Today, the main interaction between clients and the world is through a mobile phone, a trend with big implications for traditional banking.
Years of investment in digital transformation and a push to create mobile applications are bearing fruit in the banking sector.
In the US for example, 48% of retail bank customers prefer to deposit checks through their mobile phones, according to a recent study from JD Power.
This highlights how mobile banking has become a critical requirement - especially in recent months where financial institutions’ apps have become a primary communication channels.
And it shows why it is so important to develop a great app that offers the main features that clients want: ease of use, speed, and accessibility.
The sharp rise in smartphone usage on a worldwide level in recent years underscores why it is so important for banks to finesse their mobile channel offering. In Latin America, for example, mobile usage is over 70%, according to a report by Mastercard.
New technologies have made it possible for people to download an app to carry out their financial operations. So, to increase the use of your institution’s app, it is important that this digital channel be as smooth as possible, frictionless and unlimited, to create true client-to-mobile synergy.
How is this achieved? Here are some aspects to keep in mind.
“Mobile” thinking holds the user as its working axis, which is why it should be present in all phases of development. Perfecting the user experience is not a “plus” that is added onto the end of building an app: it should be an integral and omnipresent step in the entire creation process.
In fact, the first step in designing the app is to think about the customer’s needs, tracking their digital journeys as far as account management, payments, savings, and expenses go.
Once you have an in-depth plan to cover user needs, you can examine the necessary tools to be included in the app.
During recent months, communications between banks and their customers have been full of friction, with call centers overloaded.
Now more than ever, chatbots developers say these tools can step in as a communication channel for banking since they operate according to text patterns and send automatic responses and solutions accordingly.
These virtual assistants offer a better user experience when they don’t rely solely on offering generalized information, but also use transactional data - something that, it should be noted, has been difficult to achieve successfully to date.
Among the general advantages for the customer are that they offer a swifter channel of dialogue for simple queries, and that they are available 24 hours a day. For banks, beyond providing faster attention, chatbots also work with frequently-requested information.
It is worth noting that the use of AI and conversational user interfaces in banking have grown in demand during recent months. In fact, a recent survey by Gartner found that, by the end of 2020, around 80% of new business apps would employ chatbots. The trend is clear.
Push notifications open the door to self-service and smart financial management on behalf of the customer; while, for the bank, they can offer an opportunities generate new revenue through carefully-timed offers and transaction notifications.
As you can see, ‘mobile’ thinking is not about simply launching an app to maintain market share, but rather it requires deeper, more personalized planning to adapt to new customer service trends. It’s a field that is still in a process of maturing, and surely with lots of changes ahead.
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