Customers are demanding more from banks than ever before. Digital banking has been on the rise for over 10 years, and COVID-19 has accelerated this even more, with a reported 200% increase in new mobile banking users this year. Plus, data suggests this trend will continue over the long term. In a recent survey, less than half of consumers said they will return to branch banking post-pandemic, with more than 60% stating they will continue to digitally bank. Why? While safety and access have been driving forces during the pandemic, now that consumers have experienced the convenience of digital banking, many won’t want to go back to their old ways.
The fact is, if you want customers to stick with your bank, you need to establish a long-term digital banking strategy.
A recent survey found that 14% of consumers are considering switching their primary bank in the next six months, and 43% of potential switchers are looking to move in the next 90 days. As banking customers become more reliant on digital channels to complete routine tasks, banks will need to elevate their user experience on those platforms to retain customers.
Further compounding the issue, with an increase in digital banking, proximity to a branch location is now way less important. Removing the need for customers to be geographically located near their financial institutions makes it easier to search for the bank with the best digital offering, regardless of where it may be. This just reiterates that if your banking experience is subpar, customers are going to look for better options.
Customers' expectations around digital banking aren’t always complicated. Banks may not need to reinvent the wheel but they do need to prioritize where to focus. By improving the right aspects of their mobile apps, financial institutions can make a big impact on their customer satisfaction (which will pay off in dividends now and after the COVID-19 pandemic).
Every institution is unique in it’s offering and what customers need and want from its digital suite of tools. When creating a new digital strategy, we’ll examine and make recommendations on the features where you need to focus. These can include:
|What customers want||How banks can improve|
|Contactless banking||Enhance your omnichannel strategy to ensure that your digital channels – mobile app, website, voice skill – offer truly touchless options|
|Easy digital onboarding||Help new customers easily join your bank by making the digital onboarding process simple|
|Self-Service||Grant customers the ability to transfer money, deposit checks, and bank efficiently and on their own timeline|
|Security & privacy||Create a security strategy that keeps customer data safe from a breach and communicate the policy and its updates regularly|
The first step in building a lasting relationship with your customer is to make sure their first engagement goes smoothly. And yet many banks don’t have a process to make onboarding completely digital across banking products, leading to low conversion rates and high costs.
Consider the following when thinking through how to digitize your client acquisition strategy:
At Mobiquity, we’re agile. We pride ourselves on our ability to both strategize and execute. We’ll quickly find your frictions, align on a plan, and begin work on the resolution.
It’s our mission to ensure success for our customers and we do that by prioritizing the small changes that have a big impact. Regardless of where you are in the transformation process, we’re ready to take on your project.
Our digital offerings include:
Your digital strategy will include many channels, such as: website experience, mobile app, voice skills, chatbot, and more. We can help you kickstart or enhance these channels so that they work together to create a better customer experience.
Digital transformation strategy session
Maybe you’re revisiting your digital approach altogether and need help thinking through the methods and strategies that will be most fruitful for your bank today, five years from now, or even 10 years into the future. Let us work with your teams to create a digital transformation strategy that you can be confident about as the world evolves.
In a crowded marketplace, how do you plan to stand out? Will you create an experience that customers rave about? How you innovate now will define how your bank retains existing customers and attracts new ones for sustainable growth.
Customer experience & analytics
The way you measure the success of your bank often comes down to the experience you create and the analytics that prove whether that experience is working. Let us help you put a framework in place for your omnichannel digital strategy.
North Star ideation
What is your biggest driver of success? Do you know? Are you sure that the metrics you have in place are giving you the best picture of the overall health of your bank? Our teams will help you develop your North Star so that you can easily identify where you want to go and make a plan for how to get there.