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Mobile Trends Banks Should Know About

Mar. 03, 2014


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Banking in the age of mobile demands an “always-on” approach. The idea is quite simple. As more people grow permanently connected to the Internet, their computing needs and expectations change. While consumers still go to brick-and-mortar branches, they will insist on a secure mobile banking experience and comprehensive financial management tools. In short, they want banks to be always available whenever and wherever they they need you. Is your bank ready? It should be. That’s the only way to stay competitive and remain sensitive to your customers’ shifting needs.

Here are some mobile trends banks should deal with now.

Enhanced Mobile Experience

Location-based mobile ads company xAD and call measurement provider Telmetrics collaborated on a study conducted by Nielsen this year. The report, called Mobile Path to Purchase: Understanding Mobile’s Role in the Consumer’s Path to Purchase Specific Industries, revealed remarkable insights into consumer behavior and mobile usage.

Here are some of the results specifically found on the Banking and Finance category:

  • over 50 percent of smartphone and tablet users (including a smartphone panel of 6,000 Apple and Android users) did not use a personal computer in their buying decisions
  • mobile web is slightly more effective in terms of reach
  • users prefer to use the web for financial-related news while apps are much more effective in term of engagement and time spent
  • users rated “mobile optimization” as the most important feature when it comes to mobile sites and apps
  • tablet users are more satisfied with their experience because of the larger screens
  • tablet users are often frustrated with mobile sites and apps that are not mobile-friendly and don’t have enough information

All of these prove that a significant percentage of consumers are either “mobile-only” or “mobile first.” They either use mobile sites and apps exclusively for their financial activities or prefer to use mobile devices for convenience.

If you want to fully understand the implications of such results, start by listening to your customers. Do they feel secure when logging into your web portal? Do they feel frustrated when interacting with your content online? Mobile optimization is more than just building a responsive website that fits on tablet and smartphone screens. It’s about satisfying the expectations of mobile users—from readable screens to intuitive page layouts.

Personalized Customer Management

Mobile users tend to expect a lot from their devices. They expect, for instance, to access any content seamlessly through their tablets and smartphones. They want things done faster, right now if possible. They only have to tap once to check the weather, tap a few buttons to reserve a ticket. You get the idea.

Melissa Parrish of Forrester Research briefly covered the issue on Forrester Blogs. This mobile mind shift, she said, has resulted in “sophisticated, more demanding customers.”

Because mobile users have high expectations, banks, in particular, should focus on serving customers faster—on delivering a personalized, convenient and “value for money” banking experience. Mobile help and support should be available at all times. Content should be highly targeted based on user’s profile and device.

Comprehensive Mobile Plan

Mobile isn’t a passing fad. Mobile is here to stay. That’s why banks should be thinking long-term instead of implementing short-term tactical campaigns. Going mobile, after all, is about creating an improved experience customers would appreciate. It isn’t just about advertising or selling or marketing. This myopic vision would only cripple a bank’s overall plan to build profitable and meaningful relationships with consumers.

Is your bank website ready for mobile users? It should be if you want to stay relevant. Here are 10 Secrets of Top Banking Websites to get started with.

Download: 10 Secrets of Top Banking Websites


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