Internet banking has a strong future. In spite of the fact that enrollment levels have plateaued and in some cases financial institutions are seeing contraction in the user base, Internet banking will continue to be a component to a well-rounded channel strategy for all banks and credit unions. But Internet banking products as you know them today are dead or, shall we say, becoming irrelevant. Internet banking is too cluttered with useless functionality that no one uses. The user interfaces are as old and antiquated as the core banking systems they are connected to.
The next generation of Internet Banking (IB) is here. New versions of IB will first and foremost look a whole lot better. And the good ones will look a lot like the mobile app experience, which has proven to be much easier to use and nicer looking. Lets call it “IB the Fair”. But it is not just about looks. Many of the features in IB are never used. The screens are cluttered with unnecessary features. IB is so busy that it turns off users. I recently was looking at an IB solution with a bank and they didn’t even know what all the links brought you to, and in fact a few were dead links that went nowhere. They were so under-utilized that users had not even complained about these dead links. Sad but true.
Malauzai has introduced SmartwebApps, an alternative to legacy Internet banking. SmartwebApps 100% replicate the mobile experience but are delivered on the desktop via a standard browser. This brings a consistent experience to the end-user regardless of the channel they choose to use. It brings a Mobile only Experience or what we call MOX to the desktop. This approach also has vastly superior economics for banks and credit unions. Today, a typical bank or credit union pays for both Internet banking and mobile banking. With SmartwebApps, there is a single end-user fee. This can lead to savings of up to 30% on the overall digital spend for a bank or credit union.
Not only are SmartwebApps extremely user friendly and functional, they look cool. They look like an iPad but run on the desktop. This means immediate differentiation. No other bank or credit union has an IB solution that looks like this. Differentiation is a good good thing, as everyone needs to stand out to stay competitive. Lastly, versatile features like debit card on-off switches are brought to the desktop, as IB has stopped adding features and innovating. This is a good thing for banks and credit unions and a great thing for end-users.
So, welcome to the future of Internet banking, it is called SmartwebApps. Internet banking as you know it is dead and SmartwebApps will lead us into a future where the desktop will look a whole lot like mobile apps, yes mobile apps on the desktop.
Stay tuned, soon we’re going to hear from chief technology officer Danny Piangerelli on Finovate.