《Mobiquity:2023年海湾国家数字银行功能雷达(英文版)(43页).pdf》由会员分享,可在线阅读,更多相关《Mobiquity:2023年海湾国家数字银行功能雷达(英文版)(43页).pdf(43页珍藏版)》请在三个皮匠报告上搜索。
1、1INTROADVICECONTACTFEATURESRADARFOREWORDGulf States MANAGE FINANCES CONNECT&IMPACT OPEN AN ACCOUNT MANAGE ACCOUNT INVEST MONEY SAVE MONEY PAY BILLS&PAY OTHER PEOPLEGET PAID GET FINANCINGMUSTSDELIGHTERSDIFFERENTIATORSDigital Banking Features Radar2INTROADVICECONTACTFEATURESRADARFOREWORDFOREWORDInspir
2、ation for digital banking application featuresWelcome to the first-ever regional edition of our Digital Banking Features Radar,specifically targeted at the Gulf States.After successful global editions covering retail and wealth management sectors,weve honed in on this dynamic and fast-changing regio
3、n to offer a unique lens through which to view digital banking.The Gulf region offers a unique mix of cultural,economic,and technological elements,and this report aims to present a nuanced view tailored to these specific factors.As we navigate the digital era,customer expectations are higher than ev
4、er,driven by rapid technological innovations and increasing interactions with big tech companies.This comes at a time when financial organizations are challenged with tightening budgets and economic volatility.Therefore,Gulf-based institutions have the dual challenge of optimizing expenditures while
5、 introducing features that resonate with local customers.Our research shows that,consistent with global trends,a majority of the standard features in Gulf retail banks align with industry norms.This leaves a distinctive segment for unique differentiation and innovation.While operational efficiency r
6、emains critical,there is also a significant opportunity to introduce features that particularly resonate with local audiencesAs you plan your digital transformation,consider a two-tiered strategy:first,build a strong foundation by incorporating essential features into a minimum viable product(MVP).A
7、fter that,allocate resources towards features that distinctly set your institution apart.This approach allows for risk-managed implementation and a sturdy base from which to expand.Use this Gulf-specific edition of our radar to gain insight into the must-have features,the elements that delight custo
8、mers,and most importantly,the differentiating aspects that could set you apart in the local banking landscape.Whether you are a traditional financial institution or a fintech startup,our radar is designed to guide you through a labyrinth of possibilities,helping you formulate a robust,customer-centr
9、ic digital strategy.This isnt merely about keeping up with global trends but rather about setting the pace in the vibrant financial ecosystem of the Gulf States.In conclusion,I hope this report serves as a useful tool,inspiring you to embrace transformative technology while keeping a keen focus on c
10、ustomer needs.By evolving and integrating unique features,youre not just participating in the digital banking landscapeyoure helping to shape it,offering experiences that are both personalized and delightful for your local customer base.Interested to learn more?Just reach out and connect,our consult
11、ants and creatives would be happy to guide you in this process.Peter-Jan van de Venn,VP Global Digital Banking,MobiquityTatiana Serikova,Digital Strategy Senior Consultant,MobiquityFabio Pereira,Digital Strategy Senior Consultant,MobiquityXiaohan Bao,Digital Strategy Analyst,MobiquityErgi Papaj,Digi
12、tal Strategy Analyst,MobiquityAUTHORS23INTROADVICECONTACTFEATURESRADARFOREWORDIntroduction4INTROADVICECONTACTFEATURESRADARFOREWORDINTRODUCTIONWhat is happening with banks and their brands Digital is destroying Bank BrandsFINANCIAL PRODUCTS ARE MOVING FROM PLACE TO SPACEBanking products must be able
13、to live in digital ecosystems.Either by adding a digital interface or creating fully integrated digital products and services.A competitive,multilayered environment demands new ways of marketing to constantly maximize the engagement they have with the captive audience of customers using their produc
14、ts.BANKS ARE FACED WITH AN EXPLOSION OF DIGITAL TOUCH POINTSHundreds of interactions make up the customers experience and real perception of a banks brand,instead of whats promised in marketing campaigns.Touch points are not all taking place in a linear journey,turning every single interaction into
15、a make-or-break moment.With some of them even disintermediated from the direct control of a bank,making a neutral rating the highest attainable.DIGITAL IS DRIVING BANKING EXPERIENCE RELATIVITY AT AN ENORMOUS RATEBorders between brands and brand categories are evaporating.Customers easily switch from
16、 streaming content to ordering food,changing their utility provider to buying new products.The same happens with banks,creating an open and level playing field where a brand might have the upper hand one moment,but in the next sees their experience being surpassed by competition they didnt even cons
17、ider before,like weve been seeing recently with Fintechs,Insurtechs,DeFi,etc.5INTROADVICECONTACTFEATURESRADARFOREWORDINTRODUCTIONWhat is happening with banks in the Gulf States RegionDigitalization meets traditional Islamic valuesThe Gulf States region(which includes Bahrain,Kuwait,Oman,Qatar,Saudi
18、Arabia and the United Arab Emirates),has a rich heritage and rapidly evolving digital landscape,and is witnessing a unique confluence of an extensive expat community,traditional Islamic values and modern digital banking.The retail banking applicationlandscape,therefore,reflects the complexity of the
19、 market,regulation and growth ambition,thus making a great case for our first regional mobile banking features report.Here are the key notable differences we have identified in the global digital banking features landscape:FOCUS ON CORE RETAIL BANKING PRODUCTSMajority of the apps on the market cover
20、 the main mobile banking functions like making transfers,viewing the balance and products,editing personal data,acquiring and managing a card.There is space for a wider use of convenience functions such as personalization andbehavioral mechanics.Also,while on a global level we see more and more prod
21、uctslike investmentsand insurance added to the typical retail offering,this in not really the case for the Gulf States region.Many of these functions are already picked up by specialized apps,raising a question if there is going to be demand for a more holistic omnichannel experience.SIGNIFICANT PRE
22、SENCE OF ISLAMIC FINANCEConcepts of Sharia-compliant finance and local traditions are often present as a foundation of how banks run their operations.The digital transformation in the region is not just about convenience,but also about ensuring that banking practices align with Islamicprinciples.Thi
23、s not only caters to thedevout Muslim population,but also appeals to a global audience seeking Islamic bankingsolutions.This means that features or products not overtly labelled or promoted as Islamic finance,may have gone through a thoughtful process of adjusting it to local traditions and requirem
