Mobile devices and the internet banking revolution

From internet banking to the use of mobile devices and beyond, the financial sector is faced with a number of challenges if it wants to keep pace with new digital technologies.

From internet banking to the use of mobile devices and beyond, the financial sector is faced with a number of challenges if it wants to keep pace with new digital technologies.

Retail banking is undergoing some huge changes not just in the UK but across the world. There are clearly some huge benefits when combining technology with financial services but the risks and barriers are just as obvious.

Customer’s are known to spend more if they can see their balance when making a purchase, they’re also more likely to spend time managing their money if they can easily do it remotely. Designing and developing applications for banks have to be as innovative and user-centered as any other but they have the added challenge of making them feel and perform securely.

Plenty of businesses are rising to the challenge, from paying with mobile devices to interacting with robots to perform banking transactions, financial businesses are innovating and redesigning to keep pace with the fast changing technology on offer. We’ve put together a list of developments and suggestions to consider when designing for mobile financial services.

The benefits of banking on the go

Select those website design agencies that are likely to be able to work within your budget. If an agency’s portfolio is full of corporate brands it’s likely their invoices will be in line with the budgets of their previous big brand clients.

Workflow

Ensuring that users know where they’ve come from and where they are going is essential for any banking application. There’s nothing more annoying that having to re enter your details over and over again but it’s equally disconcerting to feel like there is no attention to security issues. Striking a balance between these scenarios is an all-too-rare achievement.

Synchronised devices

Synchronising what people do across their devices and applications is also an important consideration for any industry but for financial businesses it’s a must. Apple’s Handoff feature is a great example of allowing people to seamlessly switch devices for different situations and circumstances without having to worry about functionality.

Be innovative

Digital disruption doesn’t have to derail the financial sector, learning to live with fast paced technological change is something that all businesses have to adapt to in this day and age. Ideas labs and test kitchens are fascinating and often fun looking places but they also offer solutions to real-world problems. Not everyone can afford such a luxury but it doesn’t mean you can’t recreate the spirit of such ventures when thinking about your digital strategy.

QR codes

Rumours of the QR code’s death have been greatly exaggerated. Their use in mobile banking, generated for one-off transactions is an innovative and practical use for what many once saw as a failed marketing gimmick.

New ideas

The way we use and think about money is also changing. From Bitcoins to local currencies like our very own Bristol Pound, different groups are harnessing the potential of digital technology to achieve their own unique goals. Take a good look at the success of these effort and learn what you can from them.


At Modular we are constantly looking for innovative ways to engage with new technology whilst keeping the user at the centre of the design process

We love to design cool digital things, let us design them for you!

Call us: 0117 325 8050

Or email: studio@thisismodular.co.uk


You may also be interested in

From the Apple Watch to gesture controlled displays, wearable technology is here to stay and will have a profound impact on UX and UI designers. Wearable technology

User experience and wearable technology

From the Apple Watch to gesture controlled displays, wearable technology is here to stay and will have a profound impact on UX and UI designers.

Entrepreneur, Digital Strategy, SME, Startup Digital strategy

How Bristol’s small businesses can adopt a digital strategy

Once a city famous for trade and exploration, Bristol has become known for being at the cutting edge of new digital technologies. Here’s how its small businesses can lead the way.

Responsive Design, User Experience, User Interface, Mobile Website Responsive design

Be responsive, prepare for the future and redesign your website before it becomes necessary

Seizing the opportunity to update and change the design of your website keeps you ahead of the game and helps to avoid the pitfalls of being unprepared.