A Guide to In-App Feedback for Banks & Financial Institutions

a-guide-to-in-app-feedback-for-banks-financial-institutions

Financial institutions and banks across the globe have shown a record growth in their investments in developing their own mobile applications. The industry alone has 30% more applications than other industries. This showcases that the financial institutions have made going digital as one of their priorities in today’s day and age.

The primary reason for this major shift can be attributed to the convenience provided by mobile applications to the customers like access to services, self-servicing, etc., which ultimately elevates the brand value. Applications have helped financial institutions and banks in simplifying all the processes, whether offline or online, with the help of a single application that can be accessed by the users from anywhere and anytime.

This has brought forth the need for customer feedback software for banks, as the influx in the sheer number of mobile applications has raised the bar for competition in the industry. Customer Feedback Software for financial institutions help the organizations in continually optimizing their mobile apps to stay ahead of their competition and provide the customers with the best in-app services. Therefore, the in-app feedback feature in these software plays a very important role. In this guide, we will run you through the various aspects of feedback and must-have features of in-app feedback software for banks. Let us dive in.

Also Read: Best Customer Experience Strategies for Banks to Improve CX

Most Relevant Reasons for Collecting In-App User Feedback for Financial Institutions

Getting a holistic overview of what the customer wants out of your app is the main purpose of collecting feedback. The main purpose here is to gain valuable insights into what can elevate the quality of the app, so that the user experience is enhanced, and the users are optimally satisfied. But this is only the surface level information of why collecting in-app feedback is necessary for financial institutions. Let us look at the most relevant reasons:

1. Prioritizing Mobile Product Roadmap

One of the most important components of creating an app is to prepare a roadmap for it for updating features and introducing new ones down the line. This reason plays into the big picture and helps charting out a plan about what new features to release, what not to release, which existing features to get rid of or update, and much more.

Deciding which feature stays, which features to introduce, etc., is heavily reliant on the in-app feedback provided by the users. Hence, it is imperative for you to build a feedback button on every page of your application so that the users are easily able to access the feedback surveys or forms, and provide holistic feedback about their in-app experience.

Analyzing the feedback, financial institutions can properly identify what their users’ demands are, and which part of the app they are not satisfied with. This analysis helps banks and financial institutions in determining which features of the application to improve or optimize, which ones to get rid of completely, and what new features can be introduced to accommodate for the demand of the users.

2. Offering a Smooth Onboarding Process for New Users

A recent study showed that over 90% of the users only use an app once and then never again because it was difficult to use. Onboarding process for the users is the first step towards offering a seamless user experience to the new users, and it is imperative that it is as easy to understand as possible.

Designers create compact and easy to follow through onboarding processes for this purpose, so that the new users do not face any issues while starting to use the app. For instance, there are many times when a user must go back to filling their personal information again while setting up the app when they accidentally miss out on filling one mandatory information. You can use automated entries and OTPs to ensure that this problem does not happen. But identifying if your onboarding process is as smooth as you want it to be for the users is only possible through in-app feedback.

In-app feedback software for financial institutions can conveniently take care of this for your app, as it provides the users with the ability to provide real-time feedback to the organization, which can help you in avoiding any users abandoning the app. The software offers multiple ways to the users to provide feedback, whether it is live surveys after onboarding, FAQs, asking simple questions to the users during onboarding, etc.

Also Read: How Feedback Tools Can Streamline Online Banking Experience

How to Collect In-App Feedback?

Collecting feedback from the users differs a lot from collecting in-app feedback from the users. Properly making this distinction is where many financial institutions fail, and often face the results of their app not working for the users. In mobile applications, there is no way to track the mouse movement, and judge if someone is about to leave your app. Hence, there are three technical ways you can use to collect in-app feedback from the users:

  • Web Views: You can pack a mobile browser within an app called web views, which offers the users the option to provide feedback within the app. Add a web-based survey or feedback form that opens within the app for the users to fill while using the app.
  • SDK: Software Development Kit or SDK is a downloadable package for the customer feedback software for financial institutions. An SDK is built into your native app from the feedback software, which seamlessly integrates itself and lets the users provide feedback directly in the app.
  • API: Application Programming Interface or API is basically an entire set of tools, protocols, and definitions used while building a native app. Using an API, you build the feedback form or survey into the app, which collects the data and sends it to the customer feedback software that you are using to capture the in-app feedback from the users.

Conclusion

Now that you have a proper idea of how to build in-app feedback features in your native app, all you need to do is invest in a in-app feedback software for banks like piHappiness to successfully capture user feedback within the app.