Consumers love the ease of mobile banking—transactions are quicker and account information is always available right at customers’ fingertips. However, there’s always more that can be done to improve the banking customer experience. We’ve outlined six great ideas, that can be implemented today, to make mobile banking even better!
No one likes calling in to customer service. To improve just one facet of the call center customer experience would be a big win, not only for your customers but for your brand reputation as a whole. Why not use your mobile banking app to verify customers’ identities while they’re on the phone? A notification can prompt users to confirm they’re calling and with a simple biometric provided, like a fingerprint or facial scan, their identity is verified without hassle.
It’s 2018—why not be an organization that finally lets their customers say goodbye to passwords (even if it’s just for one website!). Customers would only need to type their email into your website, which would automatically trigger a notification to your banking app. They’ll approve the login and tap their thumb or use facial recognition and they’re signed in! It’s multi-factor authentication that actually provides a better experience. Think of how happy your customers will be with one less password to deal with.
3. Fraud Alerts
With the same underlying technology mentioned above, you can send notifications through your app asking customers to approve certain purchases or other transactions you may deem fraudulent. After approving, you can even ask the customer to provide a biometric, so you’re 100% sure it’s them that made a purchase. This gets customers engaged in the mobile app rather than receiving and responding to emails or SMS messages.
4. Sign Loan Docs
Did you know you could use your mobile app to securely send loan, mortgage or other documents? Push notifications can be used to send customers PDF documents right to their phones, so they can agree to the terms and digitally sign them with a biometric in just seconds. No visiting branches, printing out paper, waiting for paper signatures—this one is a real money saver.
5. Third Party Authorizations
Offer customers a new, convenient way to grant family or other users access to their accounts right through your mobile app. Customers can fill out forms like third party authorizations and automatically send a digitally signed, encrypted response back to the bank. It’s easy for the customer and again cuts back on all that paper.
Worried about Europe’s new open banking regulations? Easily enable your app to send PSD2 compliant multi-factor authentication notifications. Most banks are likely going with inconvenient and insecure SMS messages as a second factor on top of passwords and other security measures. Use the app you already have to provide a consistent way for customers to authenticate, approve payments, initiate money transfers and complete other PSD2 compliance use cases.
7. Bonus: Voice Transactions
This one’s a bonus! Would your bank be interested in offering higher value transactions on your voice apps for Alexa or Google Home, but can’t do so because of security concerns? Use push notifications through your mobile app to confirm customers’ identities when they’re interacting with a voice interface. They’ll be able to authenticate to your voice app and confirm the details of voice transactions all in one place.
All of the above features can be added easily with Privakey technology. Pick one problem area with your app and implement secure, push authentication today! Visit our website www.privakey.com to learn more and contact us https://www.privakey.com/free-trial/ if you have any questions.