Mobile Innovations to Ensure the Best Online Banking Experience

January 9, 2019

For financial services institutions, mobile banking apps are basic table stakes in the battle for customers. As customers become even more dependent on their cell phones and tablets – and adopt voice-driven devices like Alexa or Google Home – forward-looking, innovative banks are re-imagining ways to deliver a complete, powerful and integrated omnichannel banking experience, from the ground up.

The need to focus mobile development solidly around the banking customer experience has never been greater. IT development costs are rising. With limited time and resources, so how do you guarantee your financial business is innovating in the right areas? It’s a question we get asked a lot, so we created a white paper to help answer it: “5 Essential Components of Building a Great Mobile Customer Experience — How to Think Beyond Just the Mobile App.”

The insights in the white paper will help you to focus mobile app development around the customer and automate processes to create a truly engaging and powerful experience.

Why the Mobile Customer Experience Matters to Banks and Financial Services Institutions

The way consumers interact with banks and financial services, especially via mobile apps, is changing. According to a 2018 survey from FIS Global:

  • All generations (except for Baby Boomers and older) choose to interact with their bank primarily using mobile apps versus their PC, or using a branch or ATM.
  • More than 40% of consumers say they use a banking mobile app more often than they did a year prior.
  • Mobile is now a more popular way to access banking products than traditional online methods.
  • Almost six in 10 consumers will use third-party financial services if they don’t get the right services from an existing provider.

The Two Principles to Building a Great Banking Customer Experience

Your customers want two things from your app and your business — speed and simplicity. That means every part of your mobile strategy and development process should answer these two questions:

  • How do we speed up customer and banking interactions from start to finish?
  • How do we make it simpler and easier to do financial business with us?

This isn’t restricted to mobile devices either. The growth of multichannel means you don’t need to be restricted to specific devices. Expand beyond the cellphone or tablet and deliver great experiences through the agent or broker channel, or even in a bank branch.

How do you do that? Glad you asked.

Areas of Focus for a Better Banking and Mobile Experience

It’s important to make signing up and using your banking and financial products as simple, fast and engaging as possible. We recommend focusing on these core areas in banking and financial services:

  1. Make the financial service onboarding process simple and easy by replacing paper and PDF forms with adaptive interviews, pre-filled with customer information from your core system or even with third-party information pulled in from sources like LexisNexis.
  2. Enable customers to stop and then restart a process when they need to across any device, whether online or offline. Enable the customer to transition between channels and devices seamlessly.
  3. Use big data, analytics and consumer intelligence to optimize the customer journey, removing roadblocks or points of friction, and then delivering offers unique to that particular customer.

Our white paper covers several of these areas, in addition to introducing features that provide further substantial benefits to your financial customers.

Develop Your Banking App Once, and Use It Across All Channels

One of the biggest cost drivers in IT development is the need to build apps and products for multiple platforms like web, Android and iOS. The solution is to create a multiplatform banking solution that works anywhere, across all devices. Platform-agnostic development can build applications once and that software will adapt and respond based on the device or platform the customer is using.

Connect Banking Data to Core Systems

Access to real-time financial data, interoperability and personalized information and communications are central to a good customer interaction. A truly integrated banking experience application means an app must be able to reach back into the organization’s core systems, enabling customers and staff to confirm already-known data rather than entering it multiple times. When your app integrates these systems together, it creates a powerful, connected, compelling customer experience.

You can also use this data and other customer information to support your Know Your Customer and Anti Money Laundering compliance processes and reduce NIGO rejections.

There are many more insights in our Mobile Customer Experience white paper, all focused on building integrated mobile apps focused on the customer experience, online banking best practices and engaging with your users. Download it to learn more.

 

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