Today’s consumers demand immediate results – regardless of the service they’re using. We want what we want, and we want it now. That’s why mobile devices have become an integral part of most people’s lives in North America.
As of January 2017, nearly 95 percent of all Americans had access to mobile devices. Users are downloading applications of all types to increase productivity, streamline work processes, track activities, listen to music and more. According to Statista, more than 149.3 billion mobile application downloads were available in 2016.
Banking is one industry where it’s clear that mobile devices and apps have been a game-changer. Not only do these new technologies reduce and simplify traditionally paper-based processes, and enable deeper customer engagement, they are streamlining the jobs of banking employees and resulting in greater profit margins.
Let’s take a look at some of the key benefits.
Mobile banking = increased efficiency and lower costs
With applications that allow customers to make deposits, track purchase history and even message bank representatives from their mobile device, the need to physically visit a bank for routine needs is significantly reduced. In a 2015 survey by the Federal Reserve Board, nearly 43 percent of all mobile device users with a bank account had used a mobile banking application in the 12 months prior to the survey.
So what does this mean for the banks? When customers can get the answers they’re looking for, or self-solve routine tasks, banks and their employees gain back time and costs. Employees can better focus their efforts on assisting customers to open new accounts or other more pressing needs, and the organization can save money on filling employee seats to handle the run-of-the-mill tasks.
Gain a deeper understanding of your customers’ needs
As banks adopt the same technologies that their customers use, they’ll gain a true window into what their customers need. With nearly half of all bank-account-holding mobile users accessing their financial information via mobile applications, it’s imperative that these apps have intuitive interfaces and the functionality that users demand. How better to ensure that the apps meet customer needs than to test them via mobile devices inside bank workplaces? Equipping your employees with the technology your customers are familiar with will in turn enable better customer experiences.
“Going mobile” isn’t going away
It’s clear that mobile devices and applications are increasing in popularity, and they aren’t going away anytime soon. In fact, it’s becoming more relevant as time passes. Moving beyond traditional banking applications, which have been widely adopted among consumers since the mid 2000’s, device manufacturers are now capitalizing on the popularity. Partnerships with these device manufacturers and financial organizations are being made to create mobile payment options such as Apple Pay, which helps simplify the payment process for the end user and for banks. Competitive banks are certainly taking advantage of it.
If you want to learn more about the benefits of adding mobile devices to your banking organization, join us for our upcoming webinar on December 7: “How Apple helps banks reinvent the customer experience and provide greater mobility to the workforce.”