Engaging Mobile-First Users

Nov  12 
Kelly Street  Director of Consumer Marketing, Digital Channels, Fiserv 

Build a digital culture to grow relationships

Delivering services to people who rarely or never cross financial institutions' brick-and-mortar thresholds has led to a shift in thinking. Having a mobile presence is no longer enough.

To meet that challenge, many financial institutions are building a digital culture and leveraging technology to grow mobile-first relationships for sustainability and profitability.

As smartphone use grows, so does the number of people using their mobile devices to manage and move money. In a 2019 survey, Fiserv found mobile banking via a smartphone, tablet or wearable was the most preferred method of interaction with a primary financial organization for 22 percent of consumers, up from 17 percent the previous year.

Although mobile is gaining ground, people continue to use multiple channels to manage their finances. Our research found 37 percent of consumers prefer to interact with their primary bank or credit union online via a laptop or desktop and 32 percent prefer the traditional branch.

Mobile-first seldom means mobile-only.

 

 

Creating Relationships Centered on Mobile

Mobile banking consumers' expectations are driven by their experiences in applications such as Facebook, Venmo and Amazon. They're looking for similar experiences when they use banking apps.

Embracing a mobile-first mindset and developing relationships with people who prefer the mobile channel will help financial institutions keep pace with consumer expectations and stay ahead of the competition.

Establishing those relationships can be difficult when consumers prefer to interact in the mobile channel. One way to engage digital consumers and help secure an organization's position as a trusted resource is through financial literacy solutions and services.

Consumers are more likely to refer other consumers to institutions that teach them financial literacy, according to a study by Raddon, a Fiserv company. The study also found that financially literate consumers are more profitable because they are credit-driven, and they use more products.

Creating an engaging mobile environment starts with a commitment to becoming a consumer-centric organization in today's increasingly mobile world. 

Recognizing the stage where consumers are within the debt cycle, including their level of actual debt, their debt-to-wealth ratio and their views about debt, creates an opportunity for financial institutions to provide differentiating support to mobile users.

Adopting a Digital Culture

Creating an engaging mobile environment starts with a commitment to becoming a consumer-centric organization in today's increasingly mobile world. To adopt a mobile-first culture:

  • Concentrate on the human experience. People want personalized interactions, simplified banking and intuitive access to their accounts
  • Build excellent associate experiences. Offering mobile onboarding and training for front-line staff will reflect positively in day-to-day operations and create a comfortable work atmosphere
  • Leverage feedback, data and analytics. Track and study mobile banking users' behaviors, preferences and activities to improve overall service. Use alerts and target marketing messages to prompt users for feedback or to rate the financial institutions app in the App Store

Reaching the Mobile Consumer

A growing number of consumers prefer to interact with banks and credit unions via mobile banking. For many of those consumers, that may also be the only way they want or are able to access their primary financial institutions' services. If financial institutions fail to quickly address those who prefer the mobile channel, they will more than likely be left with fewer customers or members.

Providing an intuitive, seamless and fast mobile banking experience begins by understanding the mobile-first user. Adopting a digital culture means delivering engaging mobile experiences that are intuitive, immediate and inspired.