It’s not just about how close a bank branch is to a potential customer’s home or office. More people are choosing their primary bank based on how good its mobile app is.
That’s why more banks are now offering “test drives” of their apps to attract people. As prospective customers shop for the best digital experience, banks can provide demos, videos and cheat sheets explaining key features and functionalities.
“Having the ability to test drive mobile banking apps is becoming more critical as customers have an ever-increasing range of options and providers for their banking and finance needs,” says Ian Wallace, director, user experience at Fiserv. The Brookfield, Wis., company offers software that allows financial institutions and their customers to access both guided virtual tutorials and click-thru demos.
The test drive approach provides an opportunity to increase the user’s interest and engagement with the bank, Wallace says. It can also assist in highlighting features that the user may not discover organically.
“When assisting customers with specific inquiries, our support team can easily share direct links to relevant sections of the guide, enabling them to provide personalized guidance through each step.”—Eva B. Rasmussen, Northeast Bank
Taking the app for a spin
This approach has been successful at $750 million-asset Northeast Bank in Minneapolis, says Eva B. Rasmussen, chief strategy officer.
“So many people are visual, and customers have high user experience expectations,” she says, “so we felt that it was very important that we have demos available to showcase our online banking and mobile banking app that customers can view before they enroll.”
Northeast Bank offers video demos that highlight the entire “seamless user experience” of both its online banking site and app, as well as separate step-by-step guides on how to navigate various functions, such as transferring funds, setting up bill payments or signing up for e-statements.
Last year, the community bank added a digital banking guide to its website that outlines all the functionality within the platform, Rasmussen says. People can click on a specific area and then see screenshots of all the steps to understand how it works.
“Our digital banking guide serves as an invaluable tool for both our customers and staff members,” Rasmussen says. “When assisting customers with specific inquiries, our support team can easily share direct links to relevant sections of the guide, enabling them to provide personalized guidance through each step.”
As a business-focused bank, Northeast Bank strives to continuously expand its mobile app’s functionality to cater to the specific requirements of its business customers, she says. One of the next features the bank is working on is positive pay exception approval, “so that our business customers can complete banking tasks from wherever they are.”
The community bank selected Jack Henry’s Banno as its digital banking platform because of the company’s open API-enabled platform, which allows Northeast Bank to select pre‑integrated third‑party applications, Rasmussen says. For example, the bank rolled out Business Insights from Monit so its small business customers can access cash forecasting, scenario planning and peer benchmarking tools online or within the app.
“Business owners are now able to visualize and better understand their business trends, understand the context of their performance, and plan for the future—while also having their relationship with their banker reinforced,” she says.
“When it comes to the design of a mobile app, I feel it’s important to ensure the design is unified between all devices, that the login is painless and everything is at the customer’s fingertips.”—Breanne Antich, Timberland Bank
User-centric support and design
Timberland Bank in Hoquiam, Wash., is considering illustrating online and mobile banking applications through tours or simulated test drives, but for now, its staff can provide a live demonstration of its specialized digital services, says Breanne Antich, chief technology officer of the $1.8 billion-asset community bank.
Features and functionalities that can enhance the customer experience are “sticky features” from Timberland Bank’s fintech partnerships that are embedded within the app, like Zelle payments, credit scoring through Array and a savings feature through Plinqit, Antich says.
“When it comes to the design of a mobile app, I feel it’s important to ensure the design is unified between all devices, that the login is painless and everything is at the customer’s fingertips,” she says. “We test our mobile app internally with staff and can open it up to customers if the opportunity is presented. In my opinion, the customer’s enrollment and login process must be seamless, or it will lead to dissatisfaction.”
While digital banking is a critical component of technology that community banks should continue to focus on in the future, technology combined with Timberland Bank’s “great staff is what makes community banking great,” says Jonathan
Fischer, Timberland’s president and chief operating officer.
Boosting digital engagement
Banks should go beyond webpages or in-app demos to have digital engagement programs across the entire organization, says Jonathan Hartsell, head of product for digital banking at FIS in Jacksonville, Fla. FIS offers training videos for its bank clients’ staff to help them better understand the product and sell it more effectively to their customers, he says.
“Everyone from frontline employees to call center staff should embrace digital and encourage customers to use it,” Hartsell says. “This includes having digital advocates in branches to teach customers how to use these digital systems and empowering them to handle tasks themselves.”
Jack Henry is another vendor that offers bank clients templates for video demos and step-by-step guides that banks can then tailor to their own digital channels, says Joshua Jordan, digital engagement director.
It’s smart for community banks to offer digital services that have modern design functionality like those of highest-rated apps from other industries, Jordan says. Jack Henry designs its app for bank clients based on usability studies conducted by independent agencies.
“The biggest danger of not having great digital channels is that you might have a customer who had a poor digital engagement experience and then they just leave—and you’ll never know it,” he says.
What do customers want in a banking app?
To provide a great experience to users and, more importantly, help them achieve their tasks and goals, app designers need to understand who is going to be using the app and what they are trying to achieve, says Ian Wallace, director, user experience for Fiserv.
In addition to transactional capabilities, features and functionalities that are now considered table stakes are bill pay, card controls and personal financial management tools, says Joshua Jordan, digital engagement director at Jack Henry. Enabling banks to incorporate fintech solutions into their apps via open banking APIs is also becoming increasingly popular.
Some other app features to consider include:
Live chat that allows asynchronous chat and the ability to screen share
Personalized customer experiences to drive engagement and deepen relationships
Robust and secure fraud protection
Servicing capabilities that allow customers to connect their digital experiences with in-branch ones
“When onboarding a new customer, a strong app needs to go beyond merely opening accounts to proactively matching them up with specific products and services based on their unique needs and priorities,” says Jonathan Hartsell, head of product for digital banking at FIS. “This must not, however, come at the cost of simplicity and extensibility.”