24、ents.Conventional banking is also present in the region addressing,among other,needs of expats.This is why there is demand for transparency and clear labelling that allows customers to easily understand if a service is Shariah-compliant.VARYING CUSTOMER JOURNEYSCustomer experiences and journeys may
25、be influenced by a multitude of individual and contextual factors.These can include age,residence,citizenship,orfamily situation.These factors are not necessarilyreflected in app functionality but can influence the list of products available,application journeys and contract conditions.This of cours
26、e increases complexity for product teams that need to take potential variations of customer journeys into account.WIDE USE OF REWARDS AND LOYALTY PROGRAMSMany retail banks offer rewards programs,deals and promotions.The apps tend to reflect the mechanics selected by banks,having functionality helpin
27、g people understand their benefits and how they can use those.In essence,the Gulf States region is at a pivotal juncture where digital banking is not just about technological advancement but also about cultural diversity and tradition resonance.As banks in the region plan their innovation strategy,t
28、hey have anopportunity to offer services that are not only convenient but also deeply rooted in the regions rich heritage.6INTROADVICECONTACTFEATURESRADARFOREWORDINTRODUCTIONReport lenses1.FEATURESHere we are discussing features:functionality provided to customers.They are a crucial part of customer
29、 experience.To fully understand competitive position,analysis of the full product and branding is required.This report offers an overview of the global financial services application market.To keep the report focused,weve used the five lenses below.2.RETAIL BANKINGThe report focuses on retail bankin
30、g servicing private individuals.Features targeting business customers only are not included in the report.3.MOBILE APPLICATIONSFeatures represented here come from mobile applications.Therefore,our assessment of the feature frequency covers only its availability through mobile.4.GULF STATES VIEWWeve
31、included features from the Gulf States region.The frequency assessment in the report is also done from the Gulf States point of view,so availability of a feature on a specific geographical market may differ.5.CUSTOMER ANGLEWe chose to stay in the customers shoes and focus on functionality visible to
32、 them.Some of the features may require complex algorithms and solutions run in the background,still for the customer it is available with a tap on a button.7INTROADVICECONTACTFEATURESRADARFOREWORDINTRODUCTIONRadar dimensionsRINGS:FREQUENCYThe rings represent how frequent the functionality is on the
33、global market.The closer the ring is to the center-the more frequent the features are on the market.SECTORS:AREA OF CUSTOMER EXPERIENCEAreas of customer experience,covering the typical needs of banking users.In features that have more than one use,we tend to opt for the most relevant experience area
34、.For a better understanding of these features,we categorized them in three different types based on how frequent they are.The MUSTS are the most observed on the market and the DIFFERENTIATORS are the least common.MUSTSThe MUSTS features are easily observed in the majority of banks,and often work as
35、enablers for DELIGHTERS and DIFFERENTIATORS.This is what a customer expects to see while installing a retail banking app.They are readily available on the market.Not having these features in an app may lead to losing clients to competition,unless the app is highly specialized.DELIGHTERSDELIGHTERS ar
36、e features that are not resoundingly common on the market.They are not necessarily a must have and if a customer wants to have this feature,they still have a good choice between several providers.These features are also seen as innovative ideas that help customers to improve their banking app use be
37、yond the basics.DIFFERENTIATORSDIFFERENTIATORS are the least common on the market and are often exclusive to particular financial service providers.If a customer wants to have this feature,they cant just go to competition.All features collected for this report are distributed by dimensions:8INTROADV
38、ICECONTACTFEATURESRADARFOREWORD MANAGE FINANCES CONNECT&IMPACT OPEN AN ACCOUNT MANAGE ACCOUNT INVEST MONEY SAVE MONEY PAY BILLS&PAY OTHER PEOPLEGET PAID GET FINANCINGFEATURESFull RadarMUSTSDELIGHTERSDIFFERENTIATORSClick on one of the dots in the radar to view directly.OPEN ACCOUNTFeatures related to
39、 becoming the companys customer and opening an account.MANAGE ACCOUNTFeatures related to managing and updating the account.GET PAIDFunctionality covering receiving money and retrieving cash.PAY BILLS&PAY OTHER PEOPLEEnablers for purchasing products and services from different vendors and transferrin
40、g money to individuals.charitable activities.SAVE MONEY Functionality helping people to save money and manage their savings.MANAGE FINANCESCapabilities helping customers to understand and manage their finances better,preventing unnecessary losses.CONNECT&IMPACT Functionality allowing customers to fi
41、nd help,connect or engage in charitable activities.INVEST MONEY Features enabling users to invest their money or analyse their investments.GET FINANCINGFunctionality supporting credit products and credit processes.Radar sectors indicate what areas of customer experience the features address.9INTROAD
42、VICECONTACTFEATURESRADARFOREWORDOPEN AN ACCOUNTMANAGE ACCOUNT GET PAID PAY BILLS&PAY OTHER PEOPLECurrent accountsIn-app onboardingJuniorfinancialaccountAl Kanz accountShared or joint accountsFreezing and blockingManage notificationsDark modeChange PINIn-app searchBiometric loginFunction selectionHid
43、den balanceCheque depositCardless cash withdrawalCashback and rewardsEidiyaSocial mechanisms in rewards Geo alertsBill paymentPayment cardsCross-bank transfersThird-party paymentScan and pay billsSplit billsFEATURESOverviewCONNECT&IMPACT Contact the bankFind branch,ATM and queue online Chatbot or as
44、sistantPrayer timeDonations and ZakateGift cardShake and shareMANAGE FINANCESBasic reportingSpend analysisTravel benefitsActivity alertsInsuranceGET FINANCING Credit card management Online credit card applicationSalary transfer certificateShariah-compliant financingPre-approved/fast-track credit Ove
45、rdraftCredit score viewINVEST MONEYPortfolio viewGold accountParticipate in IPOsSAVE MONEYShariah-compliant depositsSavings goalsRounding auto savingsReimagined savingsSavings accountsTransfer between own accountsJamiyah community savingsHow to use:click on one of the dots to view the information di
46、rectly.MUSTSDELIGHTERSDIFFERENTIATORSChange contact dataLink all bank accountsBudgetingMutual fundsmanagementPay with a keyDealsVoice powered payments and voice bankingPay kids for choresPostshipper logistic servicesRounding for charityFind an ATM or branch10BACK TORADARINTROADVICECONTACTFEATURESRAD
