Banking Apps Are in Dire Need of an Overhaul

by Joseph Walent 0

As we navigate in our mobile communication enhanced societies, customers are looking for the “value-add” propositions from financial institutions that demonstrate the enhanced insight into their own finances and provide economic flexibility they are not able to secure on their own. Increasingly financial institutions are being expected to deliver the high-touch personalized service once reserved for private bank customers through mobile interfaces.

In today’s world, consumers are savvy, demanding and on-the-go, time itself is our most precious asset, so we expect data that is accurate and delivered in the moment. And let’s not forget, all it takes is a split second to make a decision to spend and buy products. To do this and enable customers to manage their assets better, banks must supply a simple view that is accurate and up to the minute. The truth is, we are embracing digital technology for simplifying daily tasks, and this is the case for the banking industry. Banking apps need to be bigger, faster and stronger, and the sooner they are, the better.

Mercator Advisory Group applauds the efforts of U.S. financial institutions actively engaging with customers in permission marketing relationships to deliver timely and relevant offers of products and services. We believe the natural progression of high touch service will incorporate real-time financial portraits, including near-term what-if scenarios and granular budgeting recommendations, and thereby empower individual consumers to make informed decisions.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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