In this three part series on ‘How to Differentiate with Mobile Banking’, we dissect the meaning of mobile today, discuss mobile banking specifically and then tie everything together as it relates to financial institutions and how they can succeed.
Part 1 focused on what mobile – generally speaking – means today.
The beauty of mobile is that it is truly an agnostic channel. From one small device, a consumer can power so many different aspects of their life. This type of omnipresent power had not existed before, and now it is commonplace.
For example, the diversity of applications spans:
Gym / Fitness
Travel / Transportation
Delivering user experiences that take advantage of this convenience factor will help companies win.
“Mobile-First” has general appeal among financial institutions, but there is still strong usage across online channels. It is rare to find a financial institution with more mobile banking enrolled users than online banking enrolled users. Of course, this will change over time, but that does not mean the online channel can be ignored.
The main benefit to online channels is depth in functionality. In other words, if a consumer needs to perform any deep level of financial analysis, online banking is the most efficient way to do this.
Ultimately a strong convenient and “omni-channel” presence will win. Consumers desire a banking experience that is as close as possible to known technology-first entities – Amazon, Netflix, Google, etc.. All of these companies have invested in robust online applications in additional to mobile.
Banking is no exception. Credit unions and banks who cannot deliver seamless, omni-channel experiences do not get sympathy from consumers. There are simply too many options available.
Millennials have become the buzzword of the financial institution industry and have pushed financial institutions to alter their product offerings and chase new features.
However, which generation does not value convenience, more affordable products and better design? The reality is most consumers – regardless of age – enjoy great technology. Learning curves and adaptability to change may differ, but overall, advancing a financial institution into the future has to be embraced.
In part two of this series, we will discuss mobile’s effects on mobile banking specifically and how the entire concept of a financial institution mobile application is changing.