47、ARFOREWORDFEATURESOpen an accountCurrent accountsAbility to see and manage current accounts is perceived as the core functionality of retail banking apps.This feature allows users to open a current account through the app and enableservices such as deposits,withdrawals,and bill payments.Depending on
48、 the market,users might also expect foreign currency accountfunctionalities and respective features allowing currency exchange.Often,current accounts are structured to comply with Islamic finance requirements.Here we have an illustration from Gulf Bank showing a simple overview ofcustomer products,i
49、ncluding accounts.MUSTSGulf Bank11BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDIn-app onboardingWhile some banks still require people to go to a branch to become a customer,digital onboarding becomes more and more widespread.A digital onboarding process typically involves filling in personal a
50、nd contact information,submitting an ID document and uploading a selfie.The process from clicking the register button to being able to use the account can take less than 10 minutes,to several days.The number of clicks required to complete the registration varies as well.Mashreq Neo is one of the com
51、panies offering digital onboarding,both in-appand on their website.Junior financial accountJunior financial accounts allow children to have and manage their own financing under an adults supervision.It contributes to financial management and education and helps children to develop good habits for ma
52、naging their finance in the future.Typically,junior accounts offer similar,but often limited,functionality to adult accounts and have the option to add supervision functions for guardians.For example,AbuDhabi Islamic BanksAmwalisupportsfunctionality like transfers,debit cards,saving goals,andplannin
53、g overview for kids.Parents create the account and retain control over it.AlKanz accountAl Kanz is a type of account that gives users a chance to participate in adraw to win money prizes.We see banks offering savings or investment accounts with Al Kanz functionality.The eligibility conditions vary f
54、rom bank to bank and can include minimal amount of funds on the account,time since opening,status of the client,etc.In ila Banks example an Al Kanzaccount is automatically openedfor all iIa Bank users.The user still needs to deposit any amount of money to enter the draw.FEATURESOpen an accountDELIGH
55、TERSMashreq NeoAbu Dhabi Islamic Bankila BankShared or joint accountsIn addition to a personal account,viewed and managed by a single person,users can also create a current account shared with other people.This feature allows users to open a bank account jointly with another person,for example a spo
56、use or family member.The accounts can support variousgoals like managinghousehold expenses or savings.Typically,both holders get access to the information about the account,but control over account functionalitiesmay differ.Abu Dhabi Commercial Bankallows multiple formatshere:Both users can use the
57、account without restrictions.Both users need to confirm the transaction/update for it to happen.For accounts with 4+users,at least 2 of the usersneed to confirm the transaction/update.Abu Dhabi Commercial Bank12BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESOpen an accountDIFFERENTIATORS
58、No feature was deemed as a DIFFERENTIATORS for this area of customer experience at the moment of the research.You can refer to MUSTS and DELIGHTERS to see what features can bring value to your customers and help your solution stand out.13BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESMan
59、age accountFreezing and blockingBeing able to freeze or block a card or account is seen as a major security feature for customers.Applications allow customers to do this on the go,whenever they feel their assets might be compromised.Typically banks offer functionality to block the card,followed by a
60、 card re-issue if the customer wants to continue using the account.Other banks allow the customer to temporarily freeze the account and unfreeze it later and request a new card if necessary.A small number of banks allow users to lock access to on-line banking.Xpence,for example,offers two connecting
61、 functions:freezing the card and reporting it stolen.MUSTSManage notificationsIn times when everyone is overwhelmed with the amount of push notifications,having an opportunity to decide in what cases your financial service provider can contact you is crucial.Sometimes this functionality is represent
62、ed by a single button turning off all possible notifications,in other cases the client is presented with a wider option selection.Some banks even allow customers to manage all their touchpoints with the organisation in the app,selecting what letters,e-mails,orSMS they wish to receive.ADIB bank enabl
63、e users to switch or turn on all push notifications at once.XpenceAbu Dhabi Islamic Bank14BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESManage accountChange contact dataCalling or visiting a bank to change ones phone number can be a daunting process that adds workload to the bank as wel
64、l.Currently some banks offer the possibility to change an address or phone number as well as other personal data required or requested within their banking app.Often a user can change their data in their app profile,as in NBK app.DELIGHTERSDark modeSome apps offer users an opportunity to select a pr
65、eferred design mode,often the choice is between standard or dark theme.For example,Saudi Awwal Bank offers a choice between light and dark themes,with the dark theme shown on the illustration.Change PINChanging PIN code on a credit card no longer implies going to a branch or finding an ATM.Some apps
66、 allow users to change their PIN code wherever they are.Link all bank accountsPeople often have accounts in multiple banks.This featureaims to provide a view of all accounts in one place.Currently banks all over the world are adopting open banking,and the Gulf States is no exception.For example,Jing
67、le Pay offers an overview of alllinked accounts from other banks.NBKSaudi Awwal BankEmirates NBDJingle PayIn-app searchIn-app search helps users to quickly find the information they need,contacts,or even other features.For feature-heavy apps this significantly improves the user experience.For exampl
68、e,in the ENBD app this feature is readily available in their self-service hub,so people can quickly find solutions to their requests without contacting a call centre or branch.Emirates NBDBiometric loginBiometric authentication is a cybersecurity login that uses a persons unique biological traits.Ra
69、ther than relying on passwords or PINs.Biometric authentication uses features like face,fingerprint,voice,and retina to authenticate users.Often it is a part of two-factor identification.One can find this feature inIthmaar Bank where users can log into their app usingtouch ID.Ithmaar Bank15BACK TORA
