How to Take Mobile Banking to the Next Level with Innovation & UX Design

The mobile banking industry is big business today. It keeps growing because people now use banking apps to perform a variety of financial transactions. Technology plays a critical role in shifting the industry towards the digital space, as people can now access banking services on their mobile devices 24/7. Visiting the branch during specific office hours and queuing for services is now a thing of the past.

According to Statista, the mobile app market size has exceeded $400 billion so far. By 2026, the market is estimated to grow to more than $500 billion. Thus, mobile banking is among the leading digital industries with large revenue potential.

The reason why mobile banking is popular is its convenience and efficiency. You must add useful features to your app to improve usability and ensure easy navigation. Banks hire design agencies to create a top-notch mobile banking design. So, the market has stiff competition, which forces banks to innovate their products.

This article highlights the UX design trends and innovative practices that can help you excel in this dynamic market.

[lwptoc]

Tailored UX/UI

Design plays an important role in product development, functioning as a critical determinant of customer experience and retention. Banks are moving away from dull designs. Modern, tech-savvy customers want interactive and interesting tailor-made designs. Thus, the design approach fosters a strong bond between customers and the banks.

You can choose among many standard design templates to create stunning interfaces. Still, such designs are plain and non-original, so they might affect the product quality.

UX designers customize the user interfaces to create seamless experiences. This way, you can get an app with an impressive UX design, ensuring that your products align with your brand identity.

Multi-functional Products

It’s always more pleasant and convenient to perform several tasks in one app. You don’t need to download dozens of apps to send and receive money, book hotels, and order food. Banks are capturing this trend of unlimited comfort and growing user needs by launching feature-rich apps, and custom mobile app development services are helping them do it.

Such super apps help advance banking services to higher levels and give additional revenue sources to banks. Besides, customers get excellent experiences and better usability. It’s common to see banking apps that allow shopping with lucrative cashback offers, cover hotel and plane ticket purchases, as well as subscription payments. Such service organization enhances brand loyalty and customer commitment.

Read more: The Pros and Cons of Having Online Mobile Entertainment

Architectural Solutions

Banking organizations have a complicated architecture, with many banking services, fees, and aspects that a layperson can hardly understand. But the digital transformation is making it easier for people to access banking services and comprehend the service structure.

Such a level of client-friendliness is achieved with UX design principles, making the interface cleaner and simpler for users of all competence levels. Client-oriented banks with an innovative strategy often hire top-tier UX agencies to optimize their service structure and give clients access to all services without confusion or frustration. With modern UX designs, banking app users are no longer overboard; they know the whole service range and can pick customized banking offers via neatly organized personal cabinets.

Gamification

Another innovative practice that greatly impacts the mobile banking industry is gamification. Many bank applications have gaming elements to engage their customers. Gamification involves the addition of game features to an app to enhance user activity and engagement.

For example, some banks encourage customers to save more and manage their spending habits. Other institutions introduce rewards for buying specific products and services via the bank’s app, giving users more loyalty points, higher cashback, or exclusive deals in the following month.

Chatbots and Virtual Assistants

Most banks are investing in digital transformation to improve customer experience. But there is a shortage of workers in the banking industry. Most banks don’t hire many customer support agents since their shifts are costly. Thus, the integration of chatbots and virtual assistants is becoming a norm.

All modern banking apps have a chatbot available on any page to help you with any problem or inquiry. Artificial intelligence powers chatbots to offer human-simulated responses. It is almost impossible to know that you are chatting with a bot instead of a human. So, customers get satisfactory answers and exceptional services.

Another innovative technology, virtual assistant, is also gaining momentum in banking. Virtual assistants are tools with voice enablers that help customers complete certain actions. It could be handling cash transfers, resetting passwords, or activating credit cards.

Artificial Intelligence

Today, AI is a common UX trend in the banking industry. It is an influential technology applicable in many banking services. From chatbots mentioned above to data collection and analysis, AI is invaluable. Apart from simplifying tasks using automated services, it helps tailor user experiences.

Moreover, AI tools allow bank professionals to detect fraudulent transactions faster. AI-powered tools provide accurate analytics and flawless service quality. Hence, most banks use the technology to offer customers efficient service delivery.

Cardless ATM Service

Cardless ATM service is a growing trend in the mobile banking industry. As the name suggests, the service functions without a physical card. All you need to do is verify your mobile banking app and number. You can then visit the ATM and use your mobile number and PIN to transact. Many experts call it an innovative approach that will alter the experience of customers immensely.

Biometrics

Mobile banking opened avenues for online scammers to take advantage of unsuspecting customers. So, on top of the pin and passwords, banks are now requesting more from their customers. Many banks are implementing biometrics for authentication purposes. Biometrics uses human identifiers to improve security, such as the iris, face, vocals, or fingerprints.

It is an emerging practice that ensures safe services. Technology pros estimate that biometrics will be a preferred option for making mobile payments in the near future.

Conclusion

Mobile banking is popular today since many people enjoy its usability and convenience. Many banks now apply practices that improve service delivery. The emerging UX trends simplify tasks and help customers to transact with ease and efficiency. Thus, the banks can grow their business by applying a proper mix of practices and trends discussed above.

Check out: What Is Mobile Banking App Development?