Mobile banking takes over

By On3 Marketing In Mobile Development, Software Development February 1, 2015

Some would say that people are addicted to their smartphones. Mobile devices have completely changed daily life in countless ways. There is a need for instant gratification as a result of these modern conveniences. Being able to complete tasks in a simple way from a variety of locations has helped people to accomplish more in less time.

“Smartphones are continuing to make our lives more and more mobile,” wrote TMCnet contributor Alexandra Duggan. “Users want the convenience of all things they need at their fingertips. People want instant communication, instant gratification and instant service.”

One industry that’s taken particular note of this need is banking. Financial organizations have found incredible success by creating secure applications that assist their customers in convenient ways. Some banks have even started to introduce features that remove the need to write checks or take out funding.

Banks are not the only businesses that can benefit from mobile self-service. Any industry where customers may require frequent assistance can take advantage of smartphones and tablets in order to better serve the people who support them. But the only way to unlock new levels of customer engagement is through custom software development.

Mobile banking occurring in growing numbers
Managing one’s finances is a full-time job. It’s important to make sure that checks clear and deposits are showing up when they need to. Perhaps this is why mobile banking has taken off in such large numbers. According to a recent study performed by Carlisle & Gallagher Consulting Group, 55 percent of Americans use their mobile banking applications between two and three times a week.

C&G found that common banking needs were the biggest reasons that people accessed these applications. This kind of software allows people to effortlessly check their balances, transfer funds and even pay their bills – all tasks that would have once required a trip to the bank, which is not always easy for everyone to make. People are more empowered by banking programs, and as such they will use them more frequently than personal visits may have occurred in the past.

This kind of improvement in the user experience is what all good applications are supposed to be capable of. According to Gartner, those programs that don’t meet the expectations of clients and consumers are working against businesses of all kinds.

“Weak mobile customer service is harming customer engagement,” Gartner stated in a release. “No rallying principle in the enterprise matters more than the creation of superior customer engagement and IT leaders will need to innovate in engaging customers on all channels and have the metrics to choose the right projects.”

A significant simplification of a necessary task is what drives people to adopt new software. Should a business of any kind discover a way in which programming can assist its clients, pursuing custom software solutions will enable it to improve customer relationships.

Mobile customer service should be a priority
As people become used to instantaneous assistance from the companies they support, organizations that don’t prioritize mobile are likely to fall behind. This is especially true as more millennials begin to acquire buying power and start to drive the economy. This generation in particular responds well to mobile engagement, and its members will gravitate toward organizations that focus on this growing component of business.

“Millennials are the current and future consumer, and more importantly, the ones who now consider their phones the most important thing in their life,” Duggan wrote. “They will be spending $10 trillion in the course of their lifespan – so now is the time to get them hooked on one brand. Creating a strong and reliable relationship now will lead to lifetime of loyal customers.”

What Duggan describes is what banks are starting to discover. In fact, Duggan cites a study from Bank of America that found millennials view their smartphones as being of the same importance as their “toothbrush, deodorant and even their car.” The financial institutions that recognize the potential for millennial engagement are focusing on making their mobile applications as effective as possible.

Custom software solutions are a requirement
The only way to ensure that programs are working at their highest potential is to invest in custom mobile app development. Software has to address the specific needs of a particular organization’s customers. Additionally, consumers need to feel like they are connecting with a brand, not an app. Building something from scratch allows for the ultimate level of customization and helps to remind the user of the purpose in mind.

The banking industry in particular has seen how effective these solutions can be. Simple interfaces that offer a variety of necessary assistance can help to keep customers satisfied and prone to sticking with a single organization. Mobile customer service is rapidly working its way up to the status quo – the 55 percent of Americans that depend on smartphone-based banking are clear evidence of this. According to Duggan​, poor customer service is a common frustration for countless people. While this is a problem that’s been around for generations, in modern times it may mean that there is an absence of mobile customer support.

“Marketing can only go so far to sell consumers on a brand – it is up to customer service to hone in and close the disconnect between service providers and mobile device users,” Duggan stated. “This can be done by implementing the most effective way to interaction with a customer whether it is through an app, or a mobile responsive support portal.”

The best way to accomplish this is through custom software development. Whether this means that new IT staffers are brought in to assist with programming or the process is outsourced, businesses have to get serious about engaging their clients via a mobile platform. As more millennials begin to support companies all over the world, making sure that they are supported on smartphones and tablets will be the best way to secure their loyalty.

Leave a Reply

Your email address will not be published. Required fields are marked *