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4 Ways to Improve the Mobile Banking Experience

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Date & time Apr 13
Location
Spain
Creator jasonbeckham

Who's attending

jasonbeckham

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4 Ways to Improve the Mobile Banking Experience

Mobile banking is on the rise in Canada. According to the Canadian Bankers Association, the number of mobile banking transactions completed with the big six Android app Development Boston Canadian banks in 2017 reach 398 million, and 68 percent of Canadians claim they do most of their banking digitally using online and mobile banking. Furthermore, 32 percent of retail bank customers identified themselves as “digital-only” customers, opting to do their banking online or via mobile without visiting a branch.

 

The Canadian banking industry is taking steps to meet customer demand and adapt to changing consumer behaviour. Digital transformation programs, a greater focus on mobile, and investments in technology are on the rise. Yet, there is still a lot of work to be done to provide the kind of seamless mobile banking experiences that Canadian consumers want. According to the J.D. Power 2018 Canadian Retail Banking Satisfaction Study, Canadian banks have made significant progress toward digitization, but there is a growing digital divide within customers segments, which is affecting customer satisfaction and engagement.

 

In this article, we offer actionable advice on improving the mobile banking experience for your customers, whether your organization is still in the early stages of developing mobile products or is more advanced.

 

 

Mobile banking and digital services offer a great opportunity for banks to reduce operational costs, but they should always be designed with a consumer-first mindset. To ship products that put the customer first, you need to truly understand who your end users are.

 

On a general level, customers in Canada are more self-service-oriented than their American counterparts, meaning mobile and digital present tremendous opportunity to engage with customers while also reducing costs. Additionally, the Millennial demographic is far more likely to use mobile banking regularly, with 77 percent using mobile banking features like checking balances and making payments over the past three months. Despite this, banks aren’t doing a great job of leveraging mobile and digital platforms to engage with customers using their preferred channels. For example, banks still rely heavily on phone calls for proactive communication, while both digital-centric and branch-

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