The below post was written by Andrew Levy, CSO and cofounder of Crittercism
Smartphone usage has completely revolutionized how consumers prefer to interact with businesses. Instead of physically going to a bank, 69 percent of mobile media customers are accessing banking accounts and transferring funds from the convenience and flexibility of their phones. That percentage is projected to increase within the next few years.
The switch to digital banking has been a relatively recent change, and mobile banking has only just emerged as a viable option for customers.
Banks are still trying to figure out how mobile banking fits into their digital strategy. However, getting numbers on customer satisfaction, adoption, usage, experience, awareness and impact are an essential part of that process.
How are our customers using mobile banking? What are the services they use most? How long do they spend on our mobile banking application? What information do they look at most frequently? The data collected can assist mobile banking teams in refining current features, as well as gaining a better understanding of customers and their mobile banking habits.
These four questions will ensure you are headed in the right direction to build a successful mobile banking strategy and effectively use your own data to yield tangible results for your organization.
Where are you now?
You can’t show tangible results of a program unless you establish a baseline. In order to show the results of your mobile banking program, it’s important to show where it started. Once your mobile banking initiatives are implemented, you can attribute business results to your strategy based on your previously established metrics.
What are your competitors doing?
Banks have always competed against one another, but the widespread adoption of mobile banking has made the competition fierce. Keep an eye on what your competitors are doing in the mobile banking market. Make a list of top competitors, and review each of their mobile options. Note the strengths, weaknesses and possible areas of improvement for their applications, then use that information to help format your own mobile program.
Who will be responsible for the metrics in your organization?
Having metrics and numbers on your customers’ mobile banking usage is great, but what good are those numbers if nobody at your bank knows what they mean? Employees can’t make informed decisions on how to improve the bank’s mobile strategy if they don’t know what the tracking measures.
Private companies, small businesses, retail and individual customers will likely use mobile banking to suit their individual needs. That said, multiple departments will frequently want to use data from their individual markets to make adjustments to how their customers use mobile banking. Assigning the task of collecting and analyzing customer data to one department will ensure a unified approach to mobile banking measurement insights and applications.
Do you have a backup plan for technical difficulties?
Measurement integration and implementation poses a number of potential technical challenges. Common issues typically stem from misunderstandings in how the tracking system works, how and what it measures and how data is reported. Prepare and plan ahead of time for these technical issues by gaining a basic understanding of how and what your tracking measures, an understanding of how the tracking system works, and by putting together a plan in case of a technical emergency. If any technical issues arise, you will have an action plan ready to go.
Cell phone usage and the increasing trend of mobile banking will continue to revolutionize the banking and finance industry. To learn more about how to keep up with the consumer demand of mobile banking, download our report, Build a World Class Mobile Banking Strategy.