Banks around the world are already reaping considerable cost benefits from the shift to digital and, in particular, mobile banking according to management consultants Bain.
However, they caution, “Leading banks are still learning how to take a mobile-first approach to reimagine customer experiences in everything from buying a home to resolving an incident of fraud.”
In an insights column on the company blog called “Customer Behavior and Loyalty in Retail Banking”, the authors argue that early wins have been achieved by driving bad and avoidable interactions (generated by errors or better routed to lower-cost and more convenient digital channels) out of the branch and call centre.
Delighted and disappointed
Furthermore, they say customers are far more likely to be delighted — and less likely to suffer bank-rage — when using mobile phones than when actually visiting the branch.
“As more banking activities go mobile, a major challenge for bankers has been to identify the right priorities and sequence of moves — right both for earning greater customer loyalty and for funding investments in digital channels through cost reductions in the branch network.”
Not surprisingly, the company says for most banks the priority is to move routine tasks that annoy customers out of branches and into self-service digital channels.
Beyond that, the management consultants identify what they describe as the must-have capabilities for banking organisations:
- Extraordinary design discipline, given the small screen, slow speed of accurate typing and impatience of users (many will give up if a screen load takes more than a few seconds);
- Radical simplification of products, processes and communications;
- Personalisation, powered by good data and analytics, so that only relevant information is displayed to the user;
- Contact methods that allow for anytime, anywhere chat and video calls with fast authentication;
- Much faster development cycles to keep up with the pace of new functionality and rising expectations of consumers;
- A new operating model that provides organisational agility, based on a commitment to breaking down barriers that divide internal departments and a willingness to collaborate with third-party developers.
The study’s authors say their analysis suggests the most important influences on a bank’s Net Promoter Score are annoyance with the branch experience, the branch’s share of interactions, and delight in the mobile and online experiences.
This article originally appeared on B&T’s sister site www.which-50.com
Ben & Jerry’s has unveiled their latest limited-edition flavour: Unfudge our Future, to urge Australia’s leaders to tackle climate change by making fossil fuels history. The launch aligns with the Federal Government’s preparation of a history-making economic reboot in the upcoming October Budget, with Ben & Jerry’s joining forces with 350.org Australia and the Climate […]
BRITA Australia is today proud to reveal its latest national campaign, ‘Get Your Jugs Out’, starring Australian comedian, Celeste Barber. The quirky campaign encourages Australians to make the switch from bottled water to great tasting filtered tap water, using a BRITA filter jug at home, with the creative brought to life with Celeste’s cheeky, yet relatable sense of humour.
Twitter is saying ‘bye to the reply guys’, allowing users to control who can reply to their Tweets. ‘Reply guys’ have long been an issue on the social media app, where users (often anonymous) frequently comment on posts in an annoying, condescending or otherwise unsolicited manner. Twitter first put these users on notice in May […]
The Virtual Conference Network, an Australian-founded disruptive alternative to video conferencing, has today launched to provide risk mitigation, improved flexibility, new post-event revenue streams, and optimal cost-effectiveness to conference organisers, business leaders and peak bodies. With over 20 years of first-hand experience with the high-risk and costly ways of delivering traditional conferences, co-founders Alex Paine […]
Medallia has appointed Heather Paterson as its new ANZ country manager to drive further growth across Australia and New Zealand. With a strong sales performance and leadership background, Paterson joins Medallia as ANZ country manager following more than seven years with leading SaaS financial technology provider, Intralinks, where she was most recently director for Asia […]
Integral Ad Science (IAS) today announced the launch of “Channel Science”, an industry-leading partnership between Channel Factory and IAS. The Channel Science solution helps advertisers to leverage both companies’ technologies through a single product to ensure their YouTube campaigns are brand-safe, brand-suitable, and performance-optimized. More than ever before, advertisers are searching for ways to streamline their media buying and improve […]