Mobile First – Evolution in Financial Services Experience

Designing and building for mobile first is critical for success in Financial Services. Whether built via responsive design techniques or native applications, mobile experiences (tablet and phone) are increasingly the first and most common point of interaction. This is especially true when trying to reach younger Millennial and even GenX audiences. Keeping these best practices in mind can help increase adoption and usage of mobile experiences (and improve ROI).

  1. Adoption continues to rise, with 53% of smartphone users using mobile banking and 28% mobile payments. Heavy use of mobile banking by Millennials (67%) and GenX (58%)1 has opened the door for other financial products ranging from insurance to investments. Activities are no longer just transactional – consumers are researching products and investment strategies, staying on top of events and markets, and interacting directly with customer service.
  2. Security is cited as a prime impediment to even faster adoption. Thankfully, Financial Services firms have been managing privacy and security at an enterprise level for a long time. These protocols need to be adapted to the mobile environment: make application updates simple and seamless (ideally painless), implement advanced two factor password authentication to give consumers confidence in their most sensitive transactions, offer easy to understand privacy options (don’t make the Facebook mistake). Consumers want security and privacy; Financial Services firms are uniquely positioned to provide it as long as they start with the consumer experience first.
  3. The choice of building a native app vs. a responsive design site really comes down to content and functionality. Native is best when the experience is used as a tool “to do things”, with content that is a permanent source of handy reference. Native also make intensive use of the device’s hardware (camera, accelerometer, etc). Responsive works when the content and functionality requirements are essentially the same whether mobile or desktop. Responsive is highly preferred when the majority of traffic is coming from social networks or search engines.
  4. A mobile-first strategy allows for integration of the latest technologies and tools from the very beginning of product development, rather than reverse-engineering the mobile experience at the end of a waterfall. The selection of platforms, development frameworks, integrated infrastructure, and support protocols should begin with the first conceptual wireframes. Not only does this streamline subsequent development, it also allows for ideation and inclusion of new technologies such as Internet of Things (IoT) connectivity.

At Zemoga we believe successful mobile strategies and experiences must differentiate themselves in the market, offering innovation and the ability to adapt to the needs and behaviors of users in an agile manner. Committing to a true mobile first approach will drive further adoption and expansion among Financial Services consumers, delighting users while driving growth in the top and bottom line. If you’d like to learn more about Zemoga’s proven approach to developing better digital products in Financial Services please reach out.
1 Board of Governors of the Federal Reserve System, “Consumers and Mobile Financial Services 2016”