How Mobile App can Solve Poor Customer Experience Challenge of Banking and Financial Firms?
Smartphones have become our close companion. Today, 80% of all online adults are smartphone owners. Studies predict that by 2020, that number will augment to 6.1 billion. Today almost each and every business on the sphere are the beneficiary of the seamless benefits that mobile technology, particularly mobile app is offering. Banking and financial institutions are not exception of that. They are the front-runner in this. But the concern is proper implementation and maintenance.
On the other hand, the economic fluctuation has posed many tough challenges for banking and financial firms such as weak demand for loans, less profit margin, and low interest rates. So it has been requisite for banking and financial firms to focus on customer experience more and more to diminish the damage. Let’s see how mobile app can be a trouble-shooter for that:
Challenge: Today customer experience is everything. Banking is not exception of that. Many banks are feeling pressure because they are unable to deliver the level of service that customers are demanding and competitors are delivering, especially in regards to technology. Customers are demanding this directly whenever they visit the branch or while talking to customer care. For the purpose of only better service, it is difficult for customers to take decision to fill up the new account form in another bank where better services are available that their relatives or friends are getting. But in the long run, if banks continually fail to consider the customers’ request, it could be a serious damage to them when they lost a group of customers together.
Solution: While new opportunities in mobile channels can help banks and financial institutions cut down operational costs, banks and financial institutions must also be sensitive to consumer experience. While Mobile is capable to play a better role in how banks interact with customers, yet many banks continue to develop their mobile apps for only the basic tasks — deposits, transfers, and to check account balances. Data security issues, and regulatory constraints are the other early solution needed challenges that banks could overcome with mobile technology. But there is a lack of expertise in most of the Banks’ IT infrastructure to leverage the mobility.
So, banking and financial institutions need to leverage mobile technology to go beyond simple transactions if they don’t want to lose their customers. For example, when a customer is facing difficulties to apply for a loan, execute a transaction or request information, there should be a mobile app that should assist him to get done the things in a facile manner. It delights him and encourage to do more transactions.
A well-designed mobile application can be used to send proactive notifications, such as reminders and status updates. This makes customers think “someone is there” who cares and helps us to have a better experience. Mobile and mobile apps can not only help banking and financial institutions improve operational efficiency, it can also serve as a tool to enhance customer experience and make them loyal to the banking products and services.
Want to enhance customer experience with Mobile App?
If yes, FuGenX will help you reliably. FuGenX is a Deloitte award-winning, world’s fastest growing banking mobility company in India and USA. FuGenX helps banking and financial firms develop mobile applications to achieve customer loyalty, to lower the customer acquisition cost, to reduce sales cycle time, to enhance brand visibility and increase employee productivity. FuGenX-Mobile app design company, helped Qatar’s leading investment banking firm QInvest achieve operational efficiency and enhanced customer experience with secure and robust CRDB Enterprise Application, and many other leading banking firms.