The world is constantly changing, improving, and adjusting to our needs and desires. Everything from how we buy, sell, and pay is changing. So how have things changed for boring and time-consuming banking processes, and how improve mobile banking feature adoption?

We all have come a long way from standing in long queues to check our bank balance or process a transaction to just having it all at the ease of our fingertips! The pandemic has sped up the digitization of the banking sector entirely. 

Amid the COVID-19 crisis, the global market for Digital Banking, which was estimated at US$12.1 Billion in the year 2020 and is projected to reach a revised size of US$30.1 Billion by 2026, is growing at a CAGR of 15.7% per Market research.

This upward trend makes it a key area of interest for financial services companies, with substantial benefits for those who adapt quickly. So how can these significantly growing banking apps get their customers to install and use their apps and features?

Tips to boost mobile banking feature adoption

#1 Acquisition and Discovery

Creating awareness about your digital platform has to be an essential part of the strategy, as people will download the app only if they know about it. You can reach out to existing customers and new ones using various online and offline marketing channels.

Ensure you provide direct links to the mobile app on the website and dedicate a section where they can find the links where they can find the features of the app, installation process, app icon, and branding associated with it. 

#2 Remove Installation Barriers

Banking apps can be complex and confusing initially, as some institutions first require you to sign in and enable mobile banking before using the app. A few banks consider this step unnecessary, making it easy and seamless for the customers to use the app. When users can enroll straight from their phones, you ensure an easy installation process that more people complete.

#3 Customer Analytics

Tracking the marketing efforts and understanding your customers through analytics is an excellent way to improve your app and give the users what they need. 

Customer analytics can assist marketing efforts by providing insights into the existing customer base. 

Important Customer Analytics KPIs:

1. Number of features adopted by the customers
2. The frequency and quantity of the transaction
3. The average transaction value
4. The transaction-to-account balance ratio
5. Total funding of accounts 

Make sure to analyze the most profitable customers, extrapolate for large-scale acquisition, evaluate the efficiency and impact of the campaign, and modify it accordingly.

#4 Boost Engagement and Feature Discovery 

Once users download the app successfully, the next step is to keep it and use it regularly and stay active to generate revenue. This greatly increases the mobile banking feature adoption.

Onboarding: Show the user key features of your app and where to find them via tutorials, product walkthroughs, videos, screen tips, etc. An online and mobile banking app is often complex and needs time to get comfortable with. Keeping the initial registration fields and the subsequent steps to a minimum is always good for user onboarding.

Measure and Drive Engagement using Analytics: It provides crucial information about individual user behavior so that in-app experiences can be optimized by improving UI, workflows, transaction support, and so on. Analytics can also aid in messaging automation and chatbots.

Engage using Gamification:

Using gamification elements like trivia, opinion polls, mini-games etc., in your banking application, you can make your apps more engaging and fun for the users and get them hooked to your products. 

Trivia – Trivia helps users engage in a fun and entertaining way. Interactive quizzes boost engagement and deliver personalized experiences in real time.

Mini-games – You can leverage games like spin the wheel card shuffle to engage users, educate them about your product, and understand their needs. These provide a fun experience and improve daily active users.

Opinion polls – Polls allow you to find out what your users think and how they feel—asking your audience for their opinion signals that you care what they have to say.

#5 Add Value

As brand loyalty is fickle, banks should strive to offer a value proposition that goes beyond simply providing financial services, but that does not mean you bombard your users with all the features and products at once. 

Gradually, add features based on their requirements and extend the app functionality. Partnering with organizations that target distinct but adjacent audiences can enable both organizations to reach new and coveted users while simultaneously enhancing the user experience.

Banks that got it right

HDFC 

HDFC is considered one of the largest Indian banks. Its mobile banking application allows all customers to check their account summary, make credit card payments, transfer funds, and pay utility bills. The application enables customization of the ‘My Menu’ tap on the app where the most commonly used services are available.

CHIME

Chime is considered a pioneer in the banking space and is the most prominent digital bank in the USA. Several million individual accounts have been opened since the company was founded in 2013.

Chime’s ability to attract and retain app users has been fundamental to the company’s ongoing success. This has primarily been achieved via excellent app design and the inclusion and marketing of other banks’ exclusive in-app features. Notably, the app-based nature of Chime allows the bank to collect usage data and optimize the ongoing business strategy.

CANDI  

Candi Mobile Banking App of Canara Bank is introduced by the bank with the big goal of executing ‘One Bank, One App’. This multi-channel app supports many banking services incorporating opening an FD or RD, money transfers, loan payments, EMI payments, and more.

How can Upshot.ai help?

Upshot.ai is an omnichannel, user engagement, and gamification platform that helps digital product owners and marketers improve product adoption and conversions.

With Upshot.ai, banks and FinTech firms can enhance the digital experiences they offer with pre-built gamification features while providing personalized insights, actionable recommendations, and contextual nudges designed to deepen their relationship with their users.

Book a demo of the most comprehensive user engagement and gamification platform to achieve your digital product goals. Join our communities for more insights, guides, and best practices that keep you updated with proven strategies and tips to supercharge your campaigns.

Follow @upshot_ai