This article was published on thefinancialbrand.com.
These days, simply offering mobile banking is not enough. Unless it’s easy and convenient to use, consumers won’t download an app or use your mobile website. Research reveals that 84% of financial institutions rate their current mobile experience a seven or higher on a 10-point scale, many are flattering themselves.
They aren’t entirely delusional though. Executives in the banking industry also acknowledge room for improvement to address significant customer pain points. Financial institutions report that 56% of their customers encounter some degree of trouble completing routine personal banking tasks like making deposits and paying bills on mobile devices. Another 52% have issues accessing their personal financial information in real time. Considering these tasks are usually the primary purpose people use mobile banking tools, it’s troubling that more than half of consumers are having such basic problems. Does this really sound like an experience that scores a “7” out of “10”?