If Mobile Banking Is So Easy, Why Is Signing up So Hard?

by Joseph Walent 0

Mobile banking achieved critical mass in the marketplace, with consumers leveraging the capability on their personal devices to take care of day-to-day transactional banking activities when they think of them and when they have a moment to complete. Taking time to visit a branch or ATM to deposit checks or transferring funds between accounts is a thing of the past, so why is starting or expanding the consumer engagement still difficult and in some case require a branch visit? The banking environment is digital for a wider range of customers, and the experience needs to be consistent.

“We’re in an environment where we’re not just competing against companies in the financial industry,” he said. “It really boils down to the experience, and customers are used to great mobile experiences.”

Organizations adept in digital environments and crafting the customers’ journey through experiences online and in augmented reality are looking to further engage with consumers; facilitating those consumers’ financial activities with products and the all-important expertise is being addressed by the consumer facing digitalization behemoths. Financial Institutions taking a page out of these established digital native organizations in delivery of a consistent user experience, not just when interacting with the FI, but rather in how they interact digitally will be better suited for the increasingly fluid FI/Consumer relationship.

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

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