The future of banking is “branchless.” The number of physical bank branches continues to decrease as more people do most of their banking online or look to other fintech organizations offering additional financial management services. To differentiate themselves, banks must elevate the customer experience to new heights.
So what do customers want from their bank? The answer is easy access to banking services and convenience—outside of the brick-and-mortar branch. In fact, 64 percent of customers prefer to do their banking via an app or online rather than visiting a physical branch, according to the Segmint 2017 Consumer Bank Marketing Report. Clearly, banks must provide a mobile customer experience, or risk becoming obsolete.
What does this new mobile customer experience look like and how can your bank provide it? Here’s what you need to consider in order to succeed in the era of “branchless” banking.
The bottom line: The new mobile customer experience
Providing a mobile banking app for your customers is a must, but a basic app isn’t enough. The new mobile customer experience must meet higher expectations and take convenience and security to the next level.
Speed: The whole point of mobile banking is to save time driving to and waiting in line at a physical branch. You don’t want to replicate this experience on the app. A strong and secure connection ensures customers’ data is safe, and they’re not waiting for pages or forms to load.
Access to more complex transactions: Checking account balances and transferring money is not enough. Customers want to be able to handle more intricate transactions via mobile, including mobile check deposit, online loan applications and setting up fraud alerts.
Real-time communications: A live chat feature allows bank employees to answer customer questions on demand, which takes the customer experience to a new level, while also eliminating the need to visit the branch.
Enhanced security: Leverage the smartphone camera to capture customer ID information. Populate forms automatically and error-free with this data while improving compliance and security.
24/7 access: Customers don’t want to be restricted by drive-through and lobby hours. The mobile customer deposits checks when it is convenient for them—any time day or night.
Personalization: You may think mobile banking removes the personal element. In reality, banks have an opportunity to get even more personal through mobile. Providing access to tools such as budget calculators, retirement planners and personalized offers based on customer CRM data make customers feel valued. This, in turn, increases trust. In addition, personalization enables banks to deliver more relevant promotional offers, which increases sales and engagement.
Right tools, robust mobile banking customer experienceBanks can’t provide the full depth of mobile support today’s customers demand without the right tools and technologies.
CRM integration: You can’t create a personalized customer experience if you don’t use all the customer data you have on hand. Is the customer in need of a loan? Could they benefit from budgeting advice? CRM data creates an accurate picture of your customers’ financial state. Use this information to offer the right products, services and assistance.
Reliable communications infrastructure: As previously mentioned, mobile customers want around-the-clock access. With a powerful, fast communications network, banks will be able to support their customers at all times. A slow system – or worse yet, one that experiences a lot of downtime – is a major turn-off.
Next-generation technology: Features such as live chat and the application of communications-enabled artificial intelligence will make your mobile banking experience stand out from the competition. To survive and thrive, banks will need to offer more than basic functionality. Expect to continually adapt and evolve as new technologies emerge and customer expectations change.
Successful banks recognize that the main branch is now located on the mobile device of each customer. Institutions that embrace this digital transformation have an opportunity to play a more meaningful role in customers’ lives.
With the right tools and communications technology, the mobile customer experience transforms banks into a trusted and reliable financial provider that helps clients reach their maximum potential.