Digital and mobile technology is constantly evolving in such a rapid way that sometimes it is hard to keep up there is no doubt about that. This digital revolution has an impact on every aspect of our everyday lives and it is changing the business world in every sector and the banking industry is no exception to that.
Freedom of banking anytime, anywhere
The most significant change is in mobile and online banking. Mobility is a key factor for today’s customers and it plays an increasingly large role in retaining these customers and attracting the younger generation. Mobility means convenience and immediacy at the same time and as the mobile world is evolving customer expectations are changing. Banking should make mobile an experience rather than just a service as this will probably become the main channel for millennials and the coming generations. Today’s and tomorrow’s consumers are using their digital devices for nearly everything with the help of the newest apps. Why not improve banking apps or online banking then to meet the expectations of these customers?
Life is not a 9-5, Monday to Friday box. Everyone should have a simple, free, direct, easy, action-oriented and secure way to do banking anywhere and anytime they want 24/7. The key is to make it simple and fast yet secure to manage banking activities.
Few pointers of what today’s consumers want
- Banking where and when they want
- Personalized service: tailored specifically to their needs, based on what features or tools they use most
- Quick and easy problem solving: one-click tools instead of having to go through endless steps for paying someone or change personal account details.
- Simple, quick, yet reliable and strong security features: quicker login and authentication process with cutting edge technology, biometrics
- Having mobile wallet or online payment features like the biggest competitors in this area (Amazon, Apple, Google, Square or even PayPal)
- QR code functionality to pay in real-time for goods
- User-friendly mobile apps
- Better loyalty programs and lower fees
- Financial advice without having to go to a branch
Some of these expectations can be challenging for banks to meet but improvements need to be made in order to stay in the “game”. Making the right steps and decisions in this digital era can result in having better customer-loyalty and engagement which leads to increasing revenue and this can only be achieved if banks are meeting their customer expectations.
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