What is everyone doing on his mobile? In one word, messaging! Use of messaging mobile applications has exploded, overpassing on mid 2015 even the use of social networks. Messaging mobile app users are estimated to 1,7Bn for 2017sending more than 180Bn messages per year. Furthermore, retail banking customers spend 58% their time in messaging interfaces during their mobile daily time (2.7h), which double the spend on TV. That is the reason why we are now witnessing the twist to conversational UI, which is the interface where all interactions are happening as someone inputs and receives back information.
Meanwhile, along with the well-worn rise of smartphones, network enhancements and technology advancements, mobile banking application usage has moved from informative to transactional and users actually complete money transfers. P2P transactions have grown and more and more financial institutions exploit social transactions, enhance their services and train users for upcoming services.
Keyboard transactions is the new trend that makes P2P transactions in all messaging and social interfaces possible. Banks can now be present where its customers spend time, on all social networks including Facebook’s Messenger, WhatsApp, Twitter, WeChat, Telegram etc. and put their logo on the lower left corner of a very expensive real estate, the messaging app screen! Everyday banking becomes easier and more efficient than ever before as the bank is capable of combing the conversational UI convenience and bank's security within users' preferred messaging applications.
Once the user updates his mobile banking application that has been enabled with keyboard transactions, he can access his bank's payments keyboard from any messaging application and any other application that uses keyboard. So, while typing, the user can switch, as usual, to the payments keyboard, authenticate himself as bank customer if needed, select contact, input amount and send money. Depending on the recipient, the transfer happens instantly or, in case of different bank, generate a payment url to input details and proceed with the transfer.
The keyboard actually acts as an extension of the mobile application. Interaction with the keyboard happens either directly towards the bank or via the mobile banking application, utilizing the bank’s existing payment infrastructure. Hence, no changes are required and the payment process is done and controlled completely by the bank.