While this will come as no surprise to all you customer relationship management and customer engagement experts out there, individuals who are happy with their services are increasingly more likely to continue to use them regularly. Whether that’s a cell phone provider who always delivers stellar voice quality, a call center that keeps on hold time at a minimum or a data center provider that can promise enhanced security, the more you make good on your promises as a provider, the more likely you are to retain customers.
None of this is perhaps more important than when it comes to mobile banking as individuals are already reticent about fully embracing this latest innovation – from security concerns to ease of use worries – so an enjoyable experience becomes paramount.
But, according to insight from Ernst & Young and the Wharton School of the University of Pennsylvania, less than half of bank customers using mobile banking solutions are satisfied with the services. But with the surge of smartphones and tablets in the consumer market – and with predictions that this ubiquity will drive the use of mobile banking over the next 10 years – perhaps this discrepancy deserves greater attention.
According to industry experts, in order to hone successful banking strategies, financial institutions ought to center upon the customer experience. This means not only providing an easy-to-use interface, but making tasks like account checks, money transfers, credit card payments and balancing seamless. Users should also be granted access via their desired channel without sacrificing data quality. Further, banks ought to be cognizant of the fact that it is essential to develop region-specific solutions that cater to evolving consumer demands.
"A diverse strategy including differential pricing, development of multiple mobile platforms and a focus on driving customers to cheaper service channels will put banks in the best position to succeed in the mobile banking space," said John Keller of Ernst & Young in a recent article.
Those financial institutions, banks and credit unions how have been waiting for the perfect time to fine-tune their mobile banking solutions better start now as this trend is on the move as roughly 20 percent of banking customers said they plan on using mobile banking by the end of 2012.
In fact, during the 12 months that ended in January, the Federal Reserve conducted a survey that found that 21 percent of U.S. consumers with mobile phones used the devices for mobile banking purposes.
“The use of mobile banking is poised to expand further over the next year, with usage possibly increasing to one out of three mobile users by 2013,” the Federal Reserve said in a release last week. “However, the survey indicates that many consumers remain skeptical of the benefit of mobile banking and the level of security associated with the technology.”
As part of the survey, 2,300 people were interviewed from Dec. 22 to Jan. 9 and results indicated that mobile banking is certainly on the rise, particularly among the younger age group. Forty-four percent of people who access financial services on their phone are between the ages of 18 and 29, the survey said.
Edited by Amanda Ciccatelli
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