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.
Mobile-First Strategy for Banking Communications
According to Juniper Research, “Mobile banking users are set to reach 2 billion by 2020.” The fact clearly signifies the importance of mobile banking communications in revolutionizing the lives of individuals. The banking industry has lately recognized the need for stepping up the mobile experience to suffice the ongoing demands of customers. Superseding customers’ expectations is the need of the hour and has rather become a strategic priority in bank channels.
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, the mobile-first strategy has provided banks with an opportunity to engage with customers and provide them with proactive services.
Here are a few reasons why you should adopt a mobile-first strategy:
The Faster Roll-Out of Products- With the steep rise in competition, banks are under the pressure to perform and innovate. The new generation of customers is demanding an 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 bank customer experience and improve operational efficiency, banks need to focus on the mobile-first initiative. This can be done by delivering proactive customer communications in the form of notifications, reminders, and status updates related to accounting balance, transaction updates, promotional offers, etc. And, since mobile plays a major role in revitalizing the customer journey, it becomes really important for organizations to rethink 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 a mobile-first strategy, a Bank can deliver futuristic communications that require low-code solutions and to-the-point content.
Innovate with Data Analytics- Mobile solutions help banks in capturing real-time insights to create new opportunities and upsell and cross-sell. With the collected information banks can develop a granular understanding of the segment behavior, buying needs, and expectations of their customers. Thus, it is essential for banks to have a mobile-first methodology in place that extends beyond that focuses on targeted users and makes the experience more personalized.
Agile Development Process- Banks today are facing challenges in quickly adapting to customer experience demands and optimizing costs 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 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.
Mobile First Banking – Core of Digital Transformation
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.
To see how to enable your organization with a mobile-first strategy, click here: https://fci-ccm.com/
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