Instead of banking periodically – weekly or even monthly – we moved to “always-on banking”.
Today we use our phones to pay for a whole range of things but we’re also constantly connected and watching our money. In fact, people are much more likely to log into their mobile banking app to view their balance or recent transactions than move money.
Changing customer needs
Self-service banking has moved irrevocably from transactional to informational. People want to be able to move money, any time, any day. But people also want to better understand their financial data.
Now many banking apps have a design that harks back to the transactional era. They're not designed for “always-on banking”. They're not designed primarily to be informational.
Mostly they follow the same pattern: you log in and get a snapshot of your transactions in chronological order. There's a basic summary, not much richer than an ATM receipt. And while you can poke around to guess how you're managing your money, most bank apps aren’t optimised to be informational.
Despite having incredibly powerful smart phones, each banking app primarily renders customers’ data from a web server. Sure, the major banks have made their apps more aesthetically pleasing but in most cases the data shown is just a fancier version of a paper statement.
Increasingly, customers want to see more than just a list of what they’ve spent. They want to understand and analyse where their money is going. They want to search for transactions – and not just a date range. They want them automatically categorised, available in a snapshot summary and much more.
They want informative, detailed names for transactions – not trying to interpret old-school merchant descriptions that can be meaningless. They also want to determine and name their own categories; not just use the ones the banks decide.
Due to its customer-centred design, engineering and new technology stack, these are all things that ANZ Plus can do with ease, starting with our iOS app.
With ANZ Plus your transaction history is clear and simple, it gives customers easy to understand descriptions of your spending, with store names, company logos, contact details and even maps.
The powerful ANZ Plus search tool also allows customers to locate and group transactions faster and more easily.
No more guessing
Customers can search by category, merchant, tag, month, year, location or transaction type (card, direct debit, transfer, ATM, interest, salary) or a combination of these to narrow the search. For example, they can search for all transactions from Byron Bay in January or all ATM withdrawals made in March.
Customers will no longer have to guess how much they spent eating out or streaming movies from five different platforms last month.
If customers want to group transactions or make it easier to find a transaction later, they can create a tag. Tags are customisable and multiple tags can be used for each transaction, meaning they can track spending on anything from big ticket items like school fees to more discretionary items like takeaway food or coffee.
Some banks have patched their apps to make them seem to be more usable but it’s largely cosmetic - makeovers, searches that are a little better and some transaction categories. But with ANZ Plus we rethought the architecture, so this kind of richer functionality is there.
The older style architecture normally has everything served from an old mainframe which is optimised for fast but inflexible queries. It’s harder to change those old banking systems to include extra data about the transaction beyond a date, amount and description.