In 1877, the Bell Telephone Company made telephones commercially available for the first time. About 64 years later, telephones had achieved a 40% adoption rate in the US. When the first smartphone was introduced in 2002, it took only 10 years to reach a 40% adoption rate, making mobile technology the most quickly adopted consumer technology in the history of the world.
Nowhere else is this more important than in banking, with 43% of all mobile phone owners with a bank account utilizing mobile banking.
As far as being a preferred channel of choice, banks have a pretty compelling case here too: When customers can easily use and are satisfied by their preferred channel to accomplish a banking task, a full 65% of banking customers are fully engaged. But when forced to use a less-than-preferred channel, that number drops to 18%.
What does a fully engaged customer mean to a bank? Try 37% more revenue.
Suffice to say, if almost half of customers are increasingly using mobile banking as a preferred channel of choice — and increased revenues are up for grabs as a result — then that mobile experience must not only satisfy the customer, but it must consistently exceed their expectations as compared to their ideal mobile banking experience. Otherwise engagement and satisfaction drop, which impact revenues. And as result, customers are likely to seek our more satisfying experiences with other banks.
While banks have responded to this imperative by investing in self-service capabilities and adding new digital features and functions, the chief challenge created is determining how effective the mobile experience is as well as whether improvements will actually improve the customer experience. More importantly, and perhaps even more challenging, what impact does the mobile experience have on the overall business?
Enter a proven methodology that has shown a cause-and-effect link between customer satisfaction and business outcomes since 1994. Based on an academically proven way to measure customer satisfaction, this methodology has shown time and again that consumers spend more and continue to do business with companies that provide the best customer experiences.
Where many have failed to achieve measurable improvement in the mobile experience, banking institutions can now benefit from:
- A scientific solution that provides rigorous business discipline to the measurement of customer experience and delivers powerful benchmarks for performance, both competitive and comparative
- A prioritized approach to improvements as measured through the lens of satisfaction
- Predictive insights into the impact those improvements will have on customer behavior – both in the mobile channel and across the business
When thinking about the mobile banking experience, remember that we are dealing with the most rapidly adopted technology in the history of the world. Make no mistake, banks must compete for the hearts and minds of customers through the experiences they deliver, and doing so provides a competitive advantage and will drive business outcomes. This measurement approach empowers the bank to keep focused on what truly matters – the satisfied customer. And satisfied customers remain loyal, fully engaged, increase share of wallet, and recommend their banks.
Join us at the upcoming Net Finance Conference in Miami, FL from April 18-20 where we’re privileged to share our expertise in improving customer experiences for over 55 financial institutions. Email me directly at email@example.com to set up a time to connect with the ForeSee team at Booth #9 during the show.
Not attending Net Finance this year? Learn more about our predictive mobile customer experience measurement online today.