Is developing a mobile application at the top of your to-do list?
Many companies have mobile applications at the top of their to-do lists, but while launching a quick app is fairly straightforward, developing a strategic application or digital “solution” is considerably more complex. Smart planning is essential for financial service businesses of all sizes.
Here are 10 things to consider before developing your application.
1. Agree on goals for the program
When developing a digital solution strategy, first examine your organisation’s goals for the program. Are you looking to be seen as innovator, or fend off competition by showing progress in the space? Simply showing initial momentum and previewing the future roadmap can often place you ahead of the competition. Should your digital solutions help build client loyalty and enable greater client self-service, or is your highest priority to create new revenue streams? Once you’ve agreed on the goals, prioritise them so you’ll know where to start.
2. Understand your target users
The next step is to understand who your target users are, their goals and requirements, and the technologies they use. This process includes researching the platforms your users are most likely utilising, then gaining an understanding of each user experience. Every device is different, and every user has multiple needs. For example, a person might typically use an online banking application to pay a bill, but he might use the bank’s mobile application to find the closest ATM.
3. Build a user testing focus group
Spending time with your target users is the only way to ensure you really understand what they are looking for in a mobile application. As you move through the process of discovery, you can discuss ideas with this group on a daily basis. Focus groups can provide value from the far beyond the initial discovery phase.
4. Identify a minimally viable solution set
Don’t try to tackle the whole problem at once. Instead, companies should identify a minimally viable solution and start there. In other words, release a basic but functional app as a foundation, then take advantage of the efficient upgrade paths most devices offer to provide regular updates. This enables you to enter the market more quickly and refine as needed. Plus, periodically giving your users access to new developments ensures your organisation stays top-of-mind.
5. Plan for multiple releases
With mobile applications, releasing the initial version is only the beginning. Statistics show that many users will re-engage with your application when new features are added. Spread key functionality across the first handful of releases to keep your users engaged. Be careful not to release too often, lest users feel bombarded. In many cases, a 2-3 month window between major releases will keep your users engaged over a longer period of time.
6. Balance your users and your business
Balancing business drivers with real user needs can be difficult. In many cases, the two are at odds with one another. Therefore, arm yourself with the right information to make smart tradeoffs. Collect research such as user studies, expert opinions, and business viability and technical feasibility studies. This body of data can then be weighed to achieve the best balance between user-centric solutions and business-value gains.
7. Know what is out there
Spend time exploring apps in each of the platforms you plan to support. Each platform offers different interface paradigms and a different collection of applications. Experimenting with the most popular applications will help you understand not only what is possible on the platform, but also the user’s expectations. If possible, use a different mobile platform device during the exploration process.
8. Bring your IT team into the discussions early
The far greater technical challenge is tying your backend business processes to a digital solution that encompasses smartphones and androids, for example. The technology infrastructure for a multichannel solution goes well beyond the platform you choose for front-end development. In order to be successful, financial services companies must consider how to architect data delivery and API management as well as security, scalability, content aggregation, device optimisation, API translation, etc.
9. Decide on a technology you can live (and grow) with
As the mobile space matures, there will be many more application develop choices. In many cases, your goals will help determine what you choose here. For example, if your goal is to reach as many users as possible across all platforms, you may choose an HTML framework with little hardware integration. If your goal is to provide deep hardware integration for augmented reality technology, then you’ll probably develop a native application. Decisions around technology can directly affect your app’s functionality.
10. Plan to analyse
The final step in the process is determining how to measure success. With a morass of potential features, devices, platforms and technologies, success can be challenging to define, but it will affect your ultimate strategy. Consider the following questions.
- Will this increase our transaction volume and, therefore, revenue?
- Will this increase customer adoption and retention?
- Will this increase our brand recognition and loyalty?
- Will this decrease our costs?
- How many people do we want using our app?
- How do we want to integrate the solution with our social media program