Mobile banking is one of the top three most-used apps on consumer smartphones.
To the untrained eye, this statistic doesn’t seem like much. After all, everyone needs money to function in modern society, and most people utilize banks to store that money. However, to banks with a competitive edge, this information is something to consider. Banks and credit unions that have applications that their customers can interact with on a daily basis have a competitive advantage. They have a way to keep their customers happy anywhere and anytime without having to expend gratuitous resources. This alone is what keeps financial institutions leaders in the industry: the knowledge that without customers (and without constant customer satisfaction) there is no business.
The Whys Behind Mobile Banking
But why are customers choosing mobile banking over the phone and in-branch service? Some of the most-cited reasons include speed, convenience, and accessibility. From surveyed credit union and banking members, it is estimated that over 45 minutes per week are saved by allowing customers to access their bank via a mobile app rather than through a call-in line or physical branch. Service through these options are almost always dependent on others, and often leave customers stuck in line and missing out on valuable free time. Active, busy lives like the ones that most Gen X, Millennial, and Gen Z banking customer experience are made that much less stressful through mobile self-service options.
Continuing Commitment to Technology
When the average person has the chance to make their lives easier, they will take it. Therefore, having a banking app does give financial institutions a competitive advantage, and modern financial customers will opt for different branches if their branches do not offer service options that fit with their lifestyles. But this service cannot stop at mobile applications. Because we live in a technology-dependent era, it is vital that leaders work with a mobile technology integration strategy that emphasizes long-term solutions for customers. By monitoring trends in mobile solutions, changing their digital solutions to stay in line with those trends, and making an effort to improve customer service constantly it is possible for any financial institution to be a leader in its industry.
Elle by Shastic is one of those platforms that is committed to long-term mobile solutions for the credit unions that it supports. For more information, visit the Elle website and schedule a meeting with us today.