If you work in the financial industry, you probably already know that offering mobile banking can no longer be optional; instead, it’s now a necessity.
With over 80% of recent Business Insider survey respondents stating that they already use some form of mobile banking, prioritizing the mobile banking experience has become number one for the financial industry. With various factors contributing to creating a great mobile banking experience, which ones are most important to focus on? Below, we’ve described three of them for you.
Removing Friction from the Customer Journey
The Financial Brand’s recently released annual report revealed that the financial services leaders’ top prediction for a 2018 trend was that friction would be eliminated from the customer journey.
With 61% of survey respondents prioritizing this trend in the top three, an increase is evident from last year, when 54% stated the same.
Removing friction from the customer journey can be accomplished by ensuring the user experience is as smooth and clean as possible.
It’s easy for a customer to be persuaded to look elsewhere if the mobile solution you’re offering is anything but reliable, user-friendly and trustworthy.
Investing in Customer Journey Mapping
One of the best ways to improve upon your business’ practices is to learn from mistakes made in the past. And with customer journey mapping, this becomes easier for companies to determine. Financial institutions should start their customer journey mapping by listing all existing physical interaction and transaction types that are offered. Once established, this list can be used to confirm that similar offerings are made with your bank’s digital solutions.
Customer journey mapping will also help discover further areas that you can develop within your mobile app for meeting your customers’ needs.
Standing Out from Your Competitors
As a whole, the banking industry is moving quite slowly with keeping up with new banking trends. Plus, the majority of banks are failing to separate themselves from other financial institutions. One way of separating your financial industry from the rest of the pack is to find unique methods of specializing and creating value for customers. For example, have your financial institution be one of the first to embrace the recent emergence of voice analytics solutions. When used properly these systems can give company a significant competitive advantage.
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Whether you’re in the financial industry or not, having the right marketing in place is key to driving your business’ ROI.
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