Mobile Finance; What does the Future Hold for the Banking App?

Estimated Reading Time 7 minutes

A week or so ago I found myself without broadband and quickly ran out of mobile data. Only recently have I fully embraced mobile banking, and if asked a couple of weeks ago which app I thought I would miss the most, I would probably say Instagram, possibly Netflix. I was surprised to find it was my Nationwide banking app and Yolt, an app which provides a very easy way to manage your money from different bank accounts in one place.

I’m going to look at how the use of mobile is impacting the Financial Services sector and their digital strategy.

Finance on the go

More and more people are accessing their bank accounts via a mobile device as well as carrying out research and search enquiries. It’s essential that Banks and Credit Unions keep up to date with this trend and update their digital strategy to reflect this.

Mobile Finance apps have become more and more popular, not only can you check your balance, pay bills and make transfers – it’s amazing how simple it is to make a payment these days compared to traditional banking days. I can’t actually remember the last time I deposited a personal cheque.

Looking at a survey carried out by Think with Google and Ipsos, on average, out of the people that responded, users had two finance apps on their mobiles and 63% of them said they used them at least weekly (compared to 52% of apps overall).

By providing easy access to common banking features, along with useful notifications for deposits, transactions and balance alerts, banking apps can certainly make our lives easier and as I’ve found out only recently, are quickly becoming indispensable.

Think with Google - finance

 

So, what’s the main reason for downloading a finance app?

According to the same survey, for most finance app users (54%) they responded by saying it was because the app was published by their primary bank which was their main reason for downloading it. This tells us that users are loyal when it comes to financing, giving banks a great opportunity to leverage customer loyalty and drive the growth of their app organically.

How long is this likely to last?

As mentioned at the beginning I use an app called Yolt which allows you to download your banking history and account information from different accounts and store the information in one place. There are a couple of other apps offering this, OnTrees and Money Dashboard.

However, HSBC is ahead of the game when it comes to financing apps, they launched their banking app in 2018 which allows customers who give permission, to manage multiple accounts via one app. This coincided with the rollout of ‘Open Banking’ in the UK in January 2018 and could transform the way users move and use money.

What is Open Banking and why is it being introduced?

Open Banking is forcing the UK’s biggest banks to release their data in a secure, standardised format so that it can be easily shared between authorised organisations online.

This all came about following a report published in 2016 by The Competition and Markets Authority (CMA) which discovered that the older and larger banks did not have to compete for customers business and smaller, newer banks were finding it difficult to grow and access the market.

It’s probably worth mentioning that some banks are saying you could be liable for fraud if you share any login information with anyone including apps, so worth checking beforehand.

What does the future hold for mobile banking apps?

According to Marianne Lake of JP Morgan Chase, 57% of millennials will even switch banks to get a better mobile experience.

Due to the highly competitive Fintech market and the role that the mobile experience is playing in this, it’s essential that banks and credit unions are creating new and unique features to gain an edge in this space.

A recent article by The Balance explores some up and coming features of the new age banking app which look to include; card-less ATM features as well as AI customer service. As machine learning becomes stronger, these apps will be expected to make the leap to advising customers too.

Technology is constantly evolving and as more and more features are developed this will be reflected in the area of online banking apps, and digital marketers are going to have to keep abreast of these changes to ensure the changes are reflected in their strategy.

Watch this space… it’s going to be an exciting year for the Financial Services industry.

Mel Hosegood
Mel has worked in the Digital industry for over 12 years in a variety of customer facing roles. At Digital Clarity she helps forward thinking companies serious about online growth through Search, Social Media and Analytics. Mel’s background hails from helping well-known brands grow their digital departments by creating strategic human capital programmes, through to strategy planning for medium to large enterprises across a number of industry verticals.
Fantastic event hosted by Britannic Technologies at Mercedes Benz World Surrey #
Fantastic event hosted by Britannic Technologies at Mercedes Benz World Surrey #unifiedcommunications #ai #digitaltransformation #digitalclarity #btlcs19 #britannictechnolgies

Posted 5 days ago.

Fantastic event hosted by Britannic Technologies at Mercedes Benz World Surrey #unifiedcommunications #ai #digitaltransformation #digitalclarity #btlcs19 #britannictechnolgies

×
Excited about attending our client Britannic Technologies Convergence Summit 201
Excited about attending our client Britannic Technologies Convergence Summit 2019 focussing on Workplace Modernisation at Mercedes-Benz World, Surrey
.
So what’s it all about? .
We know technology should underpin, not dictate
.
The digital transformation hype is everywhere and it’s too easy to get caught up
.
Workplace Modernisation is a business movement that is against implementing technology for the sake of it
.
This year’s Convergence Summit will explore the reasons you commenced your digital transformation journey in the first place
.
.
.
.
#britannictechnolgies #btlcs #btlcs19 #mercedesbenzworld #digitalclarity #ai #digitaltransformation #digitaltransformationsummit #guildford #weybridge #surrey #convergencesummit #workplacemodernization #code #technology

Posted 6 days ago.

Excited about attending our client Britannic Technologies Convergence Summit 2019 focussing on Workplace Modernisation at Mercedes-Benz World, Surrey . So what’s it all about? . We know technology should underpin, not dictate . The digital transformation hype is everywhere and it’s too easy to get caught up . Workplace Modernisation is a business movement that is against implementing technology for the sake of it . This year’s Convergence Summit will explore the reasons you commenced your digital transformation journey in the first place . . . . #britannictechnolgies #btlcs #btlcs19 #mercedesbenzworld #digitalclarity #ai #digitaltransformation #digitaltransformationsummit #guildford #weybridge #surrey #convergencesummit #workplacemodernization #code #technology

×
Moved by the opening of what was then called the Great War, Laurence Binyon penn
Moved by the opening of what was then called the Great War, Laurence Binyon penned

Posted 1 week ago.

