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Mobile Banking: Trends & Pragmatic Innovation

“There's something happening here, but what it is ain't exactly clear … It’s time we stop, hey what’s that sound?”—Buffalo Springfield

That sound my friends, is the speed of change.  Change that is rushing through the lobbies of half-empty branches.  Change, where the mobile experience for consumers and business owners has been set so high by the likes of Amazon, Netflix, Youtube, and Square, to name just a few. Change set in motion by a onslaught of fintech companies, all with a mobile-first approach to design and end-user engagement. This is the kind of change that demands our attention.

If we’re going to take a serious look at Mobile Banking trends, we should consider what’s happening in the mobile finance space. The Tabby Awards, the most comprehensive awards program honoring the best mobile apps worldwide, can help us do just that.

“The Tabby Awards are excited to present the award-winning mobile apps and games from our 2018 award program. With all iOS and Android apps and games eligible and under consideration, winners were selected based on a combination of quantitative metrics and qualitative factors. The analytical evaluation component focused on app store user review scores submitted over the course of 2018 to measure user engagement.

The qualitative component – benefiting from the Tabby Awards expertise in judging app and game awards since 2012 – focused on user interface, design, and innovation.

Let that hang there for a minute. “focused on user interface, design and innovation.” Account holders are expecting better, smarter, more engaging experiences from their mobile devices, even in activities as commonplace as banking. Among the Tabby Awards’ myriad consumer interests and industries, CashApp by Square, Robinhood, and Discover Mobile were three of 2018’s top winners in the Finance category.

CashApp by Square

A brief storytelling exercise describes a CashApp experience and shares some of the benefits of using the P2P app that has caught on and closing in on Venmo.

It’s Friday. You wake up to a $15 Cash App notification. A pal paid you back for that pizza you shared. Your balance now reads $172.30.
You use your new money to get $1 off coffee with your personalized Cash Card. You even hit up the ATM after.
5:00 p.m. Direct deposit hits. Do you buy Bitcoin, or do you cash out instantly to another bank? With Cash App, you decide.


Here’s what the AppStore says about the Editors’ Choice app:

Like the legendary outlaw it’s named after, Robinhood sounds too good to be true. Free stock trading in a gorgeously designed interface that’s tailored for iPhone and Apple Watch? It’s no scam—the company earns revenue on interest from uninvested cash. That makes this Apple Design Award winner a great way to start investing in stocks (there’s no minimum balance required) and a powerful tool in the arsenal of experienced traders.

Discover Mobile

This customer review (perhaps a little overdone) in fact demonstrates what many end-users value.

I'm just so in love with this app. I logged in this morning to review my credit portfolio and I'm so thrilled at the updated breakdown feature! Detailing my total revolving debt, my number of inquiries, any late payments, (in the last year versus the last 7 years!!!- WOW) among others! You know what I'm most excited about though? The fact that I know Discover is likely already working on ways to improve on this feature and I already LOVE it so much! So I'm sure I'll be blown away when another update hits. Understanding my credit portfolio is super-duper important to me. I'm an AMEX employee and card holder (18 years strong and love my company 100%) but I recall when I chose to get this Discover card it was because you were the first plastic I knew of that would actually give a cardholder access to their Fico score for free!

Accolades have been given to each of these apps for their ease of use, design and innovation clearly making them stand out in the market.

Within the banking community, here’s a snapshot of the buzz around mobile:

Click here to continue reading.

Previously published in the TEXAS BANKING magazine, the official publication of the Texas Bankers Association.

AFT Digital Experience Group TALK - Roger Amador 
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