Mobile banking is a convenience that has become increasingly popular in recent years. Customers now expect to be able to access their bank account and manage their money from almost any location — not just at a branch or office, but from home, work, on the road, and even from remote locations such as ski lifts or hiking trails.
We’re all aware that customers are becoming more and more demanding in this fast-paced digital economy, which is putting a chokehold on the companies offering the service of mobile banking. Customers want things faster, cheaper, easier, and preferably with a single click. It’s critical for businesses to listen carefully to their customers and tailor services accordingly. With this article, we’ll explore why investing in mobile banking is so important today, as well as how you can optimize it for your customers.
Mobile Banking Service in the Post-covid Period
The banking industry has been trending toward more digitalization, remote banking services, and a focus on the client experience on digital platforms for quite some time now. However, the 2020 COVID-19 pandemic and subsequent social distancing procedures significantly sped up this transition. When traditional banking alternatives, such as bank offices and ATMs, were less readily accessible, customers turned increasingly to mobile and internet banking. It’s been more than two years since the first breakouts, and in that time, both banks and the people they serve have had to shift their focus.
Financial institutions need to prioritize the mobile experience and provide superior digital services to remain competitive. By making strategic investments in IT, financial institutions (FIs) may create fully digital processes, giving their banking clients access to the full suite of financial services and allowing them to execute all their transactions and activities inside the confines of the FI’s banking app. This service will enable them to guarantee each transaction has sufficient security without adding unnecessary steps or complications.
For quite some time, marketers have been trying to determine how to best ensure their customers are happy. When customers are satisfied with a product or service, they have a positive emotional reaction to it and are more likely to return. Satisfaction is crucial to retaining consumers and is one of the most important factors in fostering brand loyalty.
Improving Service Quality and Usage
A financial institution looking to improve the service quality and usability of its mobile banking app should implement the following:
Develop Seamless Banking Services
Financial institutions need to ensure their mobile banking app provides a seamless banking experience for their customers. Notable with the rise of fintech which markets itself as “convenience providers,” this strategy has recently gained attention. With the tagline “click here, get a mortgage,” a Mortgage company advertises a simple and fast online mortgage application process. To win over customers, competitors must provide a solution that makes purchasing online as easy as possible.
Offering Easy Access to Customer Support
Top financial institutions prioritize providing online account management in mobile banking to meet consumers’ demands but virtually always fail to provide sufficient mobile customer service. Customers who are forced to leave an app in order to read the Frequently Asked Questions or submit a support request are very likely to give up on the app altogether or, even worse, go elsewhere for service. That’s why the best smartphone banking applications should make it easy to contact support staff with just one tap.
Implement User-Friendly Navigation
Successful mobile banking applications often have one thing in common: a simplified interface that allows users to save time and effort. There are several ways to do this. One such method that some financial institutions have implemented includes introducing a virtual assistant that can be used to complete transactions using voice instructions.
Enhance Finance Management
One advanced feature that can enhance the mobile banking experience is a built-in financial analyzer that can generate simple charts and graphs showing how various financial variables, such as earnings, expenditures, and investments, are performing. Consolidating personal and commercial banking into one app may also appeal to small business owners.
Adapt Products Based on User Input
Mobile money service providers may gain from the everyday accumulation of client personal data. One such way is to provide customized alerts and reminders according to user information. If a customer’s account balance drops below a specific level, or if their withdrawal amount surpasses a certain amount, etc., a bank may notify them through email or text message.
However, these features shouldn’t be implemented without reasonable consideration to avoid potential conflicts of interest. For instance, it may or may not make sense for a bank to send a reminder to a customer who is holding an expired bond issued by the bank. In light of this, financial institutions need to consider what kind of alerts and reminders they want to provide their customers.
Making targeted suggestions for financial products like refinancing, debt consolidation loans, and other mobile money services is another approach to using consumer data. Even while entrepreneurs have introduced many intriguing ideas in the financial sector, very few of them provide complete solutions. As a result, banks now have the opportunity to provide consumers with a robust solution that allows them to solve and manage their financial demands without resorting to third-party applications.
Customer loyalty is earned gradually, and a simple, useful app is a great way to start. Any financial institution serious about developing a successful mobile app should prioritize the factors for customer satisfaction, including providing a seamless banking experience and responsive customer service. Increasing customer satisfaction is as easy as implementing innovative features like alerts and notifications, financial analyzers, and individualized support. Any bank that wants to lead the pack in customer satisfaction must begin by putting the demands of its users at the forefront of the development of its app.