Emphasis on bright shiny objects like artificial intelligence and voice recognition has distracted banks from foundational mobile banking challenges.
San Francisco, CA, June 18, 2018: Consumer satisfaction with mobile banking has stalled at just 50%, pointing to key opportunities to improve the experience. Mobile banking apps from most large banks are stuck midway along this journey: having met consumers’ basic banking needs, banks still fail to differentiate themselves by providing personalized insights and advice that yield deeper customer relationships. Javelin Strategy & Research’s new report, Charting a Course to Better Mobile Banking, describes a principles-based approach to digital banking that balances investments in new technology with a focus on customer satisfaction and lower servicing costs.
The report outlines 34 mobile banking principles that address customer needs across six key categories of digital banking: ease of use, security empowerment, money movement, financial fitness, customer service, and account opening. “Moving beyond simple ‘transactional competence’ requires greater integration of data and experience,” notes Emmett Higdon, Director of Digital Banking. “Few banks have been able to leverage the mobile channel to deliver the kind of personalized interactions that help build meaningful, advice-driven relationships.”
Related Javelin Strategy & Research
- Mobile-First Banking Has Mass-Market Appeal
- Digital Banking Maturity Path
- 2017 Mobile Banking Scorecard: Security, Service, and Support Keys to a Better Standalone Experience