Financial institutions that are pursuing growth and strengthening PFI status must ensure that their consumer banking solutions are in tip-top shape, to compete in the mobile-first arena – with UX standards that have been set impressively high by best-in-class online retailers, heavily funded fintechs, and tech-savvy social networking companies alike.
We’re in the midst of a historic transfer of wealth, with $16T of intergenerational wealth expected to be passed down from older Americans over the next decade (The New York Times, 5/2023). As Generation Z (Gen Z) and Millennials represent a growing share of financial and purchasing power over the next decade, financial institutions must ensure that their consumer banking solutions are well-represented with a mobile user experience (UX) that is pleasing, performant, and prepared to meet the needs and expectations of these digitally-savvy, mobile-first users.
Keep reading for some examples of how mobile UX is crucial in capturing the attention, adoption and wallet share of account holders, particularly for – but not limited to Gen Z and Millennials.
As stated in the 2024 Banking Outlook report by BAI, banking account holders have been “spoiled by the seamless digital experiences provided by the best-in-class online retailers, and they want their banks to emulate that level of service.” Consumers have increasing high expectations on what mobile apps should look like, how they should perform, and the level of effort that they feel is appropriate to execute certain tasks before getting fatigued or frustrated.
According to a Forbes Innovation article by Nik Froehlich, for mobile-friendly experiences, “Apps on mobile devices should be easy to navigate even with just one hand. Important buttons should be placed at the bottom so that the user can easily reach them with one thumb.” This is just one example of how mobile UX plays a large role in creating frictionless experiences that consumers feel comfortable and proficient using.
Whether your account holders are running errands, commuting to work, traveling the world and everything in between, they may not have a laptop or personal computer (PC) with them to complete their online banking needs. When users need to make payments, check account balances, deposit checks (and more) on the go, they rely on your mobile apps to accomplish these actions. And they expect to do all of these things quickly, easily, and without having to “speak to a representative” or fill out a support ticket to do so.
Here are just some examples of digital banking actions in which consumers expect to be able to complete via mobile:
Whether someone is sending $10 to a friend for an afternoon coffee, or making a $1,000 student loan payment that is minutes away from its due date, the key financial services that you offer need to be accessible and executable by your account holders quickly, and with minimal clicks via mobile.
According to a national survey conducted by the American Bankers Association, 48% of bank customers used apps on smartphones or other mobile devices as their top option for managing their bank accounts, with 23% accessing online banking from a laptop or PC. While mobile usage shows a steady incline, desktop usage is still prevalent, which means that providing a consistent digital banking experience across web and mobile is key.
As a consumer yourself, have you ever had an experience where you could perform certain key functions on your bank, credit union or service provider’s website using a laptop/PC, but you couldn’t do so on their respective mobile application? It can cause confusion and frustration, especially if you’re in a time-sensitive situation. You may be compelled to call their support center for help, or frustration may cause you to start evaluating other banks and credit unions.
At Alkami, our user experience (UX) strategy and design team is dedicated to leading with UX to become the industry authority through user-centered best practices and evangelism.
We follow key UI principles that enable us to create a friendly and functional user experience for your account holders, whether they are accessing online banking on a web browser, or from your native mobile application.
When it comes to providing a superior mobile experience, we strive to accelerate time-to-value by removing points of friction. As previously mentioned, although mobile usage is constantly increasing, providing a consistent user experience across web and mobile is crucial.
The quality of experience they have on their mobile device will undoubtedly have an impact on their customer satisfaction and likelihood to use and recommend your financial institution in the future. For your financial institution to truly be an extension of your account holders’ lives, a frictionless, performant and consistent mobile user experience is key.
Is your current digital banking provider setting you up for success to grow with the increasing mobile-first expectations from your consumers? As you start strategizing ways to capture the attention, adoption and wallet share of Gen Z and Millennials over the next decade, we encourage you to review the examples of strong mobile apps mentioned in this blog.
If you’re looking to elevate your mobile UX, chat with us – we’re here to help your financial institution achieve growth and greater mobile maturity.
