New report reveals five digital features banks need to consider in 2023

Mobiquity’s latest Digital Banking Features Radar report reveals banks have only 20 per-cent of flexible functionality to impress customers by innovating and differentiating their digital banking features against that of their competitors.

With close to 80 per-cent of digital banking functionalities offering almost the same customer experience, banks must now look to separate from the pack and enlist new services to grow brand gravity and in turn customer loyalty.

The report encourages banks to jump onto emerging digital features that can enhance customer experience and separate banks from their competition. New emerging features identified in the latest report include:

• Mayby: A feature that integrates desired purchases marked by the user as a ‘Maybuy’ to start a goal and to help to save money to eventually buy the desired item
• Track earned wages: A feature that allows users to track how much they’ve earned throughout the month or after each shift, complimenting early salary withdrawal features
• Financial health score: A feature that scares customers based on how they spend, save, use insurance and manage credits to determine proactive tips on savings, cash-flow and budgeting.
• Payment type selection: An automated adviser feature for users on what would be the cheapest and most secure method of payments to a particular receiver — QR, bank transfer, debit card, etc.
• Security metre: A feature allowing customers to assess how secure their banking experience is and delicately nudges clients to adopt safer app usage habits and improve their privacy and security.

Gustavo Quiroga, General Manager for Mobiquity in Asia Pacific, confirmed that the narrowing margin for differentiation in digital banking services calls for more creative thinking with a customer-first mindset.

“Our Digital Banking Features Radar is a resource for Chief Data Officers and Banking Product Managers to take an aspirational view of what “great” user experience looks like; challenging their organisations to accelerate innovation and deliver new experiences. Many of last year’s “delighter” add-on features have become this years’ “must have” minimum expectations, so the pressure is on for banks to differentiate and elevate their customer experience in an engaging way,” said Quiroga.

“To orchestrate unique experiences, brands must enlist modular tech stacks that can be customised to suit customer needs — simply going to market with an “out-of-the-box” product offerings from platform vendors is not good enough. This will also allow banks to set themselves up for continuous product innovation that services utility and delivers the “differentiators” that align to customer values, lifestyle and financial health needs.

“At Mobiquity, we have put a lot of our energy into designing and architecting experience accelerators to create a solid digital banking foundation, from which we help banks iterate towards delighter and differentiation features. This allows organisations to achieve an operational banking offering in as little as six weeks, not months and millions over budget. With the digital fundamentals under their belt, banks can then look to explore brand differentiation with each digital engagement moment tailored to their customer wants and needs — from seamless log-ins, to instant loan applications — ultimately becoming a lifestyle and living trusted financial companion,” said Quiroga.