Oct 22, 2014

Online Banking: New features

With increasing number in mobile banking use (also in online banking), customers are looking for ease along with security.
And mobile wallet is probably future.

Essentially a digital container running on a mobile device, a mobile wallet is designed to aggregate and manage mobile commerce services, supporting payment cards, tickets, loyalty cards, receipts, vouchers and other items that might be found in a conventional wallet (or purse).

Wallet revolution failed so far, until Apple Pay. On 21st Oct, Bloomingdale, Foot locker, Toys R Us started accepting Apple Pay. Apple’s partnership with Visa, MasterCard, and American Express boosts the customer’s trust and legitimacy. Few months back Standard Chartered launched mobile wallet Philippines. M-pesa is available to Vodafone customers in many countries, and similar is Pingit by Barclays to UK customers.

Banks focusing on Online Banking and mobile banking should provide mobile wallet to their customers, because according to survey -

So, Every Bank should launch mobile wallet asap, if not done yet. 

Still many banks want to upgrade their online banking features and looking for what new can be done. 
I have found some features are very unique to some bank and which are rare but interesting and attractive. 
Online banking provides common features like balance check, fund transfer, direct debit, payment, etc. And recently many have added graphs for better visualizations. 

With tablets  taking over market, online application lives. A adaptive and responsive UI will work and attract more customers to login to online banking. But I believe we can build a powerful Online Banking application and over that we build small apps. Customer should have option to install optional mobile apps and also customer should be able to customize online banking application and make it simple.

But if still you are looking for more innovative ideas for online banking, or looking for what new can be done to attract more customers to online banking, or give overall online banking experience an amazing one to your customers, then below is my list of top ten features which can be added to online banking - 

10. Let user set background image
Description: cid:image001.png@01CFEDFF.8DE433A0
(Source - SalemFive Bank)

9. Intelligent Calculator, not like below but smart, along with other tools.
Description: cid:image002.png@01CFEDFF.F4FD5440

8. Allow to upload pictures of beneficiaries.

And display them accordingly in movement list.

7. Integrate CloudIt and other cloud features with banking app

6. Robust search -
Search for transactions using natural language (for example, "Starbucks purchases under $10")”
(Source: logixbanking.com)

5. Graphs for goals -

(Source - mint.com)

4. More categorization, like 102$ payment is 100$ payment and 2$ fee.

(Source: Mint.com)

3. A UI as simple as Simple.com
As we add more graphs and features, we have to keep it simple. And that is tough.

2. A tool, a message as attractive as below -

1.      Virtual Wallet integrated with Calendar

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