Mobile Banking: A Love Story

The banking industry has become increasingly more technologically-savvy, largely due to every day mobile usage by masses of customers seeking its benefits. According to a survey by Statista, the number of smartphone users is steadily growing and is expected to pass an estimated 3 billion by March of 2020. The number of people using banking applications is also exponentially increasing. Banking customers flock to mobile apps for a variety of reasons.

Ease of Access

The primary reason people truly appreciate mobile banking is to put all available services at their fingertips. The instant gratification provided by a banking mobile app makes customers satisfied and loyal to their financial institution. With mobile banking, your customers aren’t limited to set working hours or geographical locations of branches and ATMs. By providing round-the-clock services, customers can access their accounts whenever they want.

Full Control

Almost every business realizes the importance of providing a personalized customer experience. For banks, personalization is extremely important for building trust with customers. By collecting data on customers’ behavior and preferences, banks can create unique experiences for their users. This results in customer satisfaction and increased credibility. Mobile banking also helps customers keep all finances under control, so they’re able to monitor their balances, get account alerts, transfer money instantly, check deposits, and do much more.

Security

Security is a forefront concern for customers. Online and mobile banking each bring their own risks, but additional hardware security makes mobile banking more secure than its online counterpart. In order to maximize security, banks can apply security solutions, such as: gesture patterns and biometric data like fingerprint or retina scans, in addition to traditional passwords and two-factor authentication. Almost all financial institutions use encryption to protect financial information and privacy, which guarantees worry-free mobile banking. Also, malware is less likely to threaten an app because of the proliferation of platforms. Even if your customer loses their cell phone, their banking data is safe.

While the benefits of mobile banking for consumers can be pretty clear (convenience, security, ease of access), mobile banking also presents some distinct advantages for the banking industry itself.

Lowering Expenses

The cost of mobile transactions in the future may become 50 times lower than branch transactions and 10 times lower than transactions via ATMs. This offers an opportunity to lower operating costs and increase efficiency.

Customer Analytics

With a mobile app, you’re able to collect and analyze actionable metrics. This allows you to measure and improve your services and customer experiences. Metrics help banks understand how users interact with an app and why. All metrics can be divided into three major groups: consumer satisfaction and user engagement, acquisition, and performance. By monitoring user satisfaction and engagement, banks can focus on the overall user experience. For example, the number of active users, session intervals, retention rate, abandonment rate, and churn rate indicate user engagement.

Acquisition metrics help you track the number of downloads and where they’re coming from. This can help banks figure out which marketing campaigns are successful. Finally, measuring performance is extremely important as crashes or slow loading can impact the user experience greatly. Performance metrics help determine why a mobile banking app might have a high churn and abandonment rate.

Customer Analytics

Push and in-app notifications offer multiple benefits to you and your customers. They make customers aware of relevant offers and events and let them know about increased credit limits or interest rate information.

Banks that have already implemented this option have a competitive advantage over other financial institutions. For example, BNP Paribas reported that the bank saw a 60 percent increase in its App Store rating after they implemented targeted push and in-app notifications.

Banks can obtain huge benefits for their customers, as well as a great investment for themselves by bringing their services to the mobile world. Automated Systems, Inc. (ASI) offers a modern and well-designed mobile banking app that is sure to make your customers want to bank anywhere, anytime. Learn more about everything ASI has to offer by visiting our products page or be requsting a demo today.

About Automated Systems, Inc.
Since 1981, Automated Systems, Inc. has been a leader in providing innovative core banking, digital banking, and data processing solutions to community banks nationwide.  An array of integrated applications provide partnered banks with tailored, cost-effective, competitive choices.  ASI delivers industry-leading technology backed by unparalleled in-house conversion, training and support teams; paving the way for progressive, top-notch customer service.  ASI corporate headquarters are located at 1201 Libra Drive, Lincoln, NE 68512, 1.800.279.7312.  For more information about banking solutions from ASI, visit www.asiweb.com.

About Insite Data Services
IDS data application hosting services combines secure and cost-effective core banking applications, enterprise-class servers and storage, and proven virtualization technology.  IDS hosts all of the bank’s servers in secure data centers that use state of the art security systems including identity verification and biometric scanning.  Insite Data Services also offers IDS On-Time, a full-service solution dedicated to back-office bank processing.  These operations experts allow partnered banks to focus on their most important asset, their customers.  For more information visit www.insitedataservices.com.