Mobile banking adoption rates continue to spike and to chase the continuity banks also are expanding transactional services for mobile banking to improve customer experience. As mobile banking is becoming the norm for financial organizations the next-generation banking applications (apps) are playing up the context. The goal of the organizations is to humanize the mobile banking experience and emulate the relationship between the customer and bank.
The growing use of mobile by young and tech-savvy people is making the hype of demands from the mobile channel. There is a lot of ground to be covered for more digitization in the mobile channels to serve customers a better impact. Following are some of the ways banks and financial organizations can follow to improve mobile banking today:
Providing better Customer experience: Mobile banking is going towards a completely paperless experience with self-service capabilities. Financial organizations have to adopt an approach to deploy into the mobile channel service. Technologies are helping the deployment by collaborating platforms, introducing optical character recognition (OCR) based automatic reading and filling of data, and remote digital signature capabilities.
Hyper-personalization: Customers should be able to choose and have control what they observe and what they choose to do in the mobile application. Banks should apply machine learning techniques to make target-based customers. The techniques aid banks to come up with options for customizing their mobile banking usage. Advanced technologies help banks to understand the lifestyle of each consumer and design pro-active product offerings. This will eventually lead to higher customer satisfaction.
Being beyond traditional: Financial organizations should think to provide end-to-end mobile-based service for any product or service. Banks should integrate with third-party service providers as car dealers, merchants, and insurance companies. This help consumers to view their institutions as holistic service providers instead of only financial services organizations.
Mobile-friendly approaches: Consumers expect to be offered a more simplified approach that saves their time. Organizations should focus on transforming paper-intensive complex processes. Also, they should drive for faster credit decision making, instant payment options, and integration with third-party vendor services to enrich mobile offerings.
Collaboration with fintech companies helps the banks to achieve the goal of making mobile banking more customized. To survive in the race financial organizations should aim to make banking easier for its consumers.