MOBILE BANKING BEST PRACTICES FOR LENDERS

Mobile banking has become a dominant force in the financial industry, offering customers 24/7 access to various banking services. In fact, 63 percent of U.S. bank account holders used their smartphone or tablet to process transactions in the first quarter of 2024. Mobile banking apps have evolved from checking balances and transferring money to loan applications, investments, and cryptocurrency management. To improve the banking experience of mobile users and maximize their return on investment, lenders should consider adopting mobile banking best practices.

10 Mobile Banking Best Practices

Lenders and customers benefit from mobile banking because it provides convenience, financial inclusion, and cost-efficiency. It reduces the need for physical branches, cuts operational costs, and offers personalized customer interactions. The table below provides 10 mobile banking best practices for lenders.

10 Mobile Banking Best Practices
Best Practice	Description
1) User-Friendly Interface	Design a clean, intuitive interface with easy navigation, clear icons, and minimal text for a seamless user experience.
2) Fast and Secure Logins	Enable biometric logins for quicker, more secure access while reducing reliance on passwords.
3) Optimized Performance	Speed up load times and ensure smooth transitions between screens to minimize user frustration and abandonment.
4) Personalization Features	Provide tailored advice, custom notifications, and personalized loan options based on user behavior and preferences.
5) Simplified Application Process	Streamline the loan application process by reducing the number of steps and using pre-filled forms based on existing customer data.
6) Push Notifications & Alerts	Use push notifications for payment reminders, updates on loan status, and personalized offers.
7) Responsive Customer Support	Offer in-app chatbots and 24/7 live support to quickly address customer concerns and improve satisfaction.
8) Mobile-First Design	Design apps specifically for mobile devices rather than adapting from web interfaces.
9) Comprehensive Security Features	Deploy multi-factor authentication, real-time fraud alerts, and encryption to protect user data and instill trust.
10) Transparent Terms and Conditions	Make loan terms, fees, and conditions easy to find and understandable within the mobile app to build trust with users.

By implementing these best practices, lenders will be able to expand their mobile banking portfolio and improve customer experience.

Benefits of defi’s Platforms for Mobile Banking

defi SOLUTIONS has the tools you need to maximize your mobile banking business. defi CONNECT is a cloud-based mobile platform that is fully integrated with defi’s core originations, servicing, and dealer solutions:

defi CONNECT ORIGINATIONS

• Borrower-facing online solution
• Empowers borrowers to shop for financing during their online car shopping experience
• Customizable indirect or direct lending screen flows
• A fully brand-aligned lender user experience
• Mobile responsive design adapts to any borrower screen
• API-friendly architecture provides access to defi’s integration partner network

defi CONNECT SERVICING

• Borrower-facing online solution
• Online borrower self-serve account management functionality 24 x 7
• Mobile responsive design adapts to any borrower screen
• API-friendly architecture provides access to defi’s integration partner network

defI CONNECT DEALER

• Dealer-facing online solution
• Delivering dealer access to financial programs and rates 24 x 7
• Deal structure interface for credit application submission or deal restructuring
• Mobile-responsive design adapts to any dealer screen
• Security via SSO shared with existing dealer portals