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What does the latest news from Apple mean for digital banking?

The Apple iPhone 7 launch on Wednesday wasn’t perhaps as thrilling as past events, but it still managed to deliver news that could be relevant for digital banking. At Mapa, we are less interested in the new and updated devices and more intrigued by iOS 10 features like enhancements to Siri and the notification centre.

A waterproof phone with a better camera and battery life does have some of us pretty excited. Removing the headphone jack has some people concerned. But the big news for us is the iOS 10 updates. There are some key features of this update that will have an impact on banks and their digital executions.

Notification Centre

With push notifications being made more engaging, we expect to see banks offering more helpful ways to bank. Customers can now use force touch to see a list of actions they can perform straight from the notification, and these can deep link to relevant places within an app. For banks, this may mean providing ‘shortcuts’ to tasks, like transferring money when an account hits a certain limit, for example.

Photos, videos and GIFs, plus more information than previously, can be viewed beside notifications – meaning that banking customers can view more pre-login information within these ‘widgets’.

There are, however, some potential security concerns – as there won’t be any need to authenticate your identity before seeing previews of your balance, spending, etc.

apple-ios10-notificaitons

Image: TechCrunch

Enhanced Siri

There has been a whole spate of voice assistants introduced to mobile banking apps lately, and now this functionality will be built into the iPhone itself. There is an API to plug into it, reducing the need to develop independent software. This cost and time saving could be a huge boon to digital teams at banks.

This has implications for the accessibility of banking on the go, and could have some interesting ramifications for the so-called ‘pocket financial advisor’.

OS Update for Desktop

The next system update for desktop – Sierra, due on 20 September – will introduce Siri and Apple Pay to the Mac.

Of course, to make online purchases on desktop you will still require an iPhone or Apple Watch to authenticate your identity.

Apple Pay on Desktop
Image: Apple

As for updates to the Apple smartwatch, one interesting area is notifications: again, if they are (more) actionable from your watch (particularly security alerts) then this is another boost for customers who want to perform banking tasks quickly, reactively and seamlessly.

The Mapa Research Mobile Banking Dashboard highlights the quarterly changes made by banks within their mobile banking applications. Contact us for more information

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