It’s true that fintech disruptors are making waves.

Sleek, user-friendly mobile apps are setting new benchmarks for digital experiences. However, it’s important to remember that traditional financial services (FS) companies hold powerful advantages: trust, knowledge and loyal customer bases.

The challenge? Turning these strengths into mobile app experiences that not only compete but lead the market.

In this post, we’ll explore how traditional FS companies can leverage their assets to create apps that go beyond customer expectations and set new standards for the industry.

Start with user research

Creating an app that resonates with your customers begins with understanding them.

While many FS companies often have a solid grasp of who their users are, keeping pace with rapidly shifting expectations and quick-changing needs is critical.

It’s tempting to jump straight into development. However, without a clear understanding of how customer preferences are evolving, even a feature-rich app can miss the mark.

One important thing to remember about user research is that it isn’t just about collecting data – it’s about listening.

By engaging with your customers through surveys, interviews and usability testing, you can uncover insights that might surprise you.

What are their pain points? What are their frustrations? What do they value most in a digital experience? This knowledge allows you to design with intention, making sure that your app solves real problems, enhancing the user experience from day one.

A recent research survey showed that 40% of respondents stated easy-to-use online transactions with a current account as a crucial feature for mobile banking.

By making user research the cornerstone of your development process, you’re not just guessing at what might work – you’re building something that’s truly aligned with your users’ needs and expectations.

Don’t shoehorn your web experience into an app

A common misstep for many traditional FS companies is the assumption that their web experience can be directly translated into a mobile app.

While it might seem efficient to replicate what already works on the web, this approach can lead to an app that feels cluttered and difficult to navigate.

When you consider that 62% of Brits would change their bank after a poor experience with mobile banking, this is a vital insight to keep in mind.

The key to a successful mobile app lies in adopting a mobile-first mindset.

Start by identifying the most critical actions your users will need to perform on the go, then design your app around these key journeys. For example, while detailed account management tools might be essential on the web, your mobile app users might prioritise quick balance checks, easy transfers or instant access to customer support.

By streamlining the app experience and focusing on what matters most to mobile users, you can create a product that feels intuitive and responsive, rather than overwhelming.

Remember, when it comes to mobile design, less is often more. It’s crucial to stay within the native design patterns of the platform, whether it’s iOS or Android. Jarring, non-native experiences can quickly turn users away.  

Consider personalisation

Personalisation is more than just a buzzword – it’s a powerful approach for increasing user engagement and satisfaction. In the context of FS apps, personalisation can transform a standard experience into something that feels tailored to each individual user.

Different generations, for instance, have distinct preferences when it comes to managing their finances. Millennials and Gen Z might gravitate towards apps that offer seamless integration with other digital services, like payment platforms; buy now, pay later; or budgeting tools.

Pre-millennials, on the other hand, often prefer features that emphasise simplicity, security and easy access to essential services. They may appreciate tools that help with long-term financial planning, such as retirement savings or mortgage management, without overwhelming them with too many bells and whistles.

By leveraging data intelligently, you can offer personalised experiences that resonate with each segment of your user base. This could include anything from custom dashboards that highlight relevant information to targeted notifications that remind users of upcoming payments or new financial products that suit their needs.

The goal? To make each user feel like the app was designed just for them, increasing both engagement and loyalty.

Keep security painless

When it comes to financial apps, security is non-negotiable.

A recent survey showed that 26% of respondents perceived mobile banking as not secure enough, while 21% claimed they don’t trust mobile carriers enough to use their services.

While security is crucial, it’s important that security measures don’t come at the expense of user experience. The best security solutions are those that users barely notice, yet still provide robust protection.

Quick, seamless login options like biometric authentication can strike this balance perfectly. By allowing users to access their accounts with a fingerprint or facial recognition, you eliminate the need for cumbersome password entries without compromising security.

Plus, offering features like multi-factor authentication provides an extra layer of protection, ensuring that even if one method is compromised, the user’s account remains secure.

The challenge is to implement these features in a way that enhances rather than hinders the user experience. Security should feel like a natural part of the app, not an obstacle the user must overcome.

The verdict? Build around the customer

For traditional FS companies, the opportunity to create standout mobile apps is enormous.

However, success in this space requires more than just replicating the features of fintech disruptors. It demands a deep understanding of your customers, a commitment to mobile-first design, a focus on personalisation and an approach to security that protects without frustration.

By centring your app development around the customer, you can create a digital experience that not only meets but exceeds expectations. This isn’t just about keeping pace with the competition – it’s about leveraging your unique strengths to offer something truly valuable to your users.

In doing so, traditional FS companies can turn their apps from a necessary convenience into a powerful tool that fosters loyalty, drives engagement and ultimately secures their position in the digital future.

Looking for more insight on outpacing competitors? Download our digital eBook ‘From Traditional to Transformational: How organisations in financial services can accelerate digital change.’