In our first blog post of this series, we reviewed the omnichannel opportunity for retail banking and how it was driven by digital transformation.
In this post, we’ll look at the specific opportunity around mobile banking. Security concerns aside, mobile banking is here to stay. Mobile usage rates for retail banking and retail commerce roughly mirror each other. According to a 2016 Verizon study, 55% of US adults have used a mobile app to make a bank transaction vs. 56% who’ve bought something online using a mobile app.
Accenture Consulting’s 2016 North American Consumer Digital Banking Survey indicated that the top three mobile banking transactions are making a payment, depositing a check or viewing a previous transaction. But mobile apps don’t just serve as a replacement for a bank branch. They can and should be used to bring customers into a branch, as in the example of a bank that lets customers schedule in-branch appointments through its mobile app.
Therefore banks, like retailers, need to pay special attention to their mobile websites and applications, even prioritizing mobile over desktop.
Look at it this way: Your customers are not always in or near your physical branches, they’re not always at their desktop computers. But they do usually have their mobile devices with them, which can allow them to interact with their accounts at any time, even just to check a balance. So design your site for the mobile experience first, then optimize for desktop. To learn how, download and read our primer on adaptive vs. responsive web design.
And to learn more about delivering a truly omnichannel retail banking experience, wait for the next installment of this blog series or download our new ebook.