Banking on Mobile
Like most consumers in most industries today, banking consumers are becoming more and more mobile.
A March 2013 study from Juniper Research indicated that mobile banking users will exceed 1 billion (yes, that’s with a “B”), representing 15% of global mobile handset users, by 2017. And to make even more interesting, the UK research company also stated that around 19% (about 200 million) will turn to tablet use – which should be considered an entirely different experience from traditional (smartphone) mobile – for their banking transactions by 2017.
This shift to mobile brings higher expectations for more convenient and easily accessible mobile service offerings from their banks, credit unions and investment firms. But it is important to ensure that the mobile experience you provide, regardless of it being smartphone or tablet, is what the customer wants and expects. Last year (October 2012), Google reported that 1 in 6 people who switched banks said a poor mobile banking experience prompted the search for a new banking entity.
Last week, ForeSee released its 2013 Financial Services Benchmark that reported on the online customer satisfaction of the industry as a whole as well as by segments such as credit unions, banks, lending organizations, and investment firms among others. The aggregate score for financial services in general is at 72 on ForeSee’s 100-point scale.
When we look strictly at mobile, the average customer satisfaction for financial mobile sites and applications is at 82, a superior score that shows customers in general are highly satisfied with financial mobile experiences.
More importantly, when we compare future behaviors scores of highly satisfied mobile banking customers (those scoring 80 or higher) to those who were less satisfied (a score of 69 or lower), we see the value of a satisfied customer. Highly satisfied mobile users are 41% more likely than less-satisfied users to recommend the company to a friend, family member or colleague, and are 78% more likely to use mobile again as a means of engaging with the company.
Financial services companies that are measuring their mobile customer experience and making the necessary changes will be better able to serve as a valuable and trusted partner to their customers than organizations that don’t.