Increase adoption of your mobile banking app and consumers will be more satisfied and less likely to switch.
by. Elliott Brown
Pushing mobile adoption is very important, at least for financial institutions that want to retain their existing customer base. To keep pace with the growing needs of today’s consumers, many institutions are rushing towards Personal Financial Management (PFM) apps to provide an enhanced mobile banking experience.
For the those banks and credit unions who haven’t yet adopted a PFM system, you probably at least provide a basic mobile app that does the essentials: check balances, make transfers and pay bills. Some institutions have expanded features like remote deposit capture, debit-card management and peer-to-peer payments. Those functions may seem rudimentary, but they are precisely the tasks consumers are looking to accomplish on a regular basis.
Why doesn’t everyone use your mobile app, do you know? Financial institutions cite several reasons for non-adoption — “Our older customers will never use mobile banking,” or “Our customers don’t have a smart-phone.”
Reality Check: The biggest reason mobile adoption is suppressed is down is simply because most banking apps are either hard to find, hard to use, or both.continue reading »