Mobile banking apps have evolved beyond simply recreating online banking on a smaller screen, with financial institutions increasingly focusing on making everyday tasks faster and easier. Mobile banking balance tools such as Westpac New Zealand’s Cash Tank demonstrate how a specialized feature can address a common customer need: quickly checking available funds without navigating a full login process. For consumers who frequently use debit cards, immediate access to balance information can also help them make better spending decisions and potentially avoid overdrawing their accounts.
From an article that appears on NetBanker:
As mobile banking approaches its fourth birthday, we are starting to see the more interesting “version 2.0” builds from the major players. Last week, we looked at Commonwealth Bank’s Simple Balance, with its pull-down balance option.
Customers don’t want to spend more than a few seconds retrieving their balance when on the go, so the no-login option significantly improves the mobile banking user experience.
In response to that post, several readers pointed out the recently launched app from Westpac New Zealand unit. The app, Cash Tank, is an elegant solution to the same need. It’s a full standalone app that does just one thing, shows the balance in the selected account on a “fuel gauge.”
Users set their own high and low settings so the gauge could show empty when there is still a cash cushion remaining. And users have the option of showing the actual dollar amount available or simply relying on the gauge reading for more privacy. The Cash Tank can show the balance from just one account.
Apps like the Cash Tank balance display make sense because many customers prefer a quick and easy way to check their accounts without having to log on to their mobile accounts.
In some cases, customers just want a quick check to see whether their balances are getting low prior to a purchase that could cause their account to be overdrawn. Such dashboard apps can be particularly useful for customers who use debit cards for many of their day-to-day purchases.
The development of streamlined mobile banking balance tools reflects a broader shift toward designing digital banking experiences around specific customer needs. Consumers checking an account balance while shopping or preparing to make a purchase may not need access to every feature available through their bank’s mobile application. They simply want the information required to make an immediate decision.
Features such as Cash Tank address that need by reducing the number of steps between the customer and their account information. Allowing users to establish their own high and low balance thresholds can make the information even more useful, while the option to display a gauge rather than an exact dollar amount provides an additional degree of privacy.
These capabilities can be particularly valuable to consumers who rely heavily on debit cards for everyday spending. A quick glance at an account balance before completing a transaction could help a customer determine whether sufficient funds are available and reduce the likelihood of an overdraft.
For financial institutions, the lesson extends beyond balance inquiries. Mobile banking does not always have to provide more features to deliver greater value. Sometimes simplifying a common task can create a better customer experience than adding another layer of functionality. As banks continue refining their digital channels, mobile banking balance tools and other purpose-built features can complement full-service applications by giving customers faster access to the information they use most frequently.
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