The mobile-first banking world

Topic: Finance & DCAs

Google have reported that more than 1 in 4 internet users only uses a smartphone to get online, which is almost twice as many as those who only use a desktop computer.
You may be thinking “we have a mobile-friendly website” but unless you’re prioritising the mobile experience and making your customers’ mobile journey easier then there’s always more to be done.
Here’s our breakdown of the three areas where a mobile-first experience pays dividends.

1. Making a payment

In 2016, Visa reported that 74% of British consumers manage their money or make payments using their mobile phone.
This huge expansion in mobile payments hasn’t gone unnoticed by mobile operating systems, who of course presented their own solutions to the market.
Apple Pay usage grew 50% in 2016 (source), and while adoption of this sort of service still only represents approximately 30% of smartphone users, it’s growing every year (source).
Paypal, with its emphasis on mobile-friendliness (“Pay quickly and more securely with just a mobile number and PIN”) is the UK’s third most popular payment solution, accounting for over 20% of all purchases made in 2016 (source).
In short,  consumers are increasingly using their mobile devices to access their finances through apps and other solutions which means that demand is high.
Mobile first era for banking

2. Improving communication

There’s nothing worse for a customer than putting off an important phone call as they expect to be stuck on hold waiting in line. Offering a quick and immediate solution such as a text to callback saves your customers’ time and doesn’t deter them from getting in touch.
By promoting voice callbacks to your customers via SMS, email or letters, your customers will avoid premium rate calls, long queues and they’ll get to the right department first time, every time.
SMS accelerates the speed of communication.  Around 90% of text messages are read within 3 minutes of being received (source) whereas half of all emails aren’t opened for at least 6 hours. When getting in contact with your clients is critical, you need to rely on a system that is effective.

3. Improving customer service

According to OpenMarket, nine out of 10 financial service organisations feel like mobile messaging has a considerable or major impact on overall customer experience.

What does that look like in practice?

An increasingly popular way to gather feedback and find out what your customers are thinking is by sending surveys by SMS.
These short and simple questionnaires typically produce high response rates as mobile phones are often kept within arm’s reach, and can help you ‘take the temperature’ of your customer base, addressing issues before they become crises.
Our team presented a series of solutions for improving customer service in the financial services industry at a recent Mobile Marketing summit:

Mobile first is something no business can afford to miss. If you are considering a complete end to end mobile experience for your customers, please contact our team on 0345 356 5758.

Author Avatar
Jordana Makin

I'm the Marketing Team Lead for Esendex UK and Ireland, with a background in SEO and PPC. I'm always interested to see how our customers are using their products and want to deliver an excellent user experience.