70、DARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESManage accountFunction selectionThis feature allows users to customize functions or services they want their cards or app to have.Users can select the features they most frequently useand add them to their home screen for quick access.For example,in
71、the Abu Dhabi Commercial Bank app users can turn offoptions such as cash withdrawal,contactless payments,online payments,use of mobile wallet and Ecommerce transactions for their credit cards.DIFFERENTIATORSAbu Dhabi Commercial BankHidden balanceThis is a security feature that hides the balance in t
72、he app by default,therefore,adding more safety in case the app is used in public places.This also implies,that the balance is shown to the user at request.Al-RajhiBank is one of the banks providing this feature to its customers.Al-Rajhi Bank16BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATUR
73、ESGet paidMUSTSFind an ATM or branchThis feature connects the digital and physical world,allowing clients to find the closest outlet where they can receive support or services not available in their bankingapp.Often the feature also shows additional information about ATMs and branches,for example th
74、eir working hours and available services,as you can see on the example from Al Rajhi Bank.Al Rajhi Bank17BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESGet paidDELIGHTERSCheque depositIn countries where cheques are still widely used,customers expect to be able to deposit them in their ba
75、nking account in a more seamless way.For that,banks provide this feature enabling customers to digitally deposit this traditional method of payment.The way it typically works is the app asks the user to select a destination account,enter the value and take a photo of the cheque.Sometimes users still
76、 need to submit the cheque to the branch,as you can see on the illustration from Commercial Bank of Kuwait.Also,if one needs a cheque book,it sometimes can be also requested in an app like inRiyad Bank or EmiratesNDB app.Cardless cash withdrawalCardless cash withdrawal is a convenient option for ban
77、k customers who may have forgotten their ATM card or prefer not to carry it around.This can be done with various technology:QR codes,in-app codes,or using other payment systems.RAKBANK allows the user to use and activate Samsung Pay to withdraw cash at ATMs in selected locations.The user can tap the
78、ir device on the NFC reader on the ATMs,enter their pin-code and withdraw cash.Cashback and rewardsMany banks reward their customers by paying them a percentage of money spent on certain products and services.Reward programs of different sorts are also widespread.In case the reward comes in a form o
79、f points,apps also offer functionality to view,track and redeem the points,which can be different from tracking cashback in the app.NBB customers can download the Points app giving them quick and easy access to the loyalty programme of the Bank.The app provides customers with opportunities to partic
80、ipate in regular donations,raffles,redeem their points to air miles and receive instant cashback on their credit or prepaid cards.EidiyaEidiya functionalityfollowsthe tradition of monetary gifts from adults to childrenduring the two Eids,transferring them into the digital world.While for many people
81、 Eidiyais very much about face-to-face gifting,sometimes there is a case for doing this digitally,e.g.,when people cannot be in the same place.There are different approaches to setting this feature.On the kids side,the app may offer to collect theirEidiyasby sending a link.Then the receiver decides
82、on the amount.Thawanioffers parents the ability to issue special cards to collect Eidiyas,making the process transparent.Muscat bank has the feature Eid Gift for those who are giving Eidiya:it sets up a group transfer with an option to put different amounts for different people.Commercial Bank of Ku
83、waitRAKBANKNBBRevolut18BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESGet paidDIFFERENTIATORSSocial mechanisms in rewardsThis feature incorporates gamification elements into the app use process to help users win prizes and to keep them engaged.Liv regularly hosts competitions based on ga
84、mification mechanisms,that awards points for customers that engage in daily activities,such as logging in orreferring friends to the service.The app shows daily records.liv.Mobile AppGeo alertsThis feature sends National Bank of Kuwait app users offers,discounts and promotions based on their locatio
85、n.Users can sign up or opt out.Of course,sharing your location with the app is required for this feature to work.The screenshot shows the setup form to enable the function.National Bank of Kuwait19BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESPay bills and pay other peopleMUSTSBill paym
86、entCustomers expect to be able to pay bills from their account.Often financial service providers allow customers to search for frequently used local service providers in the app or enter payment details manually.Contact book built from previous payments is also a common feature.Sometimes the payment
87、 system is centralized,as in the case of SADAD system in Saudi Arabia and Bahrain,that provides infrastructure to accept payments from customers.Access to SADAT is possible,for example,from Saudi Investment Bank app,where the user can select the bill they want to pay,enter the amount,and confirm pay
88、ment.Cross-bank transfersOne of the most basic functionalities,whether this is a traditional or neobank app,is the need for customers to be able to transfer money to the users of the same or different bank.Here is an illustration from National Bank of Oman with a transfer request form,that allows pe
89、ople to transfer money immediately or to select a future date for the transfer.Saudi Investment Bank National Bank of OmanPayment cardsCards are seen as an essential banking offering by many customers.They enable cash withdrawal,POS,internet payments and work as an irreplaceable financial tool for t
90、he user.Often cards are a part of the initial product package offered by the bank.This implies,the app is expected to show the initial card data,balance and available finances from the card asseen on the example from Mashreq app.As payment cards can be both Sharia-compliant or conventional,it should
91、 be clear for users what kind of product is offered.Mashreq20BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESPay bills and pay other peopleDELIGHTERSThird-party paymentAccess to Google and Apple Pay,as well as other payment options,depending on the region,is an attractive option for custo
92、mers.For example,Standard Chartered app allows users to connect their cards to Apple or Samsung Pay.Scan and pay billsTo simplify bill payment,some apps allow users to scan QR codes or bar codes,capture data and auto-fill it into the payment form if needed.This can be done with paper,on-line and eve
93、n in-store payments.In the case of Abu Dhabi Commercial Bank the merchant can show the customer a code,thecustomer then scans the code and authorises the payment.Split billsThis functionality allows users to revisit a transaction and share its costs with other people,whether evenly or by entering cu
