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Mobile banking is taking the market by a storm. 91% of gen X and 79% of baby boomers see the benefit of this channel, and they intend to take advantage of it. In the same time, 61% of bank SME clients plan to change their bank due to poor mobile services. Therefore, it can easily be concluded that mobile banking does not meet the needs of businesses while it efficiently attracts individual customers. How can mobile corporate services be improved – and how can we help you do this?
What does it mean “modern mobile banking” in the business world?
Mobile banking is the 2nd most important factor for customers’ bank choice. It has become increasingly important during coronavirus pandemic, when this service was, in fact, redefined. Its new definition was created by Small and Medium Businesses that required those solutions to continue their operations in the unforeseen circumstances. Their needs included:
- The access to the same scope of data they would have on desktop.
- Advanced features for professional accountants and managers.
- Smart predictions of financial situation of the company based on its recent and planned transactions.
- Personalized notifications with the most important information.
- Comprehensive transactional dashboards.
- Security measures allowing the customers to process their most valuable transactions in a safe environment.
Therefore, a perfect mobile banking app should be based on simplicity, security, functionality, and short time to market, that is especially important for quick implementation of applications in case of unforeseen difficulties.
But how to address those challenges?
Simplicity
Mobile banking apps consist of many features that could be confusing for a user, should they be randomly scattered around the main menu. Simplicity allows us to prevent this from happening. Its most important element is a user interface layer that should be designed according to the latest UX/UI standards. Simultaneously, it should cover a maximum possible number of banking services to provide customers with a comprehensive experience.
Security
Security is among the most fragile issues related to mobile banking. Therefore, it should be ensured in as many ways as possible. First, the app has to be paired with the user’s account. It means that the particular copy of the mobile app is unambiguously connected with a given customer. Secondly, the secure mobile app contains embedded mobile token that is used to authorize payments and other types of orders directly from the menu. To additionally increase the security level, the app has to verify, whether the device itself is secure.
Last, but not least, the app has to be compliant with independent security checklist, for example OWASP Application Security Verification Standard. It is constantly verified and updated to address upcoming security threats.
Time to market
The world is rapidly changing and banks should have a chance to keep up with it. Short time to market is the key to quick implementation of innovative solutions, whenever they are needed for bank’s effective operations. It allows them to react quickly in case of unforeseen circumstances and adjust to customers’ needs.
Functionality
Modern mobile applications usually come with a limited range of services included in the interface. Still, customers’ needs remain the same: they want to access their financial information, credit history and latest notifications. They also wish to manage those features actively. What is more, mobile banking apps for corporate customers must also comply with a number of country-specific laws regulating this sector of banking. To sum up, corporate mobile platforms should be everything that both customers and authorities may require – now and in the future.
All you need in one corporate mobile app
Ailleron’s mobile apps for corporate customers meet all the above requirements – and they can offer you many more. Our products were designed by interdisciplinary team: UX designers, Product managers and mobile architects. This approach allows us to see the mobile app from different perspectives. What is more, our corporate platforms are subject of continuous improvement and are developed according to well-defined roadmap.
The mobile apps by Ailleron can be implemented in various ways. They can be installed as a part of Corporate and Business Banking platform that covers all channels demanded by the clients; or the mobile apps can be integrated with your existing platform and enrich it with access to additional features. The last possibility is to install the mobile apps next to your current internet banking platform.
Additionally, our technologies are based on your customers’ expectations, as well as general trends in the banking industry – including omnichannel solutions that are taking the financial sector by a storm. Therefore, the solutions are a direct response to all the challenges your institution may encounter during your journey in the digital world. What exactly should you prepare for with our technologies? Read our latest report created in cooperation with Finextra “Omnichannel in corporate mobile banking” and discover recent changes in banking that will shape the future of the industry.
