6 Ways Lumin Digital Can Personalize Your Customers’ Digital Banking Experience

personalized banking

Mobile banking usage continues to soar. According to Statista, there are now 57 million mobile banking users in the U.S., representing 43 percent of all mobile users in the U.S. While there is still room to penetrate the market, banks and financial services providers must constantly assess their mobile apps to determine whether they are delivering the right experience for their users. Apart from providing basic functionality, such as the ability to check balances, financial institutions have to consider more-advanced, personalized features, and should consider a partner like Lumin Digital to help them deliver best-in-class innovative banking experiences for their customers.

These are six areas to explore when selecting features to add to a mobile banking app. 

1. Bill Payments and Travel Alerts

As a way to improve the user experience and provide for a more intuitive interface, Lumin can help you present a more personalized banking experience based on customer patterns of purchasing or bill payment.

For example, the app can note when travel has been booked and paid for with an account from the bank. A message on the home screen can appear, asking the user if they would like to add a travel notice to their account. This can be accomplished with just a few taps, rather than having the customer enter the app again and figure it out, or worse, call customer care.

Similarly, with bill pay, trends in payees can trigger messages to the customer that ask about automatic payments or other preferences.

2. Credit Applications

Banking customers are no strangers to mortgage and credit card advertising. When they log into their online accounts from a web browser, they most likely expect to see those. However, because of the smaller screen of a phone, customers may be impatient with the same volume of advertisements. 

Lumin can help you develop plans to present the right credit advertisement at the right time based on usage data. When a credit application appears within the app, it should seem natural. For example, the user may have been browsing homes or cars online.

3. Security, but in the Background

As they have with e-commerce, consumers have warmed up to the idea of mobile banking, but security issues may have prevented some groups of consumers, especially the elderly, from diving into mobile financial services. However, those fears have largely dissipated for the majority of the population, as people have put more trust into the apps on their mobile phones.

Financial services providers can continue to communicate trust by giving users more control over their settings and data, and making it easier for them to make adjustments. Frequent security and privacy messages (but not a bombardment) can continue to allay any fears. 

4. Surfacing and Discovering Features

Financial services companies want users to maximize the usage of their mobile app, and Lumin can demonstrate which features are used more frequently than others. Lumin can work with you to decide which features should continue and which can, perhaps, be sunsetted. Alternatively, for features that you really want your customers to make greater use of, we can work on ways to “surface” these apps to make them easier to discover and encourage higher adoption.

5. Analytics

Analytics are at the heart of what we do these days. Aside from looking at feature adoption and usage, Lumin can also look at patterns of app usage behavior to determine new features that might be valuable to your customers. Lumin can work with you to create an experience that helps you gather data that’s most important to you and your business goals.

6. User Experience

Features are important, but offering more does not necessarily make for a better innovative banking experience. Too many features may expand the size of the app unnecessarily, slowing down functionality and reducing users’ patience with the app. Lumin ensures that any added features do not weigh down the app, and performs app testing on dozens of smartphone models to ensure an optimal user experience.

Financial institutions have an incredible opportunity to create a more robust, engaging, innovative banking experience for their customers. According to data compiled by Comscore, personal finance and banking are the No. 1 and No. 3 fastest-growing categories respectively of mobile app usage. Consumers clearly see the value in managing their finances on the go. Backed by data and years of experience, Lumin is ready to develop solutions that your customers will find more-secure, convenient, and intuitive. 

References:

  1. https://www.emarketer.com/content/is-mobile-phone-banking-usage-near-saturation
  2. https://www.statista.com/topics/2614/mobile-banking/
  3. https://www.businessofapps.com/data/app-statistics/#3