The Brave New World of Mobile Banking

More and more, smart phones are becoming how we connect to all of the important resources and information in our life, and what could be more vital than your banking? The ability to quickly and easily access banking functions is increasingly the gold standard for banks and credit unions, which is why mobile banking apps are increasingly how customers are interacting with their financial institutions. In fact, this is often the only way in which customers or members will use banking functions. Thus, the future of banking is obviously in mobile apps.

For any bank or credit union that missed this sea change in how banking is done, the past few years have been difficult. As both banks and credit unions continue to adapt to a more mobile world, the question they are asking themselves now is, ?What?s next??

The Next Generation

First and foremost, its important to realize that mobile banking is essential in attracting younger customers and members. New banking customers are being turned out every day as teenagers and young adults find themselves in need of a personal checking or savings account, and turning them into customers or members while they are at this point in their life could very well mean having a lifelong relationship.

Mobile Banking

The key to attracting the younger demographic is in providing a mobile banking app experience that squares with their understanding of what a mobile app should provide. These are net-savvy individuals who have quite a few expectations as far as what technology should be able to do, and if a bank or credit union fails to meet those expectations, they are fully aware of how to locate a financial institution that does exactly what they need it to. Giving those customers and members the ability to view their account balances and account history and transfer funds is important, but those are functions offered by online banking for years.
A Banking Panopticon

Younger members will expect real-world integration. Can the mobile banking app locate ATM locations and branch offices near them? Can they quickly and easily call up easy-to-understand information on the credit union’s offerings? Can they access pertinent information via social media websites that they are already using like Facebook, Twitter and Twitter? Is the mobile app functional across multiple operating systems, from Apple to Android and beyond?

What about the camera on the phone? The cameras that come with phones are taken for granted these days, but these are often more powerful than cameras offered on the market just a few years ago. How is the credit union or bank using the camera to its advantage? Some will let you deposit checks by scanning the front and back of the check using their camera. This ?from the comfort of my own home? kind of banking is what is expected; banks and credit unions that still require your physical presence will find themselves quickly superseded by those financial organizations that understand that convenience is king.

MerchantOfMobileBaningThe Merchant of Mobile Banking

Beyond your mundane banking functions like deposits, withdrawals, and account balance, its important to understand how banking fits into the new economy. Today we use plastic to pay for most things; who carries much cash with them anymore unless they know they?re going to a cash-only location or need to leave a tip? Eventually, credit cards will themselves become outmoded, replaced by smart phones that can be used to pay bills directly.

Phones that can be used as payment devices via mobile banking apps are key to the way money will be used and moved in the future. As time goes on, credit unions and banks are expected to cut out the middlemen as far as spending one?s own cash is concerned.

Don?t be afraid to go deeper, however. Can your mobile banking app track down coupons relevant to your customer or member?s current purchase and apply them? Can it seek out deals and sales that are pertinent as well? Can it help redeem cash back rewards and other special offers that we forget about all too often? There is a lot of room for mobile banking apps to do more than move money around ? they can save their users money, which means they keep more cash with their bank. In the end, everybody wins.

Developing this technology won?t be easy; it will require more than just a simple app, but rather the full integration of your financial institution into the mobile world. In the case of some, they may become entirely mobile, as more and more customers and members are only interested in the mobile aspect of banking. Fortunately, Nitro Mobile Solutions is here to make the transition a successful one.

This entry was posted in Mobile Banking, Mobile Solutions by Pete Slade. Bookmark the permalink.

About Pete Slade

Pete Slade is Nitro’s president and CTO. He drives the technology vision for Nitro Solutions, and works actively with the development team to create advanced machine-learning technology platforms. Additionally, he oversees the implementation of Nitro’s R&D technology strategies. Pete has more than 30 years’ experience in software development and technology practices, in roles ranging from developer to architect to chief technology officer. He is an expert in a range of technical operating systems, languages and databases, and he holds various technological patents.