Mobile Banking continues to be a growing trend as more people access their banking services whenever and wherever they want to. In fact, the recent report by the British Bankers’ Associations, The Way We Bank Now, found that there were 11 million banking app logins a day in 2015, a 50% rise from 2014.
For Lloyds Banking Group, which launched its first mobile banking apps only 5 years ago, the Lloyds Bank app has just topped the tables of Forrester’s UK-wide mobile banking benchmark report for the second year running.
The app has been recognised as the number 1 banking app in the UK, having the best functionality of all the major banks’ mobile apps. It was also ranked 4th in Europe and 8th in the world in the 2016 Global Mobile Banking Functionality Benchmark report, which compares the mobile banking services of 46 banks around the world.
Lloyds Bank was the only UK banking app that helped customers see the difference between their actual and available balances, according to those that Forrester evaluated. It does this by including pending transactions in the transaction history page. Among other distinguishing features, the app gives customers the ability to tell the bank about their travel plans to help minimise the inconvenience of cards being blocked unnecessarily when used abroad.
It was also commended for its focus on keeping customers’ safe and helping to minimise fraud. The app provides helpful information about fraudster’s tactics when customers add a new payee. And, if their card or PIN is lost or stolen, it allows them to report and re-order them quickly and easily from the app with just a few taps.
Steven Hicks, Head of Mobile at Lloyds Banking Group, shares more.
The Group has come a long way since launching mobile in 2011. Back then, less than a quarter of customers chose to use a phone to log in – but mobile use has really grown over time.
Alan Chiew, Mobile Design Lead at Lloyds Banking Group, shares some of the steps taken since then, which have led to the current success of the apps.
The September 2011 mobile site launch was a response to the increasing number of customers we were seeing logging in on a mobile. This optimised the website for viewing on mobile and provided a better user experience. But it was the introduction of our next-gen apps in 2014 that signaled a much more serious focus on mobile, reflecting what customers were asking us for.
The whole mobile experience for Halifax, Lloyds Bank and Bank of Scotland customers was re-engineered and re-developed. We looked at what our customers wanted and designed the apps around that. We’ve really adapted our mobile offering to fit better with our customers’ needs.
So what does the future of mobile look like?
Next year as the smartphone turns 10 years old and people increasingly turn to their mobile first, it obviously creates more expectations from customers. This trend is also bolstered by the fact that business in other industries are racing to provide more services on mobile in a friction-less fashion. So we asked Steven, what this will mean for the future of the apps at the Group?
By the end of this year we’ll have reached the point where our mobile app will have over 70% of the features our desktop site provides, covering the majority of the things customers do regularly. It’s already feasible for customers to bank with us entirely using the app, as a growing number of people already do, and the additional features will make it all the more easy and convenient for customers to bank with us however and whenever they choose.
We also carry out extensive customer testing and get thousands of pieces of feedback from customers each week that helps us prioritise the features we bring to market. In the next 12 months there’ll be a host of new features generated from this insight, that we hope will continue to keep Lloyds Bank at number 1. The first of these will appear towards the end of the summer and make our express login even simpler – keep an eye on your app for the updates.
Our aim next year is to continue to build functionality into our mobile offering so our customers can carry out any transaction or need while focusing even more on the overall experience.