Simply investing in digital isn’t enough for banks to respond to the fintech and payment innovation revolution.
If a mobile banking app lacks a fluid customer experience, new mobile features such as payments simply won’t matter.
Apps need to give customers confidence in ease of use, speed, aesthetics, credibility and user experience, as well as the ability to receive tailored communications through favored channels from their financial institution of choice.
According to a recent survey by FICO, nearly half of respondents don’t believe they receive personalized or relevant communications from their bank and 43% of millennials don’t receive communications via a preferred channel.
And while digital services are perceived as table stakes by most customers, legacy institutions need to listen to the needs of their consumers to capitalize on existing innovations and refine the customer experience to retain customer engagement and loyalty in the long run.
Usage of new P2P features, such as Zelle at Bank of America, was up by 130%, and mobile transactions are 24% of all transactions at the bank, showing banks can respond to
Mobile is undoubtedly the new norm for financial services, and institutions should be on the lookout for any way to make the experience better for their customers.
By understanding their customers' specific needs and working with them to unlock the full potential of a desirable customer experience, financial institutions can garner more success, a greater ROI and ultimately, start to effectively compete with digital disruptors and fintechs.
