Mobile banking has changed the face of financial transactions around the world, and is continuing to evolve at an unprecedented rate.
At the heart of this revolution has been the ability of banks to provide simple user interfaces on hand-held devices that give customers quick, efficient, convenient and secure access to all their banking needs in a single application that goes with them wherever they may be.
The enormous range of choices that individual customers can get from competing banks has made them extraordinarily discerning. Even first-time users demand a range of functionality that they would not have expected from old-fashioned banks.
Regarding the degree of customers’ selectivity, European banks score better than their global rivals thanks to the advantages of being in the largest pool of users and service supplies with shared regulations, as well as a broader catalogue of easier-to-use and often customisable functionalities. European banks also offer a more comprehensive range of investment and banking services built-in to their apps.
Banks cannot just offer a digital banking experience. It needs to be seamlessly integrated with the entire customer experience and also be adaptable to customers’ individual preferences and needs. The pressure on banks to develop user-friendly and comprehensive mobile apps is intense, because the Open Banking wave gives customers easy access to a range of financial services via a single interface.
GBO has worked with both financial institutions and their customers in Europe for nearly fourteen years, providing advice and guidance for company setup, licensing and development in the banking, online gaming and cryptocurrency sectors.
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