How Mobile App Helps Financial Companies Solve Customer Facing Problems?

While the mobile revolution has brought in plethora of opportunities for all business sectors, the financial sector has not kept the pace. This money-centric sector is frequently hamstrung by regulatory concerns. This has left many (advisors, investors, and customers) frustrated at the lack of transformation. Among them, the most suffered entity is customers. Bank and finance companies customers are more perceptive than any other sector, they seriously care their transactions, and privacy.

But the question is how capable Finance companies’ digital system to deliver an enriched customer experience while providing secure transactions. According to a recent survey by a global financial market research firm, 80 percent of finance companies found mobile app as the most cost-effective and powerful tool for customer service and secure transactions. Let’s see how mobile app help finance institutions strengthen up relationship with their customers by providing rich and secure digital transactions:

Mobile app reshaping customer engagement:

Mobile app reshaping customer engagement

Mobile technology, particularly mobile app is reshaping customer engagement in a swift manner. Due to mobile’s ubiquity and ease of use, consumers are attached to their mobile devices to a large extent that was not possible by any other technology in the past. And for many, mobile is radically becoming the primary method of communication with their financial service providers.

A Deloitte survey says 57 percent of respondents said they use smartphones “the most” in their homes for financial transactions. But here the concern is, should finance companies offer different mobile experience out of the home or same experience? As security and privacy are two most considerable aspects of financial transactions, it is requisite for finance companies offering “location-aware” and “context-specific” mobile transactions. It don’t just help finance companies serve customers better, rather make them loyal to the companies’ products and services. In order to be successful in the digital evolution, financial services companies need to be better prepared to keep pace with innovations to adapt them to serve customers well.

Existing Challenge: Most Customers are not informed about existing digital financial services

We can call it in two ways: most customers are not informed about existing or newly introduced financial digital services, or financial companies are not effectively making their customers aware of their digital financial services. A recent survey on digital financial services reports most of the customers were not even aware whether their finance company has mobile app for them. It shows where financial companies are being hindered in their digital journey.

The immediate goal of financial companies should be raising awareness of the current digital services. However, the long-term goal should be to move beyond transactional interactions, and extend it to offer more engaging real-time services. Doing so allows the company to differentiate its mobile capabilities and improve brand loyalty. When comes to the service quality, the companies should focus on offering “killer apps” with unique, value-added benefits that enrich the customer experience, and enhance the retention rate.

How Mobile App Helps Financial Companies Solve Customer Facing Problems

Have a plan to develop a killer financial mobile app to strengthen up relationship with customers?

If yes, FuGenX will help you. FuGenX is a Deloitte award-winning financial mobile app development company in India and USA. FuGenx develops applications that are focused to solve both short and long term customer service challenges, and long-lasting value creation for financial companies. FuGenX developed a highly successful financial app for global business process outsourcing company Williams Lea and many other global enterprises.

Let us strengthen up your relationship with your customers by reaching us at info@fugenx.com or filling up the form.