News & Press | ebankIT

Why optimizing mobile banking is a must in Canada for financial institutions

Written by ebankIT | Oct 8, 2024 6:00:00 AM

Mobile banking: a must to enhance user engagement

The prevalence of digital banking has significantly shifted how individuals manage their finances. As reported by the Canadian Bankers Association, a substantial portion - more than 40% - have acknowledged a steady rise in their utilization of banking apps and online banking services in recent times.

As technology continues to drive changes in the Canadian banking sector, financial institutions need to keep up with client demands. The shift towards app-based banking is undeniable, highlighting the urgent need for a digital transformation that mirrors the seamless user experience offered by tech giants like Facebook, Uber, and Google.

77% of Canadians opting for digital channels to handle the majority of their transactions.

Over the past decade, the usage of banking apps has surged from 9% to 30%, with a staggering 77% of Canadians opting for digital channels to handle the majority of their transactions. In stark contrast, only 8% still rely primarily on Automated Banking Machines (ABMs) for their financial needs.

Recognizing the pivotal role of mobile banking apps, Canadian financial institutions should prioritize enhancing this service to deliver an unparalleled user experience. By doing so, they can not only boost customer engagement but also retain their loyal account holders.

5 key features to enhance user satisfaction

These factors collectively enhance user satisfaction by making mobile banking apps more efficient, secure, and user-friendly, ultimately fostering greater customer loyalty and trust.

1. User experience

User experience plays a crucial role in determining the success or failure of mobile banking apps nowadays. Creating a simple and intuitive layout that enables users to easily navigate and utilize diverse banking services is key.

A clean and visually appealing design will enhance the overall user experience.  Additionally, incorporating feedback mechanisms that empower users to share their thoughts and suggestions demonstrates the bank's commitment to valuing user input.

2. Speed

Ensure seamless and rapid transaction processing for fund transfers, bill payments, and check deposits on the app. Guarantee swift loading of all features to prevent any delays, along with instant updates on account activity and transaction statuses to keep users well-informed.

3. Security

Implement robust security measures like biometric authentication (fingerprint and facial recognition), two-factor authentication, and secure PINs, alongside advanced encryption protocols to fortify the protection of personal and financial data.

Prioritize fraud prevention by incorporating cutting-edge fraud detection systems and timely alerts to thwart unauthorized transactions effectively.

4. Gamification

By incorporating game-like elements such as rewards, challenges, and leaderboards within the mobile app, banks can significantly enhance user engagement and satisfaction. This not only encourages customers to use the app more frequently but will drive customer loyalty in the long term, as users feel more connected to a bank that makes their financial journey enjoyable.

5. Innovation

As technology evolves rapidly, financial institutions must keep up with the pace by consistently providing updates and introducing new features to ensure that their app remains relevant and competitive.

The adoption of new technologies like AI for personalized insights and blockchain for enhanced security are a must.

Tech-driven transactions rise in popularity

The most popular transaction methods in Canada include Tap & Pay, used an average of 10 times per month, credit card transactions averaging 8.7 times per month, and debit card transactions at 9.6 times per month. Interestingly, e-transfers in Canada have nearly doubled in the past 6 years, now averaging around 4 transactions per month.

Following this increase in digital transactions, financial institutions need to be able to offer these type of service seamlessly. In order to fast-track this digital transformation, ebankIT has created a dedicated Canadian Layer that provides financial institutions with a set of functionalities that were developed with the purpose of addressing the mandatory and most important requirements for Financial Institutions located in Canada. 

Canadian layer features:

  • Funds transfers: Users can transfer money between their accounts. It can be immediate, scheduled or recurring.
  • Bill Payments: Possibility to add several payments at a time to be submitted only once. The process can be immediate, scheduled or recurring.
  • Manage payees: Allows the user to see the payee list, search, add or remove a payee. 
  • Account sweeps: User can configure automatic funds transfers between their own accounts and view the account sweeps list, add, edit and cancel an account sweep.
  • Remote deposite capture: Users can upload the picture of a cheque to get it automatically deposited into the selected account.
  • Interac e-Transfers: Users can send, request or receive money to/from another person with their phone number or email.
  • CRA payments: There are 8 forms available for CRA payments, with a landing page for easy management, including selecting favorites, initiating new forms, managing business numbers, or starting from scratch.
  • Financial reminders: Messages displayed on the dashboard allow the user to view important information concerning their accounts.

Canadian financial institutions are tasked with providing a diverse array of digital services to ensure user satisfaction. With ebankIT, these institutions have the tools to do just that. From seamless money transfers between accounts to managing bill payments, sweeps, interac e-transfers, and beyond, banking users can enjoy a comprehensive suite of services at their fingertips.

 

Integration of in-person and mobile banking services

While mobile banking offers unparalleled convenience, allowing customers to manage their finances anytime and anywhere, driving engagement and accessibility, in-person banking remains vital for services requiring personal interaction, such as complex financial advice and handling large transactions, fostering trust and relationship-building.

By integrating both channels, banks can provide a seamless, cohesive customer experience that leverages the strengths of digital efficiency and human touch. This balanced approach ensures that all customer preferences are catered to, enhancing loyalty and staying competitive in a rapidly evolving financial landscape. 

ebankIT provides Canadian financial institutions with the tools to accelerate their digital evolution and adapt to the ever-changing needs of their diverse customer base, ensuring a seamless and innovative banking experience for the future.