Monday, 19 March 2018

Information and commentary for the small business banking industry

The changing face of mobile design

02 Dec

Is there a shift in the banking industry away from using mobile services as a tool for reducing costs towards a way to create more revenue, while becoming essential to the financial lives of their small business customers?

SME owners need banking apps with functional, simple designs

It’s standard practice for banks to have their own mobile apps for their business customers to use when on the go, but how much time and effort is being invested in the design of these applications?

Leading banks are beginning to use mobile design strategies as a foundation for interactions with their customers; it’s one of the latest changes in mobile banking for small businesses.

The key is really to combine functionality with simplicity. If you think about your bank’s mobile app, you most likely have it on your phone but may not use it often. A major reason for this is poor design which comprises of:

  • Information overload.
  • Confusing user interface.
  • Difficult logins.
  • Unappealing graphics.

Ask any small business owner what their favorite apps are for business and they might tell you Evernote or Dropbox, but they’re unlikely to mention their bank’s app.

Mobile apps will go beyond banking

Banking apps are destined to go beyond simply banking. For example, a banking app for potential business customers looking to purchase a new office won’t just have the bank’s latest mortgage rates. It may also include:

  • Comparable office prices in selected areas.
  • Advice from specialists.

In this instance, it’s all about selling mortgages but with advice and experience on a user-friendly platform.

Banking apps will continue to improve by expanding their core functionality beyond ATM locations, mobile deposits and balance checks, to services that add value like personalized offers and digital money management.

Notifications are real-time revenue makers

Mobile alerts are one function of mobile apps that are underutilized. Mobile notifications are driven from data and they deliver insights. They’re also quickly evolving into a real-time revenue generator. If banks aren’t sending targeted notifications to their small business customers, they’re falling behind.

What you offer through your mobile apps may not be as important as how it’s offered. A responsive design that’s simple and clear will be vital for holding onto your small business customers.

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