The ubiquity of mobile devices and the continuing increase in global connection speeds have drastically transformed the way the world does business, and mobile banking is one of the leading examples. In 2016, the U.S. Federal Reserve reported that 53% of banking customers who own smartphones were engaged in mobile banking, and the momentum to mobile is certain to continue.
The financial services industry is in full transformation mode in response to changing customer expectations and government regulations, but the road is steep and the competition fierce. Stricter consumer privacy regulations add layers of complexity to digital initiatives. Meanwhile, digitally native fintechs are rewriting the financial services playbook. FSIs need a laser focus on enhancing customer relationships and experiences, redefining value propositions, and optimizing business models and processes.
Today’s customers expect near-instant gratification and resolution. FSIs have a real opportunity to reinforce their value and improve retention rates by delivering seamless experiences across mobile devices and other channels (e.g., web to mobile). That means providing intuitive platforms and apps, self-service capabilities, and click-to-call/chat communication, among other innovations. To prevail against nimble competitors, FSIs must continue to leverage cloud-based technologies that enable the kind of experience customers prefer: safe, seamless, reliable, and fast.