Beating Apple Card at the user experience game

This is part two of a two-part series. To read the first blog click here.

The Apple Card is almost here. As anticipation grows, Apple has announced an internal beta testing program, and its U.S. retail workers weren’t the only ones lifting the lid on their experiences of the credit card.

Business Insider has recently put together a detailed report on the app screens, features and functionalities. We know the mobile app will use a sophisticated code to assign date, merchant name and location to every purchase – but more importantly, it will visualize these to create an engaging user experience. One example of this is the virtual card on top of the app that changes color depending on the cardholder’s spending habits.

There is no comparison between Apple’s proposed user experience and some of the current banking apps out there, so when the Apple Card goes live, it could blow many other banking apps out of the water. But that doesn’t mean financial institutions can’t compete.

Take control of feel-good shopping experiences

Rewarding shopping experiences create positive banking outcomes – this cannot be underestimated. A customer-centric shopping experience shouldn’t just be about banking. Most banking apps today cannot properly address the early stages of the buying process – not even the Apple Card. Stunning visuals aside, there are two key areas where banks and credit unions can beat Apple at the user experience game.

  1. Fuel consumer curiosity with dynamic rewards

Although the Apple Card will offer innovative instant cashbacks for Apple store, ApplePay and physical purchases, cashbacks alone are not enough to make a card consumers’ top choice.

A dynamic loyalty platform that can learn from user behavior and preferences and suggest further – not just Apple-related – offers and promotions would widen the popularity of any app. In a dynamic setting, coupled with AI tools, the loyalty engine could ensure customers receive frequent and relevant offers, full visibility into all available retail opportunities and an all-round interactive experience. It gives consumers the thrill of bargain hunting without the need to cut out coupons, sign up for newsletters or physically check every store in a shopping precinct. With the myGini app, users get relevant push notifications of personalized offers so they know exactly how, where and when to get the best deals.

myGini partners with retailers to make it simple for financial institutions to offer cardholders unique and exciting rewards on all myGini-powered mobile banking apps. You can read more about rewards and offers management here.

  1. POS lending without a fuss

Short-term credit provision at the point of sale is rapidly taking off – and what says ‘ultimate customer-friendly company’ more than helping your customers effortlessly spread the cost of a purchase through their existing banking app? Fortunately, neither Apple nor banks need worry much about rolling out these functionalities by themselves – third-party fintech providers can already provide these on a white-label basis and with flexible configurations.

Outsourcing to fintechs is a viable option to gain a fresh perspective into customer needs, without the need to rip and replace existing systems. Simply put, offering frictionless payment installments will be a huge differentiator for banks going forward – even against Apple.

Don’t push the panic button – push forward!

Personalized mobile apps are the natural progression for customer-centric banks – Apple has figured this out and it isn’t even a bank! To catch up fast, fintechs will be traditional banks’ best friend. They can help banks set up their own mobile presence, support the creative process of continuously improving the user experience and bear the IT burden that comes with innovation.

With the right mobile solution, banks and credit unions won’t have to play catch-up with the Apple Card. If you’re interested in learning more, send an email to gini@mygini.com and let’s start the conversation today!