Why Banks Should Think Mobile-first?

Across the globe, mobile has been the focal point for organizations who want to transform their outmoded business model. As the usage of mobile dominates the traditional mode of interaction, organizations have started embracing the mobile-first strategy to meet the various market requirements. This goes for the booming banking sector that operates in a ‘new normal’ today, driven by ever-tightening policies and norms.

According to Juniper Research, “Mobile banking users are set to reach 2 billion by 2020.” The fact clearly signifies the importance of mobile banking in revolutionizing the lives of individuals. The banking industry has lately recognized the need for stepping up the mobile experience to suffice the on-going demands of customers. Superseding customer’s expectations is the need of the hour and has rather become a strategic priority in banking.

Additionally as per Forrester, “In a market where one-third of all customers say – all banks are basically the same” it becomes relatively important for the banks to differentiate themselves. Thus, mobile-first strategy has provided banks with an opportunity to engage with customers and provide them with proactive services.

Here are few reasons as to why you should adopt a mobile-first strategy:

Faster roll-out of products- With the steep rise in competition, banks are under the pressure to perform and innovate. The new generation customers are demanding integrated and seamless experience. Thus, with the mobile-first strategy, banks can quickly deploy and develop integrated online and mobile experiences. They can build responsive, interactive and regulatory compliant experiences without sacrificing the scalability required in the future.

Proactive communications- In order to reshape customer experience and improve operational efficiency, banks need to focus on the mobile-first initiative. This can be done by delivering proactive communications in the form of notifications, reminders and status updates related to account balance, transaction updates, promotional offers, etc. And, since mobile plays a major role in revitalizing customer journey, it becomes really important for organization to rethink on the transactions being conducted via mobile. With the mobile-first strategy data security issues, regulatory constraints and other challenges can be sorted with ease.

Personalized and dynamic content- It is extremely costly to maintain and develop personalized mobile and web content as separate processes. This results in inconsistent communication along with compliance risk. With mobile-first strategy a Bank can deliver futuristic communications that require low code solution and to-the point content.

Innovate with data analytics- Mobile solution help banks in capturing real time insights to create new opportunities and to upsell and cross-sell. With the collected information banks can develop granular understanding of the segment behaviour, buying needs and expectations of its customers. Thus, it is essential for banks to have a mobile-first methodology in place that extends beyond that focuses on targeted users and make the experience more personalised.

Agile development process- Banks today are facing challenges in quickly adapting to customer demands and optimising cost by working on a single platform. Agility in development helps banks in curtailing all the challenges. As mobile-first becomes a strategic necessity for banks, the need for IT infrastructure that seamlessly adopts with an agile process for development becomes necessary. This will further allow IT to focus more on work cycles allowing stakeholders to be involved in the entire process.

As per Gartner Research, “By 2022, 70% of software interactions in enterprises will occur on mobile devices.”

It’s high time for banks to shift their focus to a mobile-first strategy.

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