The banking industry players know the importance of being on mobile. Many of them have developed apps and sites to help them dominate the mobile banking space.
Mobile banking has completely changed the financial landscape. People can now deposit or withdraw during non-banking days and hours. Transactions are faster now without the aid of a bank representative.
According to a Federal Reserve study, banks and financial institutions have successfully coped with the speed of smartphone adoption. Last year, over 50 percent of bank account holders has embraced mobile banking, which is no surprise. It is faster and more efficient compared with physically going to the bank.
Eleven percent of these non-mobile banking users admitted that they are interested in going mobile. They also said they would soon get their bank’s mobile app.
The frequency of mobile banking usage, as well as the range of activities performed through mobile banking, has also increased dramatically over the past years. In 2014 alone, there was a record of an average of 400 percent increase per month . The rate at which banks are adopting mobile versions also points towards the importance of listening to what their clients need from a 24/7 mobile bank counter.
Mobile banking design
The saddening part is that many mobile banking apps or sites are barely easy to navigate. A few are aesthetically stunning, and are too neat. In fact, one that’s excessively professional to an extent that they’re no longer fun.
According to mobile web marketing company Monsoon, most banks pay little attention to their customers’ online banking experience. Mobile apps for banks, as CEO Sandeep Sood would summarize it, are all about “clunky (user experience) UX, confusing (user interface) UI, difficult logins, unattractive graphics and an overload of information frustrate many customers, and keep others away.”
What financial institutions fail to recognize is that mobile banking is not only about having a decent presence online. The trick is to simply hire a competent designer who knows how to translate user experience to effectual design and functional interface.
For global web design and development firm IT Craft, mobile responsiveness is not a design philosophy that caters only to specific industries. In fact, banks should be the first ones to incorporate a user-centric mobile design to their online presence as they deal with their customers’ personal money and assets.
According to Search Engine Watch, almost sixty percent of users trust their gadgets when it comes to accessing personal data. Hence, apart from seamless navigation and eye-pleasing design, bank applications must also adhere to design principles that aim to enhance privacy and security.
Banks also have to partner with web designers who have a deep understanding not only of aesthetics but also of SEO and online advertising, especially now that Google, the leading search engine company today, has started to restructure its algorithm using and toward mobile search principle.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
4 fintech companies that are helping retail-oriented investors
If you're looking to support fintech companies that help the retail sector, there are plenty of options to consider. Four...
The story of Netflix: From birth to bank vaults to Bill Clinton
Today, the success of Netflix seems inevitable. In his bestselling new book, That Will Never Work, the first CEO of...
The marijuana industry will grow inevitably
Since Canada legalized marijuana last year, the industry is buzzing with activities today, with Canadians expecting the industry to be...
Coping with the early retirement you didn’t plan for
Many Americans are working towards their dream of early retirement. However, about 37% of citizens have to retire sooner than...
Agricultural markets saw a positive week amid good demand news
Almost all agricultural markets had a positive week. Corn closed higher as demand news started to improve. Soybeans and products...
- Africa4 days ago
African crowdfunding industry still limited but has potential
- Featured4 days ago
Choosing between impact investing charitable donations
- Crypto2 days ago
Here’s how women are shaking up the cryptocurrency world
- Crowdfunding4 days ago
How to become a better backer for crowdfunding projects