Digital Banking: How to Make Mobile-First a Reality – Part Two

Mobile UX Drawing

Editor's note: In Part Two of our mobile-first blog series, we discuss what role the user experience (UX) plays in a mobile-first strategy.

In Part One of this blog series last week, we discussed how facilitating a seamless, low friction customer experience is a top priority for banks and credit unions. However, recognizing a priority and turning it into a reality are two very different things. Because mobile is the leading touchpoint for the majority of consumers, many institutions are pursuing a ‘mobile-first’ approach to this initiative.

We’ve covered the importance of an attractive, intuitive user interface (UI) in accomplishing this mobile first strategy; this week, we’ll focus on the user experience.

…Now the UX

Even though different devices will require different UIs or designs, the customer or member experience must reflect the same qualities across all access points.  The goal is a seamless, end-to-end customer experience that conveys the bank or credit union’s brand – its message, story and positive attributes – across all channels. Whether a customer is viewing a financial institution’s billboard, contacting the call center, conducting online banking or visiting a branch, elements of the UX should be familiar.

As part of enhancing the UX via mobile, banks and credit unions should be mindful of consumers’ desired timeframe for engaging with mobile apps. D3’s Magic Minute™ research service gathers information to provide insight into the expectations and activities of consumers who use digital banking.  Recently this research revealed that consumers spend an average of 60 seconds on their mobile banking apps in any given session. 

Financial institutions must make the most of this critical interaction interval by understanding what consumers do when throughout the day. In the recent report Mobile Banking as a Hub: Redefining Service Delivery,  Mercator Advisory Group states, “Based on research D3 has done, regarding digital banking customer usage, apps failing this rule will likely disappoint the user.”

To help ensure this time is optimized, banks and credit unions should understand customer habits, gather feedback regularly and unlock the power of other data, such as geotagging, to personalize the experience. For example, if users log on within a two-hour window on the 1st and 15th of every month, it likely means they are checking their balance after payday. So, it makes sense for the institutions to surface that information to the customer or member automatically during those sessions. Providing the banking services that are most useful to customers at the relevant times is now table stakes when it comes to digital banking.

Digital banking solutions that include integrated app management tools and integrated data collection and analysis enable banks and credit unions to anticipate the end users’ needs and personalize the advice and/or offers that meet those needs.  The D3 platform includes a product that was designed to give institutions the ability to achieve this level of service.  That product, D3 Insight, has attracted attention in the analyst community as demonstrated in the Mercator report referenced above, “With Insight, financial institutions are able to gather data profiles on all digital users’ transactions to personalize and anticipate the needs of these customers whether using a mobile device or desktop.”

The only things changing faster than technology are the expectations of customers.  Financial institutions’ mobile UI and UX must meet consumers’ high mobile expectations, or they risk irrelevance. To achieve this goal, institutions are increasingly seeking partners that facilitate flexibility, configurability and continuous innovation. Look for vendors that not only understand the importance of mobile-first, but also how it should fit within the broader customer engagement strategy.