Mobile banking is gradually phasing out the use of cash for
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.
With the increase in sophistication of mobile services, the
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.
The one thing that encourages the adoption and continued usage of
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.
To encourage usage of the application, the institutions can offer
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
such services.
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In Nigeria today, just a few banks have gotten it right like United
Bank for Africa Plc, with their mobile banking application, judging from my experience.
By Ahmad Mustapha
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