More Consumers Prefer Mobile For Banking Needs: Study

by CXOtoday News Desk    Jul 13, 2017

Mobile banking

More consumers than ever before are turning to mobile for their financial interactions. Last year, total worldwide sessions in Finance apps have increased by over 36 percent compared to 2015, states a study the mobile app data and insights company App Annie.

Mobile devices are different from personal computers and the app experience should not be a mirror of the website. It pays off to adding unique engagements with the app and making financial transactions more convenient by leveraging aspects that are unique to mobile devices like touch enabled screen, always on, contextual information such as location, sensory inputs and near field communications (NFC), it said.

Additional services such as mobile payments, loyalty programs, personal budgeting, and investments are some of the possible features that can be added to deepen customer relationships should be done and it should be considered as to which features to bundle together or provide separately in standalone apps to create best-in-class app experiences, the study noted.

Here are the key highlights of the study:

·         Customer satisfaction is imperative to success. Banks must keep pace with the constant introduction of new technologies and growing consumer expectations to ensure a best-in-class app experience

·         Removing friction from financial services is key to earning loyalty

·         Make consumers the center of every decision. Our mobile devices are with us constantly, utilize this level of access to personalize your app and generate stickiness

·         Prioritize innovation to keep up with market disruptors — leverage the latest technology to keep pace with fast-moving fintech apps

The study highlighted that consumers compare banking apps to all of the other apps that they use, not just finance related ones. When it comes to the most desired features in retail banking apps, simplicity and overall user interface (UI) and user experience (UX) design were some of the consumer’s top priorities.