In September 2017, Amazon.com’s patent for “1-Click” checkout lapsed. It was a foundational moment in e-commerce. Waves of digital retailers streamlined their purchasing processes. The moment reframed customer expectations. And meeting those expectations became a matter of survival.
Simplifying the checkout process, Amazon chairman and CEO Jeff Bezos believed, would reduce cart abandonment and increase conversion rates — the percentage of shoppers who complete the purchasing process. Cart abandonment is a huge problem in retail, where an estimated 69.5% of digital carts go unclaimed.
Online merchants of books and sweaters aren’t the only businesses that need to care about this; banks do too.
Customer expectations are fluid, flowing from one industry to the next. Amazon and other tech giants set the standard for the digital experience; banks and other companies must now follow it. Customers expect to acquire their new credit card as easily as they can download the latest Taylor Swift album.
Banks may not obsess about cart abandonment and conversion rates to the extent that other e-commerce companies do, but the same concepts apply to making loans and attracting deposits over digital channels. That’s why the principles of modern design are so important. Taking cues from companies like Amazon isn’t just a best practice; increasingly, it’s a matter of success and failure.
Nowhere is design more important than on mobile devices, which have emerged as the primary channel banks use to serve customers and is the purpose of this FinXTech Intelligence Report, Mobile Banking: How Leading Banks Make Modern Apps That Drive Sales.
The report unpacks mobile bank design: why an attractively designed experience will be critical to growing engagement, and the processes that have guided regional and community banks in creating their respective apps. It includes:
- The rise of mobile banking
- An overview of key features and functions
- How modern design affects usability
- Q&A with USAA’s chief design officer
- A digital checklist to evaluate a bank’s offerings and approach
To learn more, download our FinXTech Intelligence Report, Mobile Banking: How Leading Banks Make Modern Apps That Drive Sales.
To access our earlier report on APIs, click here.