Modern Banking Experiences Go Beyond Mobile
May 30, 2024
By: Tyler Brown
Data and Customer Experience
The difference between the number of consumers who use the online vs. mobile channel to manage their bank account(s) is stark, according to a study by the American Bankers Association. Twenty-five percentage points more consumers used mobile than online, and that difference rose to 46 percentage points for both millennials and Gen Zers.
The 46-point gap should remind bankers how crucial mobile banking is to attract, retain, and engage consumers aged 18 and 43 — a cohort that gets more earning power every day. A retail bank can’t afford to do without a mobile app that manages basic financial products like checking accounts and credit cards. Beyond that, more sophisticated functionality is important as younger consumers’ finances grow more complex.
Banks need a channel strategy that anticipates these consumers’ behaviors, expectations, and needs over time and in any context. The dominance of mobile highlights three initial investment priorities:
Two priorities go beyond the bank’s app:
As we wrote last week, consumer demand gives banks a strong incentive to invest in the customer experience. Mobile is just part of it. Banks naturally should offer an app and take advantage of smartphone features, but a truly modern approach goes beyond that. Serving customers well in the long run depends on the real-time integration of services across a bank’s products, including customer data held in different siloes.
A bank’s goal should be to have holistic customer data in real time to support responsive, relevant experiences. Few tech stacks are well-equipped to overcome data siloes, and putting off that problem means falling behind. Gradual migration is a likely solution, but it’s a very long journey that takes strong commitment from the board and senior management.
Phone: +1-480-744-2240 • Contact Us
