Banks and other financial institutions and services have developed an insatiable appetite for mobile apps, and for a good reason – 40% of smartphone owners use their phones for finance; and 63% of them do that at least weekly.
With such an amount of traffic, mobile banking and personal finance apps can drive higher ROI, boost customer engagement and revenue.
Here are 4 actionable tips and hacks, revealing the key features of top finance and banking mobile apps, to help you turn your app into users’ favorite:
#1: Feature-Rich Mobile Apps
Mobile banking apps with five or more features can make your app users extremely happy. A Citi research tells us that consumer loyalties lie with financial institutions that have feature-rich mobile apps in 80% of cases. Not only that, if you want your mobile banking app to stand out in a crowded market and become users’ favorite, its features must serve different functions. Case in point, Chase Mobile, a mobile banking app with tons of features that users love. The features allow users to view transactions, transfer money, create custom alerts, and more.
#2: Users’ Needs are Everything
Many financial institutions tend to focus on chasing profits, which leads to adding more features that ultimately improve their bottom line. For users, though, it is highly likely that an awesome app is the one that answers their needs in the best possible way.
One of the recent Google studies shows that when it comes to personal finance, users prefer to turn to mobile apps for money transfers, account status, and investment checks.
Take Acorns, for example, one of the leading investment apps on the market. They’ve realized that the app’s “Potential” feature truly has a lot to offer users. In an L.A. Times interview, Acorns said that the feature captivated the hearts of 17% of investors during the first months of testing. Such popularity led to the development of another feature – “Round-Up Multiplier,” which, combined with the first feature, allowed investors to recognize that they can invest more from purchases.
Going back to that Google study, 64% of respondents reported that ease of use and good navigation are the factors that help them decide whether an app is worth their attention – which brings me to my next point.
#3: Great UX
Don’t just look at your app through the lens of what it already has or might need in the future. A bullet list of features may be attractive, but you must pay attention to UX as well.
One of the recent studies, presented in PaymentsJournal, found out that users are hungry for ease of use and minimal effort when it comes to their financial institution’s digital experience: A staggering 68 percent of users crave for simplicity and 62 percent seek effortless experience.
Here’s an example of a well-thought-out UX:
Look at Capital One’s mobile banking app, for instance. Aside from many other fascinating features, the app sends notifications about every purchase.
Although automatic notifications are often seen as a big “no-no” UX-wise and might be considered annoying and invasive, it is less of a case with mobile banking: the demand for security in the sector is on the rise. In the case of Capital One, automatic notifications help create a safer user experience.
#4 A Sense of Control
Want your finance app to be one of the best mobile apps out there? It’s a good idea to follow Mint’s example and offer features that provide a sense of control to users. In Mint’s case, not only users can pay bills using the app, but they also can analyze their spending habits. Also, users can create different budgets based on their spending patterns and set up alerts to notify when a budget limit is reached. It’s the type of proactive budget management most users are drawn to. Mint is a great example showing how to properly capitalize on people’s need to reduce anxiety about being able to control their expenses, especially when it comes to emergencies.
With years of performance marketing know-how, proprietary data and exclusively owned and operated personal finance, Webpals® Mobile has proven to be very successful in the acquisition of high-value users and promotion of leading mobile apps. Here’s a selection of our success stories.
Contact us to see how we can help you unlock your app’s potential.