The world of banking is changing before our eyes. Smartphones have disrupted the old order of things, and with less in-person interfacing between customers and representatives than ever before, financial institutions need to revamp the user experience and reconsider their approach to customer service. Nowadays, the key is to leverage innovation and find smarter ways of keeping clients happy.
We are all aware of the popularity of social media apps, but when it comes to the top three, banking apps come in third place after social media and weather apps. A staggering 63% of smartphone users have one or more financial apps downloaded on their mobile devices. What’s more, 70% of those who have financial apps on their smartphones check them at least once per week.
Millennials are the dominating demographic in terms of financial app usage. Even so, the baby boomer generation and gen X are moving to mobile banking apps as well, with more than half of the baby boomer generation using mobile check deposit, and 23% of seniors engaging with smartphones or tablets for banking purposes. The estimated 36% decrease in bank branch visits from 2017 to 2022 is causing banks to rethink the user experience and customer service as the new strategy for the paradigm shift.
Banking apps these days have capabilities that go far beyond showing users their balance and allowing them to make bill payments. These basic functions have been supplanted by new features of including customizable savings accounts with personal goals, global stock trading, and other flexible options that match user lifestyle.
With the increasing complexity of the apps, the focus now has to shift to a user experience that is not overly clunky and confusing. Banks cannot ignore older generations and technological novices who may not be able to figure out how a banking app works as quickly as a millennial can. Having a clean and modern look with a design that makes the app easy to read and navigate are part of the best practices for building user friendly banking apps.
Since everything is going virtual, what does this mean for customer service? In fact, now that fewer and fewer people are heading into branches to clear up any questions or concerns, it’s more important than ever for banks to make sure their customer service is exceptional. A smile and a friendly greeting used to go a long way, but with millennials demanding immediate attention and that help be available on social media, the whole dynamic is changing.
Banks can still achieve a high level of customer care while keeping all interactions in-app. Chatbots are an example which provide immediacy to customer queries. Major firms are starting to implement the digital assistant technology to answer common questions in an effective and immediate way. The tech can be used as a first-level client support system, followed by video calls to answer further questions, and to set up accounts at mobile banks.
With current solutions being improved and tailored to remote access, institutions in all industries need to adapt. Society is moving towards a more interconnected future, and thus, existing practices must be changed. Having user-friendly apps and continuing to deliver optimal customer service are factors that will help banks settle into the new, high-tech society.