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.
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.
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.
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.
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.
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!
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