Mobile First Fintech
I dare you to survey five of your friends. At least four of them will have a mobile banking app or investment app on their phones, right now. Viva la fintech revolution!
Mobile first simply means that your fintech product or service exists primarily on mobile devices. While it's not the shiniest concept in the world, it is surprising how many of the top financial institutions are falling behind.
Becoming a mobile first financial services company is be important since it can be a highly influential revenue factor. Furthermore, those who do not keep up with fintech trends risk falling behind.
Long gone are the days of traditional financial institutions; the top 10 fintech apps (aka, challenger bank, online credit card companies and other tech) have a 33% higher growth rate than brick-and-mortar banks.
Plus, as retail banking is being phased out in the UK and beyond, urgency to compete with mobile fintech technology will only increase.
Mobile first fintech app examples
As mentioned, it seems obvious that the fintech startup scene is moving towards a complete mobile first experience. But not every digital bank or mobile payments app does it well. Here are some examples of fintech innovation who are smashing the mobile phone game right now:
Experian
The credit score company has an app which is hailed by users, garnering an average of 4.6 out of 5 stars. The fintech solution makes mobile first native, with it being easy for users to continually check on their credit score.
Furthermore, the credit checker has used a traffic light system and in-built tips to gamify the experience for users and keep them coming back for more. Features such as fingerprint ID offer uncompromised account security in the event of a data breach. Due to the success of the Experian app, it was downloaded over 300,000 times in July 2021 alone.
Monzo
Although I am a Starling fiend, there's no denying the sheer power of Monzo's customer base growth over the last 2-3 years. The company decreased their customer cost-per-acquisition by a whopping 50% by integrating with the world's leading social media app, Facebook. This has meant that Monzo has taken the mobile first banking world by storm.
The other driving force behind Monzo's success is its ability to connect customers. Friends can easily split payments and send bills to each other. The mobile payment industry was worth $27 billion in 2016, so capitalising on this has been huge for Monzo. The open banking app also uses AWS infrastructure to create a top notch user experience that we haven't seen replicated anywhere else.
Wise
Wise have built themselves a reputation as the Robin Hood's of currency conversion, the 'renegades of payment providers' if you will.
Where traditional banking includes hordes of hidden fees and consumer mis-selling (those bloody PPI scams!!), this company sets themselves apart to provide transparency at every corner. The app features the exchange rates of their top competitors, which enables consumers to feel like they are making an informed decision.
Plus, the team are quick to notice UX design errors and rectify them. For example, members struggled with finding answers in the traditional help centre FAQs, so a live, instant support messaging centre was created. Wise's mobile first approach solve problems quickly and keep their user base happy.
Tips for mobile first fintech
Quite clearly, becoming a mobile-first fintech company can lead to huge annual turnovers and profits. However, what lies behind this drive in revenue, and why do consumers love their fintech apps so much?
There are four key reasons for mobile-first success:
Providing a high quality user experience
Meeting the demand of consumer expectations
Gamification
Personalisation
User Experience
Providing a high-quality user experience can make all the difference to your fintech product. It means prioritising UX design, delivering smooth graphics and an easy route through your app. A high quality experience also refers to making it easy for your customers to reach out and get help, or resolve their issues.
Consumer Expectations
It’s a well-known fact customer attention spans are poor, and in fact continuing to drop year on year. But 6 in 10 consumers say that their primary choice for simple enquiries is a self-serving tool such as an app. So you need to hit the fast-moving expectations set by leaders in the fintech sector to avoid churn.
When you become a mobile first fintech brand, you meet these expectations and build a reputation for delivering the best experience possible.
Gamification
The “surprise and delight” agenda is pushed by marketers as a magic solution to customer retention. But no method is as effective as gamification.
This is the addition of interactive and playful features to an otherwise ‘non-gaming’ app in order to engage with your clientele. Customers love their ‘good behaviour’ being rewarded and competitions with friends and help your rate of referrals. It’s a win-win!
Personalisation
Finally, personalisation is the key to wooing your customers and conquering their loyalty.
You know that warm, fuzzy feeling you get when someone important remembers your name? Well, it has the same effect online, especially in world-class tech apps who are looking for high customer retention.
Gather personal information via your onboarding in order to develop the experience and increase revenue.
Do you need help competing in the mobile fintech industry? Get in touch with us at The Search Cure to up your SEO game and get visible in front of your ideal customers.