How technology is transforming mobile banking – and why customers love it

27th June 2016

Mobile banking is growing at an astonishing rate – fact! Over 60% of customers in the US consider mobile accessibility to be one of the most important features when performing everyday banking tasks. It’s also one of the caveats for choosing a banking provider …

Today, mobile banking plays a crucial role in the decision-making process when it comes to switching bank accounts. Mobile is now a core requirement for technology-savvy customers who demand easy banking wherever they choose to do it.  As demands increase, banks are being forced to find new and innovative ways to deliver their products and services. But what’s causing the shift? And why are customers switching in their droves to banks who provide a slick, intuitive mobile app experience?  Read on!

1.) Ease of use

Gone are the days when customers need to visit the high street to perform simple banking tasks. If ever there was a case for mobile banking, accessibility has to be it:

  • The ability to access banking on the move and from any location means greater control. Tesco Bank, for example, allow customers to check their balance at a glance without having to sign in. And Clydesdale Bank customers enjoy currency-conversion on the go, making life a whole lot easier when combining banking and travel.
  • Custom alerts and push notifications mean customers can stay constantly connected. The result? Total visibility around account activities and performance, and informed buying decisions on the go. 
  • The ability to move funds between different accounts to avoid overdraft fees – a BIG plus!
  • The ability to pay bills quickly and easily. No waiting in a queue (or lord forbid, the phone queue!) 

2.) Accessibility

Whilst some banking customers still prefer visiting their local high street branch, the reality is that most customers are happy they don’t need to. Part of this means making services as accessible as they can be:

  • Where a secure WiFi connection is available, customers can immediately access a vast plethora of mobile banking features. For example, most banks now offer a mobile cheque deposit feature. Customers can take a photograph of a cheque to deposit the forthcoming funds directly to their account shortly after. 
  • Voice technology is now enabling banks to offer customer verification via voice. A super-secure method that’s not only really quick and easy, it’s also great for those of us who regularly forget our passwords …
  • Barclays Bank now offers a secure live chat service for mobile customers. This allows instant and secure communication with the Barclays team. Invaluable for customers in noisy environments, or those that might be hard of hearing. 

3.) Mobile-only banks 

Nowadays most of the major banks offer mobile apps that enable customers to check their balances, transfer funds and setup up direct debits etc. The problem is that most of these banks are still heavily embedded in running costly high street branches. 

Traditional banks are finding that operating multiple high street branches is costly when compared to the overheads (and value) associated with mobile-only challenger banks. For well-established banks with a physical retail presence on the high street, mobile is seen as a service augmentation rather than a strategy. This, in turn, helps create an opportunity for mobile-only entrants into the banking market. And they’re doing well. Mobile-only banks are currently acquiring thousands of new customers every day. 

4.) Switching to Paperless

Switching to paperless allows us all to feel confident and relaxed in the knowledge that our highly personal banking data is stored safely in the cloud. What’s more, we’re not adding to the unnecessary paper mountain that comes thru the letterbox on any given day of the week. And while some customers still prefer to manage their bills in a physical, paper-based format, the majority are now turning to mobile for instant banking updates and functionality.

5.) Increased Security

Some customers are still worried about security when it comes to making the switch to mobile banking. Even customers that have taken the leap and switched to mobile banking still prefer to perform certain specific tasks and day-to-day banking activities via a local high street branch. 

But the reality is that many customers who have already made the switch to mobile are reaping the benefits of increased security. Because customers can now access mobile banking at the touch of a button, they’re able to keep on top of account-related transactions in real-time. This in turn helps to quickly flag up potentially fraudulent activity. 

What’s more, many mobile banking providers provide push notification services that allow customers to be notified as and whenever the account is active. This helps to weed out fraudulent transactions on the move, before they even happen.


The global proliferation of smartphones, tablets and wearables is now creating enormous demand for instantaneous mobile banking services and features. customers now demand a slick user experience and immediate access to a vast plethora of banking related features and functionality. 

For banks already active across mobile, this presents huge opportunities. For the ones who have not yet developed a coherent mobile strategy, or for those in the process of developing a strategy, there is now enormous pressure to develop mobile apps that can satisfy the needs of increasingly demanding banking customers. Very often, the hardest piece of the puzzle for banks is working out how to develop the capabilities that customers demand, but with robust research and planning, it can be done! 

About Waracle

Waracle, part of the Exception Group, is the UK’s leading digital solutions specialist. Since 2008 Waracle have engaged with the large UK and international organisations to plan and execute their digital product strategies. Waracle now has offices in Dundee, Glasgow, Edinburgh and London with a rapidly growing team of industry-leading experts. In addition to an investment in Mozenix, Waracle also have an investment in Kumulos and Wallet.Services (Blockchain).


Insights like these directly to your inbox

Keep up to date with out latest thoughts
subscribe icon