September 3, 2021

Customers don’t love banks. They love banking apps.

Tech-savvy users are swiping left aggressively and swiping right selectively. No, we are not talking about dating apps. We are talking about how quickly the customers of today are changing their banking preferences. Loyalty is a fickle emotion. As Jeffrey Gitomer says “You don't earn loyalty in a day. You earn loyalty day-by-day", by responding to the customer's needs every single day. Otherwise, they just move on.

How responsive banks are to the changing needs of the customer will now decide their longevity. Or else, it’s a swipe left for sure.

With so much at stake, what can banks do to retain their customer’s loyalty?

Going digital is an obvious answer, but then everyone is doing it. Every bank of repute has a digital face--some, more advanced than others. What spruces up the relationship between the customer and the banking app is the customer journey. It is all about how the relationship started and how it sustains--the qualities that keep the customer engaged, the features that make a banking app sticky. So what are the features in a banking application that entices customers, and how does the WaveMaker low-code platform help?

  • Intuitive interfaces
    Clean and intuitive interfaces that keep screens simple but engaging to use, top-grade UI widgets that help create this clean look should be integrated into the low-code platform that aids this kind of interaction. WaveMaker has a plethora of widgets with diverse themes and styles that can be further customized per customer needs.
  • Account information at a glance
    Accessing account information need not be a cumbersome process involving multiple authentications. Modern banking systems allow their customers to view their account information with just Touch ID or Face ID without having to log in using a password. WaveMaker low-code allows developers to interface with external biometric components by providing customized abstractions over the APIs.
  • Corporate and Personal bank accounts management
    A single app should be able to handle multiple associated accounts, link to third-party offers, offer rewards like cash backs, and provide intelligent and relevant offers. The WaveMaker low-code platform allows the creation of prefabs or reusable software components customized to the banks’ requirements enabling composable banking and bringing in value addition to the application.
  • Virtual smart cards management
    Physical credit cards are passe. Virtual cards are in. Modern banking apps allow the creation of virtual cards within the application within minutes. Customers can transfer funds in and out of the cards and perform transactions all within the context of the application. Virtual card management prefabs within the WaveMaker low-code platform allow developers to just pull in the prefab and customize it according to their requirements with just a few changes.
  • Visualization of data
    Customers should be able to see their information in one place. It is not just what information they see but what inferences that they can draw--spend analysis, expense management, ways to improve credit score--a real-time visual dashboard. WaveMaker facilitates these visualizations where developers can access data from all modern data sources and integrate them with relevant UI abstractions with just a few steps.
  • And……….
    Interlinked payment gateways, QR code scanners, OCRs, loan applications made easy, instant digital KYC, added conditional authentication, currency converters, instant loans, multi-device support, mobile photo bills, wearables and so on.

Though a banking application may not necessarily be composed of all of the above, it should at the very least be provided compatible platforms that enable the development of these features leading to the creation of a composable banking app. So the question one may ask is, does WaveMaker as a low-code platform support the integration of these features into a composable banking app?

The answer is a resounding yes!

A developer working on WaveMaker can take two approaches:

One, use the built-in prefabs to quickly conjure up a banking-specific component.
Two, integrate third-party banking components into the application.

This is helped by two factors:

  • One that Wavemaker has an exhaustive repository of reusable components (also an evolving list of customizable banking components)
  • Two, WaveMaker is an API-first development platform that allows the integration of third-party components easily

WaveMaker allows seamless collaboration of ecosystem partners with ease--the foundation of a composable banking architecture. It helps banks, BaaS players, fintech, and ISVs respond to what customers ask for--modern experiences, intuitive interfaces with stunning visual components, security, smooth onboarding, and device-agnostic feature-rich applications. WaveMaker with its API-first approach, prefabs, support for all major databases, and vault-like security with VeracodeTM certified code has all the qualities to broker a long-lasting partnership with the bank and the customer with agility.

Banks can expand the reuse of legacy core banking, offer services to brands as a BaaS player, or launch greenfield initiatives; with WaveMaker, the possibilities are endless.

So, this time when the user swipes right, banks can swipe right back at them!

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