For financial institutions, digital customer experience has never been more important. As with many businesses, bank customers had no choice but to move the activities they usually took care of in a branch location to the digital realm. This has meant a huge influx of new users, users who not only lack experience with banking online but who are likely less digitally savvy across the board. In fact, in our analysis of mobile app reviews both before and after COVID-19, one of the biggest findings has been a huge increase in the use of the term “first time” - demonstrating that so many of those who are currently banking digitally are brand new to this technology.
Now is the time to improve your UX
On its face, this shift may seem like one bright spot in an otherwise challenging year. Afterall, aren’t these the same customers you’ve been trying to move online for years? Every customer you can help digitally is one less who needs the time of a live teller or customer service agent, right?
But are you sure that the experience that they are having with your bank is going to encourage them to remain a loyal customer or could they face challenges that will ultimately drive them to reconsider their banking options?
If user experience is subpar, you face the danger of losing customers you may have kept had COVID-19 never happened. On the flip side, you have the opportunity to convert an expensive, in-branch customer to a digital user who would have never been pushed to try digital before. Net-net, the consequences of bad mobile and online experiences have never been higher and good digital experiences have more upside than ever.
In a time when your customers need you most, how will you show up for them?
Where to start
Mobiquity recently published research that shows how some of the world’s largest banking mobile apps have weathered the COVID-19 storm. By analyzing thousands of customer reviews and ratings year over year from March through June, you can easily see how banking customers’ needs have evolved and use those insights to make meaningful enhancements to your mobile app.
Request your free Friction Report now to see how COVID-19 has impacted mobile apps in banking. After you review the report, let’s talk about your strategy for navigating these new waters during COVID-19 and beyond.
Not sure what a Friction Report is? Our VP of Strategy and Analytics explains:
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