By Christopher Cox, Chief Operating Officer, Apiture
A robust mobile banking app is table stakes today as financial institutions work to build customer loyalty. With the global pandemic accelerating the trend toward digital that was already well underway, more than three quarters of Americans now use a banking app — and banks and credit unions without a sound digital strategy are feeling the impact of customer churn.
What can you do to ensure your mobile app is helping rather than hindering your users’ digital banking experience?
As I discuss in BAI’s latest mobile banking Executive Report, an important first step in evaluating your existing app is understanding its flexibility. Does it to allow you to add new features quickly, or are you held hostage to lengthy development backlogs or partners with different priorities?
Consumers increasingly use their mobile app for activities that go beyond basic banking, further intensifying the need to deliver in-demand features. For example, innovative financial health tools are now available to help individuals more effectively manage their finances through spending insights, intelligent categorization of transactions, and credit reporting tools that enhance simple score reporting. In addition, Zelle has emerged as a popular way to pay in real time, and institutions that don’t offer this service risk losing customers to those that do.
Given the evolving fintech ecosystem, it’s hard to predict what tomorrow’s in-demand features will be, and the risk of responding slowly is significant. Today’s environment makes switching relatively easy; using a digital account opening solution, consumers and businesses can create and fund a new account in minutes, directly on their phone. Having technology flexible enough to deliver the features most important to your customers will help you retain users in an increasingly competitive environment. And having a technology partner who is willing to integrate your selected third-party solution providers into a cohesive digital experience will help you stay relevant in a changing market.
To learn more about how a robust mobile banking app can drive loyalty among your user base, read my full article in BAI’s mobile banking Executive Report here.