Mobile banking has rapidly spread in the banking sector and has become an integral part of its operations. Apart from improving customer loyalty and advocacy, banks can greatly benefit from reducing operating costs. As per a research finding, about 72% of all banking customers use their bank’s mobile app. In keeping mobile banking performance up, innovations can identify the key areas of improvement.
Every day there are great strides made in adapting to customer behaviour and meet the ever-increasing demands of customers. Innovations such as artificial intelligence (AI), analytics, blockchain, big data, and machine learning are at the forefront of automating the processes. There is a lot of competition in the field, and the only way to stay relevant is by delivering an excellent human experience.
Here are a couple of ways of improving the human experience by delivering excellent mobile banking quality:
Customer Focus and Personalization
Personalization can help users have control of their financial positions even at the most basic level. Even though banks are looking to reduce their operational costs with mobile banking, their efforts should be customer-focused. Mobile banking benchmarking can help get a view of their present position and how to close the gap. Understanding what the customers want is a big part of this and fully understanding how to deliver it to different demographics.
Users love having control of what they see and what they can do in their mobile banking apps. Machine learning is a key component of this process, and its development in the banking sector has opened up a lot of doors for adaptability. Machine learning techniques can help banks target people based on demographics and give them their preferred options for customizing their mobile banking use.
Mobile banking should have increased use of analytics and data to determine how their customers interact with apps. Banks can use this information to optimize their services and deliver excellent mobile banking quality that will satisfy customers. This personalization can go beyond the look and services to include budgeting tools, appointment scheduling, and financial advisors for investment pointers.
Remove Pain Points in the Experience
The entire customer journey should be a smooth and easy experience. Any wrinkle or challenge along the customer’s journey in transacting with the bank can cast a dim light on the entire experience. From logging in to account information access and management, banks should streamline the whole process. Fingerprint login, quick navigation, easy transfers, and quick access to account information are paramount.
If allowances on your app allow users to perform actions that they would normally need to visit a branch location, this greatly improves the customer experience. That convenience you deliver to the customer will be integral in keeping them and your overall mobile banking performance. This reduces in-person visits at bank branches to only important ones, which helps reduce these banks’ operational costs.
The goal should be to develop an end-to-end experience without any hiccups from start to finish. This will help you stand out in the digital banking industry. A good model to examine is digital-only banks as they are successful in attracting customers with simple and transparent offerings. Simplicity is the key to reducing support calls for resolving issues. Cut down on the scrolling users and include search bars with natural language filters and commands.
Customer voice is the trump card…
The adaptation of mobile technology also means developing new challenges and obstacles to overcome in perfecting the process. Constant adaptation and keeping a tap on customer’s needs are the keys to keeping a close connection with customers. This is where customer reviews play a large role in cementing that relationship and keeping the customers happy.
Quality customer service is truly determined by anticipating the customer’s needs and giving them those services before they even request them. This calls for tools to help monitor trends, consumer requests, and actionable data on the industry so they can remain at the forefront of the pack. More than ever, with the increasing population in the space, users are looking for mobile banking apps that push the boundaries and deliver better mobile banking quality than others.
Swift customer service tools on banking apps make for their users’ pleasant experience and ensure their loyalty. Banks should conduct periodic assessments of their mobile apps by analyzing their customer’s views and reviews. The information sources for such assessment can be both internal systems of records such as CRM, Customer Service feedback tools, Chat bots and external sources like playstore reviews, google reviews etc. These sources of data have to be thoroughly analyzed to draw out interferences that can help you in improvising the quality of your mobile banking application.
Delivering a consistent and elevated human experience with great mobile quality is a continuous task. Innovations in technologies can do a much better job of keeping up with this process daily and delivering consistent mobile banking performance. A great analytic tool can push the boundaries and help apps key in on the important areas that need development and optimization.
Maveric’s DEEP (Digital Experience Enhancement Platform) solution closely evaluates customer experience quality and provides continuous improvement strategies that assure superior human experience (HX). It benchmarks your mobile application against industry peers and your toughest competition and advocates continuous improvement strategies.