During the first wave of mobile banking many major banks delivered functional, albeit relatively simple mobile apps and captured their customers early enough to earn an enviable front screen position on their phones.
But with steps by the Internet giants to enter the mobile banking fray, the rise of a new breed of digital-only operators and tech businesses launching their own mobile payment platforms, banks now find themselves in a crowded marketplace. And in the world of Mobile Money, complacency is a dangerous mindset.
In order to capitalise on the loyalty they already enjoy and see off the competition snapping at their heels, it’s imperative that banks now evolve their mobile offers in line with customer expectation. And what they expect right now, is greater value and an improved experience.
In the era of next generation mobile banking, there are five steps banks can take to drive greater engagement with their apps, retain and grow their customer base and increase revenue.
1. Optimise the user experience – make it useful, visually appealing and easy to use and contextual; delivering the right information at the right time, in the right format. Above all, think ‘human first’ and design for the unique way consumers use their mobile devices.
2. Provide a richer, more rewarding experience – deliver connected banking, shopping and lifestyle services to retain customers within the app and encourage them to use it more often.
3. Leverage partnerships – introduce new services quickly and efficiently by working with Mobile Money specialists who can offer strategic insight, accelerate technical innovation with plug-in products and functionality and provide access to offers and services via their own networks.
4. Segment audiences – build stronger relationships with customers by providing services relevant to the needs of specific groups, e.g. small businesses, students and migrant workers.
5. Continuously improve – never sit still. Update, maintain and improve the mobile experience regularly and efficiently to secure customer satisfaction. Watch the market and listen to customer feedback to stay on top of consumer demand.
Importantly, in an era of collaborative development, subscription services and a global Mobile Money ecosystem, introducing new innovation is no longer a costly and resource-intensive challenge. Find out more about achieving the five steps to better mobile engagement with our latest guide on the subject.