94、stom amounts.People receive a pay request and can send money to the request issuer.Often people you are splitting the bill with,are not required to be customers of the same bank.Here we have an illustration from Liv with a payment request form that can be sent to a friend.Pay with a keyThis feature
95、simplifies transferring money to other people even further as the user does not need to know the other persons banking data,just a key is enough.Phone numbers,e-mails,credit card numbers or even a random unique indicator could work as a key.ADIB supports transferring money easily to friends using on
96、ly their mobile number,this can be used for splitting bills or other requests.Standard CharteredAbu Dhabi Commercial BankLivADIB Mobile AppDealsMany banks also show deals and offerings in their app or on their website.It can be promotional offers or some sort of discount offering.Some apps,like ila
97、Bank,offer deals ranging from restaurants and cafes,shopping,health,wellness,and entertainment.Offers are filtered by card type.Different card holders can enjoy different discounts and deals.ila Bank21BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESPay bills and pay other peopleDIFFERENTI
98、ATORSVoice powered payments and voice bankingTo achieve easy and fast payments,voice powered payment is introduced to allow users to make transactions using their voice rather than manuallyentering payment details or swiping a credit card.Mashreqhelp customers to transfer payments using Apples virtu
99、alassistant,Siri.First-time users register for voice banking services and confirm their registration.To transfer payments,users will simply need to tell Sirihow much they want to send,and to who and confirm using either their PINor touch identification.In this case transferscan only be sent to regis
100、tered contacts on the phone and the limits are low,AED 1 to AED 500.Pay kids for choresLiv provides a youth debit card for digital payments,whichallowsparents to set small tasks for their child with junior accounts and pay as these tasks are completed.Parents can register the card in their childs na
101、me on the app,set tasks and rewards their child,and get updates on their childs spending through the app.Children can set goals and start saving themselves.Both childrenand parents can track the progress of the savings while keeping an eye on the spending.Mashreq SnappLiv22BACK TORADARINTROADVICECON
102、TACTFEATURESRADARFOREWORDFEATURESSave moneyMUSTSSavings accountIn addition to current accounts,customers expect some form of a savingsaccount.This could be a conventional savings account,a fixed deposit,or a modernized version like a vault or fund.To highlight the advantages of saving,many financial
103、 institutions offer tools like savings calculators,allowing users to estimate the increase in their savings over time.In the illustration shown,QIB provides anoverview of a basic savings account.QIBTransfer between own accountsAnother basic function enabling savings is transferring between your own
104、accounts.A convenient way to reshuffle money between a users own accounts is essential to start savings or retrieve funds in case of unexpected expenses.Here is an illustration from Muscat Bank with transfer options.Muscat23BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESSave moneyDELIGHT
105、ERSShariah-compliant depositsThis type of deposit is structured in a way that is Shariah-compliant.They are oftenbased on the concepts of Wakala or Murabaha.In this case the client can expect that their deposits are used in a way which is compliant with Shariah and the contract is organizedin accord
106、ance with their beliefs.In case of a Murabaha deposit by Meem the client can apply for the deposit online.Theyspecify the period they want for their invest.Basedon that,the interest rateis determined.Savings goalsThis feature allows users to set savings goals and track their progress towards those g
107、oals.Users can set a target amount and a timeframe for reaching their goal,and the app will track their progress and provide notifications and reminders.This feature helps users stay motivated and focused on their savings goals.Here is an example from Amvali(ADIB)app setting a goal for achild accoun
108、t.Rounding auto savingsRounding allows the users to save with every purchase made using debit or credit card.A pre-set percentage or a rounded-up amount of each transaction value will be automatically transferred and saved to the savings account.A user can request this function via the app which is
109、shown in the example ofAlinma bank.MeemAbu Dhabi Islamic BankAlinma bankReimagined savingsTo make savings more attractive for users,apps sometimes reimagine them in a new,often more personalized format.For example,ilaBanklauncheddigitalHassalas,automating savings to reach savings goals faster.Hassal
110、arefers to a clay savings pot in Arabic.The user cancustomize theirHassalawith a name,description and icon,select thecurrency they would like to open aHassala in and automate their savingsgoalsby setting a goal amount,a date and the option to earn interest.ila Bank24BACK TORADARINTROADVICECONTACTFEA
111、TURESRADARFOREWORDFEATURESSave moneyDIFFERENTIATORSJamiyah community savingsJamiyah means gathering in Arabic.ilaBank introduced this feature to allow the user and agroup of their trusted friends and family to work together to create community-savings.ilaBank users can invite anyone to join their Ja
112、miyah.After accepting aJamiyah,each participant will pay a monthly contribution.Each month theamount is deducted from their BHDaccount based on the Jamiyah collection date.Whenitsyour turn,you willget theentire savings of that month.WarbaBank has a similar functionality with Jam3eya savings which is
113、 shown in the illustration.Warba bank25BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESInvest moneyMUSTSNo feature was deemed as a MUST for this area of customer experience at the moment of the research.You can refer to DELIGHTERS and DIFFERENTIATORS to see what features can bring value t
114、o your customers and help your solution stand out.26BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESInvest moneyDELIGHTERSPortfolio viewWhile many banks create separate applications for investment management,or foster clients to use the instruments from official stock exchanges,some compa
115、nies add aportfolio view functionality to retail banking apps so that users can see all information related to their finances on the same page.For example,Warba bank allows users to connect theirKuwait Clearing Company account to the app,so they canmonitor their investments and track their progress
116、towards their financial goals.Mutual funds managementSome players allow their clients to invest in mutual funds via a retail app and to monitor and manage their investments.In this case users can view,buy and sell mutual funds and track their performance,through reporting and via graphs.Clients also
117、 appreciate if the app indicated whether the investment is Shariah-compliant or not.Standard Chartered UAE offers this functionality,with more investment functions available through their Private Banking app.Gold accountPeople may consider opening a gold account to diversify investments and/orhedge
118、inflation.This functionality is sometimes available in retail banking apps.WarbaBankprovides an investment account that allows the user to tradegold.The user can easily open the account online,buy,sell,orderdelivery,and execute via the app.Gold bar details,history,serial numbers,and advanced stateme
119、nts are shown in the app.Participate in IPOsThis feature specifically focuses on the opportunities for upcoming company listings.They are sometimes offered by the receiving banks.The client get access to documentation and possibility to invest.Similar toMutual Fund investment,clients needto understa
120、nd if the investment is Shariah-compliant.For example,MbankUAEsupports users in acquiring detailed information on the latest supportedIPOs,allotment status,subscription figures,company financials,etc.Based onthat,they can decide if they are ready to apply for the initial listing.Warba bankSC Mobile
121、Banking(UAE)Warba BankMBank UAE27BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESInvest moneyDIFFERENTIATORSNo feature was deemed as a DIFFERENTIATORS for this area of customer experience at the moment of the research.You can refer to MUSTS and DELIGHTERS to see what features can bring va
122、lue to your customers and help your solution stand out.28BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESGet financingMUSTSCredit card managementCredit cards are an essential product offered by banks,and of course,clients expect credit card monitoring and management functions in retail ba
123、nking apps.Clients also appreciate if the bank indicates if the product is Shariah-compliant and what kind of contract is behind it.It is common to find in the app:Credit card information Credit card limit and progress towards it Ability to transfer money to and from the credit card Transaction hist
124、ory and pending transactions Payment due and due dateSometimes banks also allow clients to control the limit on the credit card over an app.On the illustration from Jordan Kuwait bank,one can see the card balance and limit with an option to get more information clicking on the card button.Jordan Kuw
125、ait Bank29BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESGet financingDELIGHTERSOnline credit card applicationThis feature allows clients to apply for a credit card online,saving time for both bank and the customer.Here is an example of the Saudi Investment Banks in-app credit card appli
126、cation.The client needs to fill in information about themselves,share their needs and preferences,accept conditions and submit the form.Credit cards offered in the region are often Shariah compliant and the client needs to understand the type of card at the application stage.Salary transfer certific
127、ateA salary transfer certificate is a document that confirms an employees monthly salary and the period of their employment.It is typically used by banks and other financial institutions as proof of income when an individual applies for a loan,credit card,or other financial products.While many banks
128、 provide a template for a letter,some make it possible to request the certificate from the employer via an app.Here is an example of a salary transfer certificate request fromWarba Bank app.Shariah-compliant financingThis type of financing is structured in a way that is Shariah-compliant.They areoft
129、enbased on the Murabaha or Ijaraconcepts.The products can also be more transparent to the clients compared tonon-compliant financing.Many Islamic banks provide this product to customers,but it is not necessarily fully digitized.Here is an example ofADIB financing structured using Murabaha,allowing a
130、pplication in the app.Pre-approved/fast-track creditThis feature allows customers to get a credit product through the app with minimal hassle.This works differently depending on the credit product type and might involve:Tools allowing customers to predict or even set the credit limit and/or credit c
131、onditions.Analysing customer cash flow and other available data in the background to determine their eligibility before the credit is even offered to customer.Streamlined approval process with an option to submit required documents online.Companies often show a personalized notification or ad to peo
132、ple who qualify for the pre-approved loan,as one can see in the Emirates NDB example.The Saudi Investment BankWarba BankAbu Dhabi Islamic BankEmirates NBD30BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESGet financingDELIGHTERSOverdraftThis is one of the most popular credit products to of
133、fer through the app.Some companies turn on overdraft automatically when the person doesnt have enough money on the account to cover a purchase.In this case the customer typically receives a message informing the overdraft product is in use.Often users are required to make several deposits or arrange
134、 paycheque transfers to the account in order to unlock the overdraft feature.The illustration is from Dubai Islamic Bank,that offers asalary in advance product,based onQard Hasan Islamic finance concept implying that the product is interest-free and is given out of goodwill.Dubai Islamic Bank31BACK
135、TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESGet financingDIFFERENTIATORSCredit score view Application of credit score and its transparency for clients varies from country to country.In Arab Emirates personal credit score is available in a form of areport throughAl Etihad Credit Bureau(AECB
136、),that has its own website and app.The bureau can even provide tips on how to improve your score.Similarly,in Saudi Arabia,one can use MOLIM website and app,provided bySIMAH(Saudi Credit Bureau).Liv app allows its users to see their credit score.This was done in a partnership with AECB to make the u
137、sers life a little bit more convenient.Liv32BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESManage financesBasic reportingOne of the core features in mobile banking is reporting.Customers expect access to the basic information like balance and latest transactions cumulatively,and for all
138、the separate accounts or cards they own.Customers may want to also export them these reports.Here is an example from Riyad bank showing the balance and latest transactions.MUSTSRiyad BankActivity alertsThis feature allows customers to get informed as soon as something happens.Typically,event-based n
139、otifications inform the customer on what happens,e.g.,there was login from a different device,transaction,password change or change in balance that brought it to a previously identified limit.If the activity is deemed as suspicious by the bank,the notification can also prompt the customer to confirm
140、 the action.Here is an example from the National Bank of Kuwait with a notification confirming that the notification service has been enabled.National Bank of Kuwait33BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESManage financesSpend analysisBanking apps go beyond just showing customers
141、 their transactions,but also analyzing them to provide insights about spending habits.Spend analysis can split all transactions into categories,for example highlighting merchants getting top spending.Some apps allow customers to scan receipts not covered by in-app payments and include those into the
142、 analysis as well,making it easier to see the full picture.Here is an illustration from Al Salam bank showing a quick overview and inviting a user to look into the details.DELIGHTERSBudgetingThis feature allows users to set and track a budget for their monthly expenses.Users can set budget limits fo
143、r different categories,such as groceries or entertainment,and monitor their progress throughout the month.Some apps may also offer automatic categorization of expenses and suggest budget limits based on past spending habits.Budgeting helps users stay on top of their expenses and avoid overspending.F
144、or example,Saudi Awwal Bank allows users to budget their expenses by category and track the progress in a clear overview.Travel benefitsThis feature aims to provide multiple specific services for convenient traveling and is often attached to credit cards or specific product packages.For example,ila
145、Bank app offers through its credit cards several benefits such as higher interest rates,lower charge and exchange rates for the user.Moreover,the user benefits from higher transaction limits while traveling.InsuranceWhile offering insurance in an app has been a visible cross-sell practice in our glo
146、bal banking features radar,that was not identified as a very common practice in the Gulf States region.This can be relatedto the challenges of creating Shariah-compliant insurance.At the time,some players do offer travel,property and sometimes health insurance through the app.In these cases,the offe
147、r of insurance is often included into the credit card package,but then it is not necessarily managed through an app.In the illustration is an example of mobile insurance from Liv against commonaccidents including drops,cracked screens or theft.The user cansubscribe in a paper-free way,through the Li
148、v app,and later manage claims there.Al Salam Bank BahrainSaudi Awwal Bankila BankLiv Bank34BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESManage financesDIFFERENTIATORSNo feature was deemed as a DIFFERENTIATORS for this area of customer experience at the moment of the research.You can re
149、fer to MUSTS and DELIGHTERS to see what features can bring value to your customers and help your solution stand out.35BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESConnect&impactContact the bankWhile a lot of things now can be resolved with a clear user experience design,some still need
150、 to be addressed via contact with a banking professional or at least a bot.This is why it is important to have a way to message,chat or arrange a call with the bank through the app.Companies may solve this differently,but possibility sending a message is the most common practice.Here is an example f
151、rom Qatar National Bank with a message usform.MUSTSQatar National Bank36BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESConnect&impactChatbot or assistantChatbots or virtual assistants are often used as a form of customer support or for simple requests and applications.They can handle sev
152、eral languages,answer questions about function and services,resolve simple requests and route unresolved questions.We also anticipate more attention to this feature due to the latest generative AI developments and therefore opportunities to scale the chatbots applications and improve their quality.F
153、or example,Liv employs Olivia,a chatbot that can handle questions about accounts,simple actions and spending.At the same time,as visible from the screenshot,it is possible to request human support team assistance.DELIGHTERSDonations and ZakatPeople would like to contribute to the greater good,suppor
154、t importantcauses,and make a positive impact in their communities and the world.Digital banks also provide a convenient and streamlined way for users tosupport causes they care about.They can also have functionalities specifically supporting Zakat,a practice of charity and almsgiving,which is an imp
155、ortant part of Muslim culture.After reaching certain level of income,a person is seen as obliged to pay Zakat amounting to 2,5%of total wealth.The calculation of Zakat can be quite complex,that is why sometimes banks offer Zakat calculators.What is also important to note is that not every donation c
156、ounts as a Zakat donation,so labelling respective organizations as Zakat-certified helps users to pick the right donation in accordance with their goals.Banks try to facilitate this and make sure the practice is done in accordance with the rules of Islam.For example,with ilaBank,the user can simply
157、select Payments,browse throughdifferent charities and causes to donate to,then tap on Donate tocharity.Muscat bank has a feature specifically for transferring Zakat,shown in thepicture.Banks also launch different donation projects forreligious festivals,such as Ramadan month.Liv BankMuscat bankFind
158、branch,ATM and queue onlineFor some services,people want to get help from the local branch.Online queuing service supports the user to plan visits to the banks branches in advance,reducing and potentially even eliminating waiting time altogether.The Ithmaar Bank app allows customers to view real-tim
159、e information on all branches,including how far away and how busy each branch is.The user can book appointments or log an issue via virtual etickets for the nearest or most convenient branch.The user will get a notification when their turn approaches.Besides this,the user can check directions to eac
160、h branch,as well as their specific opening times.Ithmaar Bank37BACK TORADARINTROADVICECONTACTFEATURESRADARFOREWORDFEATURESConnect&impactDELIGHTERSPrayer timeSome digital banks provide convenient services indicatingprayertime,Athkarandweather information.When prioritizing and implementing this featur
161、e it is important to remember that many people in the region already use specialized apps with rich functionality to support religious practices.Dukhan Banksupports the user with accurate prayer timingsbased on their location,as well as the direction of the Qibla.The user can also check the weather
162、forecast and get up-to-date weather information.Dukhan MobileeGift cardeGift cards are a flexible and popular way to send and receive gifts electronically,and they are sometimes offered by banks as part of deals,loyaltyor partnership schemes.ila Bank provides a range of local and international brand
163、ed digital gift cards.It can be purchased straight from the ila Bank app or easily gifted to friends and family members.The user simply pays for the eGift card from their default account and can forward to the gift card via email by tapping on Share with a friend.ila Bank38BACK TORADARINTROADVICECON
164、TACTFEATURESRADARFOREWORDFEATURESConnect&impactShake and ShareWarba Bank offer their customers to report any issue or suggest a new feature in the application through the Shake and Share service.The user can shake their phone andreport their issue or idea immediately.DIFFERENTIATORSWarbaBankRounding
165、 for charityThis feature,offered by Alinma Bank,allows users to transfer their change from local internet shopping or point of sales purchases to charity.This is done via their Instant savings program.Instead of selecting their own savings account,the usercan select any charity available in the appa
166、s a beneficiary.Alinma bankPostshipperlogistic servicesThis feature provides mail forwarding services and post-shipping to the user.WarbaBankusers can obtain UK and USA local shipping addresses to enable international purchases and shipments to local addresses in Kuwait.The usercan also receive free
167、 clear images of their items,combine allitems in one delivery or change service provider to lower shipping cost.WarbaBank39INTROADVICECONTACTFEATURESRADARFOREWORDAdvice40INTROADVICECONTACTFEATURESRADARFOREWORDADVICEThe key pillars for a successful digital solutionIn the end it is not about what othe
168、rs do,but what will take your organization to the next level.At Mobiquity we believe there are three pillars underpinning digital solution success:CUSTOMER EXPERIENCE STRATEGYTruly successful digital products are rooted in human behavior,emotions and needs.The way one uncovers these truth about clie
169、nts and organizes innovation around them is reflected in this strategy.DIGITAL PRODUCTS&SERVICESThis is how a great idea of a new product becomes reality through relentless invention,testing and customer verification.Product building evolves with the product itself,keeping investments under control
170、and focusing on the value the solution brings to customers and businesses itself.DIGITAL BRANDING&MARKETINGGreat products need to be matched with great data-driven marketing.This is about finding the right positioning for the product,the right message and experience to translate and the right means
171、to reach the potential customers.Looking at that dynamically is essential to make sure the product gets the right exposure at the right moment.41INTROADVICECONTACTFEATURESRADARFOREWORDADVICEFor each pillar there is a set of key questions to considerWhile all these features may look impressive and us
172、eful,they are not necessarily fitting every portfolio.Credit score analysis might work better for credit-focused players than an investment auto-pilot feature.Here are some questions to consider while choosing the next feature for your solution:CUSTOMER EXPERIENCE STRATEGY What are the needs of the
173、specific customer segment you are targeting?What is your competitive situation and how will this feature allow you to get an edge?How does this feature fit your overall strategy and values?How does this feature fit the current and target app functionality?What KPIs will be used to measure success?DI
174、GITAL PRODUCT&SERVICES What is the feature feasibility and how does it fit the current product roadmap?How does this feature affect development of future functionality?E.g.,is it an enabler or a blocker for future features?Does continuous product discovery confirm the features viability and desirabi
175、lity?Are peoples data safe and secure?DIGITAL BRANDING&MARKETING How does this feature fit your branding?What digital touchpoints does this feature affect?What needs to happen to leverage this feature in your experience marketing?Is the feature experience building trust?Can this feature enhance the
176、experience through cross sell?As the solution evolves and reinvents itself,the list of value-adding features may change.Thats why it is important to constantly review the product roadmap and ideas you have in a backlog.42INTROADVICECONTACTFEATURESRADARFOREWORDADVICEAll pillars are part of our approa
177、ch for building successful digital solutionsAt Mobiquity we have built many successful mobile banking applications for our clients by combining the key pillars customer experience,digital products&services,and digital branding&marketing.We have developed our proven Digital Traction Model(DTM)to driv
178、e innovation when building digital solutions for our clients.The Digital Traction Model clearly defines the process from ideation to a fully scalable solution and is focused on creating human centric solutions,by continuously validating human desirability,technical feasibility and business viability
179、.Our approach starts with truly understanding user and business needs,performing market research and combining these insights to execute the first ideation sessions on how solution should look like(IGNITION).The outcomes of this process are subsequently validated with users to have clear insight in
180、the level of desirability of the features.Next step is to prioritize based on the dimensions of technical feasibility and viability,to make sure the proposed features can be realized and at the same time also serve a solid business case(PROBLEM FIT).Based on agreed priorities,a first Minimum Viable
181、Product is built and validated again with a selected set of users(SOLUTION FIT).The feedback of this validation process is incorporated in a final version that is released to the market(MARKET FIT).This process is continuously repeated to optimize for scaling and at the same time releasing new featu
182、res(SCALE).Consistently following this proven approach ensures running an efficient process and only build solutions that have real value for the end users.43INTROADVICECONTACTFEATURESRADARFOREWORDCONTACTLets discuss how to bring the best features into your banks digital journeyPeter-Jan van de Venn
183、,VP Global Digital Banking,Mobiquity+31 6 4328 4093 and Permissions The material in this work is copyrighted.With the exception of fair use for journalistic or scientific purposes,no part of this report may be reprinted or reproduced in any form or by any means without the prior written permission o
184、f Mobiquity.In all journalistic or scientific purposes Mobiquity must be indicated as reference.Mobiquity encourages dissemination of its work and will normally grant permission promptly.Legal Disclaimer The material in this document has been prepared with the aim of providing information and is for
185、 illustrative purposes only and is not meant to be legally binding.Mobiquity accepts no liability whatsoever in contract,tort or otherwise for any loss or damage caused by or arising directly or indirectly in connection with any use or reliance on the contents of this document.The content displayed in this Radar is our opinion.The brands mentioned in the Radar are not necessarily our clients.If you feel we have used information in an unfair manner,please let us know.Paul Arkenbout,VP Business Development APAC,Mobiquity+31 6 4310 6062