Editor's Note: Banks and credit unions should consider the changing banking technology, consumer needs and a creative vision when designing a mobile banking interface.
“If I had asked people what they wanted, they would have said faster horses,” Henry Ford reportedly claimed. When it comes to innovation, whether automobiles or mobile banking, should it be based more on customer or member input or the vision of business pioneers?
A digital solutions executive at a $40 billion regional bank said it’s important to continue to look for ways to understand what customers really want while also keeping an eye on the features and functionality that those customers don’t know they will need. Consumers will always value security and convenience, but there’s more to creating the mobile interface of the future.
Take Uber for example: most of us couldn’t have dreamt up that consumer interface and service model, but we certainly can appreciate it because it’s so simple. The innovative lesson there: Are we asking the right questions when building a mobile banking user experience (UX)? It’s quite different than surveying people about their preferences for mobile bells and whistles. It takes vision to picture where the mobile banking user interface (UI) and banking technology will be in five years.
How many users then will be typing on a keyboard versus touching a screen? Will the mobile banking future eventually have no tactile interface?
Removing the Friction with New Banking Technology
An extra or intermediary step that a user has to engage with is friction, and removing this from the customer or member journey was found to be the No. 1 most important retail banking trend coming into this year. Consumers will continue to be happier with most mobile banking platforms simply because the online browser experience is often slow, clumsy and tedious.
While having a touch screen interface is good, talking to a mobile app is even better. Voice recognition software has become 96 percent reliable in identifying a person after just a few words. Instead of opening their phones, customers or members will simply talk to them. For example, advanced analytics can be used to ask users about a need, such as paying a monthly power bill, and users can turn on push notifications that alert them about their financial state.
Video is another avenue that banks and credit unions can take when thinking about the future of the mobile banking interface. In fact, video continues be a strong UI choice, for both young and old. According to one study, more video content is uploaded in 30 days than the major U.S. television networks have created in 30 years, and over half of video content is viewed by mobile.If banks and credit unions are struggling to ask the right questions in advancing their mobile banking interface, then perhaps they should ask, “Why not?” In a mobile UI era that is still full of friction, why not look outside the industry to customer-centric leaders and the internet of things (IoT) wave for innovation and inspiration.