Many banks have only scratched the surface of mobile’s potential. Most mobile banking offerings fall short of mobile banking’s full potential in simply offering a portable version of online banking accessible through a mobile device rather than leveraging mobile’s unique attributes. While most banks have developed a mobile banking offering that allows customer to access their account information, few banks have started to consider how to use mobile to support other activities such as marketing, account opening, application processing, and onboarding.
The right mobile strategy can enable banks to use mobility as a multi-faceted tool for driving business growth and creating competitive advantage. The goal should be to drive incremental revenue, drive product adoption, create cross-sales opportunities, create customer loyalty, lower the cost of customer acquisition, enhance brand visibility, reduce sales cycle time, enhance customer experience, identify new revenue streams, reduce costs and improve operational efficiency and increase employee productivity - not just roll-out "me-too" services. Your mobile solutions should be profit centers, not expenses!
Helps banks identify four stages (Initiate - Engage – Optimize - Transform) where they are at today in their Mobile journey and what’s needed to reach full customer centricity.
The most basic level – Initiate – is being able to deliver mobile services that work in coordination with the other channels and are on par with the competition.
The highest level – Transforming customers – requires using analytics to predict customer needs. Banks should proactively offer and develop services, based on those needs, along with empowering their staff to enhance the customer experience.
Account servicing, investment portfolio management, transactions, customer service, mobile marketing, etc.
Sales and marketing, collaboration and productivity applications, Bring Your Own Device ( BYOD) support, etc.
Mobile browsers are currently the most common and easiest to deploy. However, we are increasingly in an “app for that” world, and consumers love the features and functionality associated with applications. Because of this, many banks have taken a panicked approach to building a mobile banking presence. Instead of purposefully mapping out a strategy based on their customers, they jumped right into tactics such as applications and/or a mobile website. Already have a mobile strategy? We also work to evaluate and revamp banks’ mobile strategies for this ever-changing market.