Moved by the opening of what was then called the Great War, Laurence Binyon penned "For the Fallen" incorporating “Ode of Remembrance” which is read and recited all over the world for those that gave up their lives in the First World War . . . . #remembranceday #forthefallen #lestweforget #guildford #guildfordsurrey #lestweforget🌹 #britishlegion #poppy #digitalclarity #helpforheroes

×
We are all enjoying the bold new ad by @theofficialselfridges .
.
.
.
#selfridge
We are all enjoying the bold new ad by @theofficialselfridges .
.
.
.
#selfridges #westend #christmasad #oxfordstreet #advertising #urban #bold #modern #christmas

Posted 1 week ago.

We are all enjoying the bold new ad by @theofficialselfridges . . . . #selfridges #westend #christmasad #oxfordstreet #advertising #urban #bold #modern #christmas

×
What a wonderful day for the @theluxurypropertyshow @olympialondon - Proud to be
What a wonderful day for the @theluxurypropertyshow @olympialondon - Proud to be involved with this wonderful event #luxuryproperty #investmentproperty #fx #theluxurypropertyshow #london

Posted 2 weeks ago.

What a wonderful day for the @theluxurypropertyshow @olympialondon - Proud to be involved with this wonderful event #luxuryproperty #investmentproperty #fx #theluxurypropertyshow #london

×
The American astrophysicist, author, and science communicator, Neil deGrasse Tys
The American astrophysicist, author, and science communicator, Neil deGrasse Tyson has been raising and answering questions that make us think and look at life, the universe and everything
.
A postdoctoral research associate at Princeton University, he studied at Harvard and his written several books that have in certain cases remained in the New York Times bestsellers list for an extraordinary amount of time.  Notable books include: . 
Astrophysics for People in a Hurry
.
Death by Black Hole: And Other Cosmic Quandaries
.
Letters from an Astrophysicist
.
.
.
#neildegrassetyson #neildegrasse #neildegrassetysonquotes #science #astrophysics #sciencequotes #digitalclarity #artandscience #perspective #context #hitchhikersguidetothegalaxy #douglasadams #42

Posted 2 weeks ago.

The American astrophysicist, author, and science communicator, Neil deGrasse Tyson has been raising and answering questions that make us think and look at life, the universe and everything . A postdoctoral research associate at Princeton University, he studied at Harvard and his written several books that have in certain cases remained in the New York Times bestsellers list for an extraordinary amount of time. Notable books include: . Astrophysics for People in a Hurry . Death by Black Hole: And Other Cosmic Quandaries . Letters from an Astrophysicist . . . #neildegrassetyson #neildegrasse #neildegrassetysonquotes #science #astrophysics #sciencequotes #digitalclarity #artandscience #perspective #context #hitchhikersguidetothegalaxy #douglasadams #42

×
Brought to you by the wonderful people @semrush Global Marketing Day 2019, is a
Brought to you by the wonderful people @semrush Global Marketing Day 2019, is a first of its kind webinar where you can learn first-hand from the industry's brightest and most experienced minds; those working for big brands like SAP, Lego, Microsoft, Uber, BBC, LinkedIn, WeWork, Outbrain, Vodafone, Unicef, and many more
.

This event is more than just another marketing conference; it's a chance to get inspired and walk away with practical strategies that will transform marketing in 2019 and beyond
.
.
.
.
#semrush #seo #globalmarketingday #globalmarketingday2019 #digitalclarity #marketing #ppc#socialmediamarketing #digitalmarketingagency #digitalagency #digitalmarketing #guildford #surrey #london #analytics #googleads

Posted 3 weeks ago.

Brought to you by the wonderful people @semrush Global Marketing Day 2019, is a first of its kind webinar where you can learn first-hand from the industry's brightest and most experienced minds; those working for big brands like SAP, Lego, Microsoft, Uber, BBC, LinkedIn, WeWork, Outbrain, Vodafone, Unicef, and many more . This event is more than just another marketing conference; it's a chance to get inspired and walk away with practical strategies that will transform marketing in 2019 and beyond . . . . #semrush #seo #globalmarketingday #globalmarketingday2019 #digitalclarity #marketing #ppc#socialmediamarketing #digitalmarketingagency #digitalagency #digitalmarketing #guildford #surrey #london #analytics #googleads

×
Diwali, the festival of lights - symbolises the spiritual victory of light over
Diwali, the festival of lights - symbolises the spiritual victory of light over darkness, good over evil and knowledge over ignorance. 
A very happy Diwali to all our clients, friends and associates 🙏🏻
.
.
.
.
#diwali #deepavali #dipavali #dipavali2019 #diwali2019 #🕉 #deepavali2019 #🇮🇳 #festivaloflights #guildford #london #surrey #hants #berks #guildfordsurrey

Posted 3 weeks ago.

Diwali, the festival of lights - symbolises the spiritual victory of light over darkness, good over evil and knowledge over ignorance. A very happy Diwali to all our clients, friends and associates 🙏🏻 . . . . #diwali #deepavali #dipavali #dipavali2019 #diwali2019 #🕉 #deepavali2019 #🇮🇳 #festivaloflights #guildford #london #surrey #hants #berks #guildfordsurrey

×