Aug
18
Launching digital banking: some bullets
Hint: Your future is at stake
This is the final sneak peek at my presentation at next month’s ABA Marketing and Retail Conference in Orlando. My session, “Better Together: Marketing Mobile and Tablet Banking with the Help of IT,” is on Sunday, September 7, at 3:45.
In my prior two posts, I have done my best to persuade you that your future lies in offering and heavily promoting a killer suite of mobile banking services. In this post, I’ll provide some bullets. If there are naysayers in your organization, perhaps these will help them see reason.
• Not just tomorrow’s, but today’s banking customers want easy, fast, accessible, and versatile mobile services. According to AlixPartners, 60 percent of smartphone and tablet owners who ditched their primary bank for a competitor in the first half of 2013 cited mobile banking as an “important” or “extremely important factor.” Just to emphasize the point, please note that another way of saying “60 percent” is “OVER HALF OF YOUR CUSTOMERS.”
• Digital bankers generate more fee revenue than non-digital bankers. You may recall that according to Fiserv’s proprietary research, “more” means an average of 428 percent.
That’s my title slide. Aren’t you just
dying to see the rest of them?
• Besides driving fee revenue up, mobile banking drives costs down. According to Javelin, “down” meant an industry-wide savings of $1.5 billion in 2013 alone.
• Mobile banking is a sticky product. Once customers are comfortable with an app, they are loath to give it up and face having to learn a new one.
• Banking-by-tablet has begun to outstrip banking-by-smartphone in terms of time spent and number and complexity of transactions. No wonder: tablet screens are bigger and, therefore, easier to use. Caution: Do not use this as an excuse to neglect smartphones. When it comes to quick, on-the-move transactions, smartphones still reign.
• Mobile deposit is a must. Banks offering mobile deposit see a per-customer increase of about 30 percent in logins and about 60 percent in transactions.
• Besides offering a killer suite of mobile products, you must pour energy and resources into signing on customers. Your early-adopting competitors are unabashed about raiding your customer base. This is no time to be shy.