According to Business Insider, 83% of recent survey respondents already using some form of mobile banking app. This is what market saturation looks like, and it’s a significant milestone for the finance industry.
Mobile banking is mainstream
Widespread adoption of mobile banking tells us two things:
The public has reached a tipping point of feeling safe conducting personal and professional financial transactions via their mobile devices. This trust is hard-won and has taken some time, as people are (rightly) very cautious about who and what they trust with their finances.
If mobile banking is mainstream, the opportunities for both financial institutions and digital merchants of all kinds are wide open; the future is bright for further adoption of next-generation digital transactions, such as voice-assisted payments.
How to build a successful mobile banking strategy
If you’re in the financial industry, digital/mobile banking is no longer optional; it’s priority #1. As adoption of mobile banking reaches market saturation, the winners in mobile banking will outcompete in three key areas: customer experience, security, and innovation.
Put your digital customers first
Wells Fargo saw 5.9 million digital customer interactions in 2017 while physical interactions continued to fall. It’s clear from the numbers that banks need to prioritize their digital customer experience as this trend continues.
Investing in a clean, smooth user experience based on customer insights and accessibility best practices will help you offer customers a mobile solution that is easy to use, reliable, and reassuring.
Forrester recommends basing this user experience strategy around a clear understanding of customer journeys, visualizing and understanding how your customers move through various touchpoints and interactions with your product.
Customer journey mapping helps identify key friction points for your users, which, especially when money is involved, can erode trust and satisfaction in your relationships with your customers.
For financial institutions in particular, we recommend first mapping out all existing physical interaction and transaction types your bank offers. Then use that map to verify feature parity with your digital solutions and identify further areas your mobile app can serve customers.
Look, feel, and actually be safe
Maintaining up-to-date best practices in encryption and data protection are table stakes in the finance industry, but sooner or later, somebody is going to drop the ball, making their customers’ information and funds vulnerable. Don’t call it pessimism—call it realism. Just make sure it isn’t you.
This goes for you whether you’re a multinational investment bank or a retail company taking payments through your app. If you mishandle sensitive information, your customers will leave you for a safer option.
Be prepared to handle voice-assisted transactions
Today, mobile banking customers demand card controls and peer-to-peer transfers from their banks. Tomorrow it will be fluid payment integrations with home voice assistants. The winners in mobile banking will be working to anticipate the future needs of their digital users and be ready to deliver on them first and best.
If your company plays any role in the financial services industry, mobile solutions for your customers are more important than ever. At WillowTree, we’re keeping our eyes on developments and opportunities in the fintech industry. If you’ve got any questions, we’d love to talk.