The first mobile banking application hit the Canadian market over ten years ago. Since then, advancements have included an e-deposit and mobile business app, a remote deposit capture feature, a banking app on the Apple Watch, and more.
Apps have become a part of our everyday lives, from fitness to shopping, social media and news. It’s safe to say a lot has happened in the world of apps. And while Canadian banking apps continue to improve, why can’t they do more?
Today, most Canadians only use banking apps when they’re looking to execute or view a transaction or a balance. Service providers in other industries, along with some global banks, are finding ways to deliver convenience and personalization for consumers. Canadian banks can too.
Banks in other parts of the world are using their apps to change traditional customer service paths. In South Africa, Nedbank’s Ciko Thomas suggests that “today’s banks have an opportunity and a responsibility to do far more for their customers than merely provide financial services. Platform ecosystems are the perfect way for them to deliver these comprehensive value propositions that their customers deserve.”
My colleague, Jessica Murray, explains how the new Business of Experience focus can solve a customer’s need around a purpose. “There are Canadians, like me, who are willing to move to a new bank for a deeper, more meaningful experience.”
Banking apps for Canadians should offer a single, meaningful experience that’s focused on convenience and customer lifestyle.
Think about convenience
Here is a scenario to consider: You’re in an Uber on route to an appointment when you remember you need to find a reliable snow removal service. At this moment, you also remember that you need to secure a tutor for your son and transfer money to your daughter.
Imagine you could do all three tasks on your banking app.
What if your bank supported and promoted small businesses on its app? In a single application, all this information could be at your fingertips as a one-stop shop for so many daily services.
That’s what Canadians should start expecting from their banks.
Global banks leading the way
We are watching global banks connect their apps to food delivery options, beauty services, fitness classes, house repair appointments and more, to become what some refer to as “super” apps and promote lifestyle banking, through open APIs and data controls for the consumer. Could these super banking apps replace Google or Trivago one day? Why not?
From South Africa’s Nedbank Avo banking app that provides a customer’s appointments, services and goods on one platform to India’s Account Aggregato that enables consumers to consolidate all their financial data in one place, there are several examples of banks providing simplicity for customers in innovative ways.
In America, the Marcus mobile app by Goldman Sachs gives fast, easy mobile access to Marcus accounts with just a few taps. Through the app, a customer can check balances, schedule transfers to and from other banks and make loan payments. As the app allows for linking with external accounts and features a collection of smart tools and trackers, a customer can see all their savings, investments, and spending in one place.
As the Marcus app changes the idea of convenience in banking, so the Apple Card aims to “reinvent the credit card” by organizing a customer’s card information to live on the iPhone. Technologies like Face ID, Touch ID, and Apple Pay give new levels of privacy and security. Additionally, every purchase gives Daily Cash back, but shopping with select merchants can increase the Daily Cash back opportunities.
Benefits for all
We can look at these global examples to set new expectations for Canadian banking.
Accenture research shows this kind of purpose-driven banking will build customer trust while improving retention and revenue growth. This untapped opportunity for banks can support the current ecosystem while ensuring more information and convenience for the customer.
As Canadians complete everyday tasks, their banking apps could provide more opportunities to support local businesses, earn rewards and receive discounts.
The future is here: You should be able to do more than banking on your banking app. We, as consumers, should push our banks to do more and be better.
There are benefits for all and there is a need to create a deeper personal connection. With so much to explore within convenience and lifestyle, let’s start making the possible into a reality.
I’d love to discuss the future of Canada’s lifestyle banking apps. I can be reached here.
To learn more about moving beyond the CX, please visit the Accenture website to download the full report, “Business of Experience.”