not all that different browsing a social media account.

What could this look like?

Your customer could check their banking timeline and interact with a card reflecting their latest purchase at a store. It could also represent your user reaching a financial milestone, like applying for their first mortgage, and it reflecting this important moment in your customers personalised timeline.