Banking CIO Outlook

5 Must-Have Mobile Banking Features for a CIO's Consideration

Banking CIO Outlook | Wednesday, November 11, 2020

Markets in the APAC region are offering some of the best opportunities for the mobile banking sector as the innovations get high on demand.

FREMONT, CA: The APAC region is one of the fastest-growing markets for mobile banking technologies globally. A combination of established financial institutions and modern fintech companies is driving innovative development of services that has led to the current trend. The unique demographics of the region also play a hand in creating a demand for new-age banking services and service providers are doing well to cater to the customers. As government policies in the countries constituting this region promote the development of mobile banking and investors make a beeline, the financial firms should focus on developing the best products to stay ahead in the competitive and profitable market. Here are a few desirable features that CIOs should consider incorporating into their companies’ mobile banking capabilities.

• Voice-Based Payment Capabilities

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Voice technology has seen rapid development with leading technology firms creating popular products. Voice as a medium of exchange between machines and human beings is exciting because it allows users to increased conveniences. Mobile banking firms can incorporate voice-activated search and command tools as well. By creating relevant applications, users availing mobile banking facilities will be equipped to talk aloud to their devices and conduct transactions, and customer enquiries. Voice-based authentication also gives banks an additional means of authentication by using voice-matching technologies.

• Minimalistic Interfaces

Banking is shifting from physical branches to virtual mediums like browsers and smartphone apps due to the emergence of mobile banking technology. These virtual mediums should be designed in a way that users find them attractive and functional at the same time. Thus, carefully designed web and app interfaces are critical to mobile banking. CIOs must ensure that experts create optimized dashboards that are intuitive and minimalistic. Consumers can easily browse and access services without facing difficulties. Even icons, color schemes and page layouts can make a big difference to a mobile banking product.

• Sophisticated Verification for Security

The most crucial aspect of any banking-related service is security. Mobile banking is an outcome of enhanced network connectivity. This makes it vulnerable to various kinds of cybersecurity threats. CIOs have to ensure that mobile services provided by their companies are significantly protected with security infrastructure. Secure sign-in features on smartphone apps are a must. Data analytics capabilities should be strong enough to detect risky behaviour. Apart from that, multi-factor authentication processes, biometrics and voice verification can also boost the security of mobile banking. While including all the features, banks must also remember that all of these measures should not degrade the customer experience. CIOs should not compromise with the speed or convenience of the check and verifications.

• Direct Payment Features

Users opting for mobile banking use the services to pay utility bills, monthly installments for insurance and many other purposes. Mobile banking facilities can reduce the amount of time required for users to make these payments with direct payment options. By collaborating with service providers, banks create payment channels for the convenience of customers. Repeat payments facility is also a major advantage.

•· Management Tools  

Mobile banking apps can introduce finance trackers and management tools to allow users to keep track of spending. These additional facilities are very appealing. Users can improve saving practices, categorize spending, make budgets and schedule bills. Integrated personal money management features increase the value of mobile banking applications and remove the need for distinct tools.

Consumers in the APAC region are shifting to mobile-based payments and services. Survey reports have pointed at further growth in the popularity of mobile banking. Providing ideally purposeful products can help banks tap the in-demand market segment. 

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