The emergence of modern and smart mobile services has enabled
banks and other financial institutions to offer services to customers on the go;
without the need to access the four walls of a bank and on a 24/7 basis. These
services range from account opening, funds transfer, payments for goods and
services and account statement among others. This is mostly through an
application software on the mobile device provided by the financial
transactions with virtual representation of cash. With the proven benefits of
the mobile banking systems most financial institutions have incorporated it
into their operations, it’s a win-win for all parties, customers no longer need
to be in banking halls for transactions therefore ease and simplicity provided,
and the banks minimize operational cost in this regard.
institutions can leverage this to offer dynamic services in line with taste of
millenials who are always with their mobile devices, this may include;
video support services, constant application update to check malware and
bug vulnerability. Personalization option is an engaging service in mobile applications
such as preferred language, personal details such as picture and social media
integration where users can give feedback.
mobile applications is the user experience, this is how people interact and use
the application. The financial institutions should endeavour to offer a mobile
service that is so intuitive that people only need a little or no guidance to
get started. So a short and friendly tour of the basics can achieve this, also,
a nice appearance makes the application lovely and an easy login makes the
whole experience simpler.
push notification service to remind users occasionally about the application
because some people install applications on their devices and forget about
them, the continuous usage will develop the user’s confidence on the use of
The most important point to note is security; both the financial
institutions and the users should be aware of possibility of data compromise
which can result to financial loss. The institutions should incorporate
necessary steps in safeguarding their data while users should be wary of giving
out their phones and pins untrusted persons and when in doubt notify the
institutions support services.
Bank for Africa Plc, with their mobile banking application, judging from my experience.