Four things you need to know about mobile CX in financial services


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The Fed claims 53% of smartphone owners with a bank account use mobile banking, while a survey of lenders reveals that mobile payments are now in moderate or high demand by 63% of customers.

These numbers are only likely to increase over time, leaving financial institutions wondering: how do we adapt to and thrive in this new mobile-dominated environment?

Many are reacting by investing significant resources into their mobile offerings, realizing focusing investment in this way can result in lower long-term costs, increased revenue and improved overall engagement. In fact, 70% of financial services CIOs say they plan to increase investment in technology in 2017. For institutions with assets of more than $10 billion, 60% say they will spend more specifically on mobile technology. The below infographic highlights the mobile CX environment you are currently competing in.

But creating seamless and enriching mobile CX is easier said than done. With this in mind, here are four key mobile CX learnings:

1. Embrace mobile or get left behind
Growth in smart device usage is undeniable but why does this matter to you? Putting aside the obvious societal trend in this direction, customers who engage with you via this method are younger and wealthier. In fact, more than half of 18-24 year olds say they bank on a smartphone compared to 15% of 60-64 year olds, while tablet banking users have median household assets of $225,000 compared with overall median household assets nationally of $75,000. Mobile savvy individuals are also demanding, expecting continual innovation and maximal convenience. Overall, mobile represents a fantastic opportunity to stand out in a crowded, competitive marketplace.

However, very few organizations seem ready for this change in customer behavior. Only 51% of eBusiness professionals are in the ‘mobile-first’ stage of maturity, with a mere 17% believing they are ready to embrace this mobile CX transformation. Similarly, almost a quarter of financial services institutions’ CX strategies do not include mobile at all. But smart device usage will continue to increase, and any organizations which don’t adapt accordingly will begin to fall by the wayside.

2. Mobile is hard
Facilitating mobile-first experiences in financial services is difficult. Not only do your customers expect to be able to check account or insurance premium status, transfer funds and make payments, they understandably have significant concerns over the security of their data. While customers want technological innovation, they are also naturally suspicious of it – particularly when it directly relates to personal information concerning their finances.

So, for organizations operating in the financial services space, the cost of shifting to mobile-first experiences entails more than merely front-end development or app building. It requires a much more holistic, long-term approach that effectively allays these fears.

Regardless of your approach to mobile, your strategies should be at least partly informed by your customers. Provide them with the opportunity to inform you of their concerns and ideas for improvements so that you can make the adjustments that will positively impact their engagement.

3. Mobile is complex
Once you’ve accepted that investing in mobile is the way forward, a number of unique challenges present themselves. Mobile finance is an extremely complex world, with your customers likely to be accessing your digital experience from a wide range of devices, browsers, operating systems, screen sizes/resolutions and so on. In fact, at the time of writing from one website, there are currently 6,252 smartphone models and 1,429 tablet models available to buy in the U.S. Add 23 different operating systems (excluding different versions of each of these different Operating Systems) to those numbers.

How do you spot CX trends and gain a clear understanding when trying to replicate individual sessions when there is so much variety? At the very least, you need CX analysis that incorporates this information to ensure you target action in the right way.

4. Not all apps are created equal
Many financial institutions place significant focus on app development when trying to compete in the mobile marketplace. In an industry where customers tend to have long-term relationships with businesses and need instant access to up-to-date information, apps can clearly be hugely powerful engagement platforms. In fact, 85% of financial services business leaders believe apps will be the dominant interface of the future. But before you choose to navigate down this path, you need to be sure this is the most productive and effective use of your resources.

Putting aside the need to span the different platforms used, the reality is that most apps are only used by the most fervent followers of a brand. In financial services, there is a tendency to build too many apps – which can be confusing for customers, resulting in many not being fully utilized.

Despite these concerns, a significant proportion of your customers expect to be able to engage with you via your own app. The key to success is to ensure any app you create provides enough benefits to your customers to become an asset for your business. How can you establish the extent to which this is the case? Develop a clear understanding of exactly how your customers feel about your apps by empowering them to comment throughout their interactions with them.

Want to know more about how you can harness your VoC to deliver exceptional mobile CX? Check out our strategy guide “How a mobile mindset delivers superior omnichannel CX and demonstrable business results”.


Republished with author's permission from original post.


  1. One important element in mobile capability within the banking vertical, is ensuring that customers who enter the mobile channel and have an intention to conduct a interaction, be able to complete it within the mobile channel. no channel switching should be allowed!!


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