In today’s connected world, customers expect immediate decisions and ease of access to their financial information. Anything that helps to make it easier for consumers to feel in control of their finances is important to close the gap.
There are still too many financial institutions in the UK who are stuck in the past. Some, who have mobile apps, severely limit what customers can do from their mobile. For example, some apps or mobile sites only let users view minimal information about their finances or require a secondary pin-generator device, which is easy to lose and break.
When looking at the current state of the market, there is a massive difference between those who lead with innovation, providing their key audiences with what they need, and those at the bottom, who are struggling to respond to expectations.
Customers expect tools that help them to make better decisions and to easily understand the impact certain decisions will have on them. It’s true that some customers may be content with putting up with a poor service. However there is a sizeable base who will change their provider to one who is forward-thinking and who provides the right tools to enable customers to do things themselves, whilst on the move.
Customers also expect a constant experience, regardless of the device they pick up. They expect accessibility of information which relates to their lives and also helps them make sound financial decisions, continuously across multiple devices, also known as omni-channel.
Apps are a great way for financial organisations to provide customers access to the information that they need in a safe and secure way. Apps allow companies to mobilise customers or employee-facing operations, which has a big impact on operations.
The power of apps doesn’t stop there; an abundance of data is collected to educate businesses on consumer interaction. This access to business intelligence allows companies to discover untapped opportunities and adapt app strategies, to meet the exact needs of their consumer.
To stay competitive financial institutions need to prioritise their audience and to understand the most important tools and investments, which will give them competitive advantage whilst also adding the most value to customer experiences.
To see some examples of how we have helped companies in the past, please refer to the following case studies: