Mobiquity has today released its latest Digital Banking Features Radar, which reveals banks have only 20 per-cent of flexible functionality to impress customers by innovating and differentiating their digital banking features against that of their competitors.

Released at Backbase Engage, Mobiquity’s Digital Banking Features Radar analyses the ‘musts’, ‘delighters’ and ‘differentiators’ of digital banking features to understand emerging trends that support a frictionless customer experience.

The radar reveals close to 80 per-cent of digital banking functionalities provided to customers are almost the same. This includes key features that the report identifies as musts and delighters, such as rounding of savings, chatbots and sustainability insights.

According to the report, emerging differentiating digital features that can enhance customer experience and separate banks from their competition, include:

  • Mayby: Integrating desired purchases marked by the user as a ‘Maybuy’ to start a goal and to help to save money to eventually buy the desired item
  • Track earned wages: Allowing users to track how much they’ve earned throughout the month or after each shift, complimenting early salary withdrawal features
  • Financial health score: Score customers based on how they spend, save, use insurance and manage credits to determine proactive tips on savings, cash-flow and budgeting.
  • Payment type selection: An automated adviser for users on what would be the cheapest and most secure method of payments to a particular receiver — QR, bank transfer, debit card, etc.

Gustavo Quiroga, General Manager for Mobiquity in Asia Pacific, confirmed that the narrowing margin for differentiation in digital banking services calls for more creative thinking with a customer-first mindset.

“Our Digital Banking Features Radar is a resource for Chief Data Officers and Banking Product Managers to take an aspirational view of what “great” user experience looks like; challenging their organisations to accelerate innovation and deliver new experiences. Many of last year’s “delighter” add-on features have become this years’ “must have” minimum expectations, so the pressure is on for banks to differentiate and elevate their customer experience in an engaging way,” said Mr Quiroga. 

“To orchestrate unique experiences, brands must enlist modular tech stacks that can be customised to suit customer needs — simply going to market with an “out-of-the-box” product offerings from platform vendors is not good enough. This will also allow banks to set themselves up for continuous product innovation that services utility and delivers the “differentiators” that align to customer values, lifestyle and financial health needs.  

“At Mobiquity, we have put a lot of our energy into designing and architecting experience accelerators to create a solid digital banking foundation, from which we help banks iterate towards delighter and differentiation features. This allows organisations to achieve an operational banking offering in as little as six weeks, not months and millions over budget. With the digital fundamentals under their belt, banks can then look to explore brand differentiation with each digital engagement moment tailored to their customer wants and needs — from seamless log-ins, to instant loan applications — ultimately becoming a lifestyle and living trusted financial companion,” said Mr Quiroga.

The radar highlights that the borders between brands and brand categories are evaporating, opening the door for sectors such as retail to leverage embedded finance services to build new revenue streams.

Mobiquity’s Digital Banking Features Radar is available to download via: