Together, with mobile and iOS 11, we’re making banking better.

As customers increasingly engage with paperless and on-demand interactions, they expect their financial providers to also offer the same services across all channels.

According to a study by Bain & Company, Mobile is the most likely channel to delight retail banking customers in the US, UK, Australia, China, South Korea and Japan. In fact, a 2015 SNL Financial survey showed that over 25 percent of customers who changed banks that year did so for a better mobile banking experience.

Source: AppAnnie

As more and more users turn to mobile for their financial interactions, it is vitally important for banks to plan ahead for the new technologies and design paradigms unveiled at Apple’s annual Worldwide Developer Conference (WWDC) this year.

These are a few of the strategies that we recommend:

Vision, Augmented Reality, and Machine Learning: Your money; faster, smarter, safer than ever.

Today, Mitek’s Mobile Cheque Deposit is being used by 5,600 banks, credit unions and brokerages to deposit cheques through mobile phones across the globe. Eighty million consumers love Mobile Deposit for its ease and convenience. This phenomenal growth is entirely due to the integration of banking infrastructure with phone capabilities permitted by camera access and wireless Internet. However, the apps we engage for these processes are finally reaching a stage where they can correct errors and guide humans in a much more personalized way.

With the new iOS 11, Apple has opened up its platform to integrate Vision, Augmented Reality and Machine Learning Kits, which have given rise to a much faster and seamless mobile banking experience. Some benefits:

  • Mobile Check Deposit: The user experience will be vastly improved with on-device validation for cheque deposits with Augmented Reality and Vision Kit augmentation of planar detection (think flat surfaces), light check (think flash and error for dark images), text detection (signature, etc.). The need to rely on the internet to validate information—for example, in cases when the mobile check image sent from a bank might be imperfect—becomes virtually eliminated, saving the user from the hassle of re-sending images, as well saving large amounts of those precious MBs.  Data costs users money.  Not only did transactions just get faster; they got cheaper too.


  • Inbuilt Barcode & QR detection: iOS 11 will automatically detect QR codes and provide appropriate CTAs when scanned with iOS camera. This is a giant step forward in terms of mobile banking efficiency.  It eliminates the need for users to download an app or to scan the QR code to a separate location. Banks can provide easy-to-use QR codes for businesses to accept payments directly, linking the app internally; the user can complete their transaction without manually inputting the information. The customer experience is improved by a speedier, less demanding transaction. 

Furthermore, inbuilt QR detection helps with new-user onboarding: imagine receiving a bank statement or initial-offer letter from a financial institute with a personalized QR code containing all your information. Upon scanning the QR code, it will deep link to the FI’s app and then segue immediately into the next steps in the app. It’s utterly innovative and friction free.

  • ML Kit - Machine Learning: Banking apps can become more intelligent using machine learning with Core ML - iOS framework to integrate machine learning models into their apps. Core ML will allow the apps to use on-device hardware resources to do intensive deep learning & data training tasks and provide better value to the users, while still ensuring the privacy of users’ data.

For example: machine learning can be leveraged for budgeting and understanding consumption patterns. Research shows that 70% of consumers check their account balance when making a bigger purchase. Using the power of machine learning, financial apps can now recognize when a customer is more likely to spend money—like when the rent, as well as major money is due.  Based on that knowledge, they can advise users to plan more discretionary purchases—air pods, furniture, Christmas presents—accordingly. The obvious advantage to consumers is budgeting assistance, as well as increased awareness of account balances, even when a customer is offline.

Thinking beyond apps

Mobile Apps are just one form of the banking experience that financial institutions can provide to their users—but that is far from where the story ends. It is critical that these companies think beyond the norm and look towards innovation for the mobile experience, whether it be engaging automatic assistance platforms or embracing whole new forms of communication.


Use of voice to buy a product or service, send money to friends or pay a bill is estimated to increase to 31% of US adults by 2021 according to this BI report. As of today, Siri can help users pay bills (“Siri pay the current balance on my rental bill”), as well as send and request money from friends (with apps like Venmo and Paypal).

With iOS 11, Siri will be able to help you stay on top of your account balances, as well help complete tasks like transfers, without even opening the app. Essentially, the user no longer has to open the app and navigate their way through a transfer of, say, $500, from their checking account to savings. Instead, Siri will allow the user to say “Transfer $500 from my checking to savings account within My Awesome Bank,” and all this can be securely verified and completed using fingerprint authentication. Literally, with the touch of a button.


Why integrate this?

Simple account access and management is the #1 most frequently praised feature by users (in current reviews across all top banking apps). Using Siri, we can now provide this functionality to users without even opening the app thus providing a much faster, cleaner and smoother approach to their most frequently used banking experience.  Advances in voice-powered operations provide users not only with advancement in these tools but a cleaner, faster, less demanding approach to their entire banking experience.

And this is just the beginning.  It is very likely that Siri will soon be able to handle commercial payments (we predict in next year). Also, with the advent of HomePod and Car Play, Siri’s capabilities are certainly going to extend beyond the iPhone.

Business Chat

This year, Apple introduced Business Chat for iMessage, which lets customers contact and interact with businesses directly in Messages, facilitating a simple and more accessible means of communication.

With Business Chat, customers will find message icons alongside the names of businesses in Siri, Safari, Spotlight, and Maps. They can click on these icons to initiate a personalized chat wherein they can ask questions, schedule appointments, and make purchases—all with built-in features—by connecting the user with business’s customer service platform.

For example, a bank could set up business chat that allows users to schedule an in-person appointment, purely through messaging them and thereby eliminating the need to go to their website or calling. It could also integrate their mortgage department into Business Chat for people looking to get more information about loans and thereby providing a much more personalized service via text message without bothering users through calling or emails. (Thing that Millennials love these days: text!)

Source: Apple

Why Plan for this?

Banking relies heavily on customer service. Having a personalized chat gives customers a chance to talk with the banker/customer service representative on-demand without even downloading the app. Realistically, not all customers are going to have mobile banking app installed. Business Chat acts as a much simpler on-demand method of communication with the user and adds a human touch to the experience. Business Chat can then prompt the user to download the app right from the chat window for a later use.


Many financial institutions fear a takeover by mobile banking and the subsequent extinction of the local branch.  We feel that these fears are unmerited. Mobile isn’t about less, it’s about expansion. As banks open up their customer data securely across platforms, these mobile experiences will be able to leverage the true USP of the platform and create better value for the end customer. Users might use ATMs for withdrawal, mobile app for transferring money, Chatbot for investment advice and retail branch loan applications or to open accounts. Eventually, banking will mature and become omnipresent — anytime anywhere and in the way we need it.

With iOS 11’s coming adoption this fall, now is the time to start considering what the future truly looks like.  Mobile isn’t everything, but it is a new beginning.  We want to help you innovate, plan, and implement solutions quickly, not just for the coming revolution, but for what comes after.  And after that.  And after that.  

You are here for your customers.  And we are here for you.