The ongoing proliferation of mobile devices like smartphones and tablets is introducing a number of new demands by people around the world. Consumers want mobile gadgets to do practically anything at any time, allowing shoppers to keep making purchases, employees to continue working and financially-savvy individuals to keep banking, regardless of location.
A recent study of more than 600 consumer adults across the United States by customer interaction management application provider Varolii revealed that most respondents want a lot more from their mobile banking apps than they are getting. The survey found that Americans want real-time notifications about their personal finances and the ability to deposit checks remotely.
"There's an app for everything in today's mobile-driven consumer environment. And, as the economy has suffered over the past few years, consumers are turning to apps for financial management as well," said Brian Moore, financial services market manager for Varolii. "However, our study shows that most banks are failing to deliver on consumer expectations with first or second generation mobile applications."
Disparate consumer and bank expectations
While more than two-thirds of respondents believe it is the bank's job to notify an individual when his or her balance falls too low or a payment is coming up, nearly the same number of people have never been warned by the financial institution, the study revealed. Younger people in particular believe today's modern culture requires organizations to keep up, especially when consumers can simply take their business elsewhere.
"We believe that most institutions are operating on second generation applications. Today, institutions need to upgrade to the next level by embedding more proactive, rules-based outreach into their application code," said David McCann, CEO at Varolii. "It is also important to realize that smartphone apps are just one more channel that has to be orchestrated into a holistic customer experience across voice, text, email and mobile devices."
A separate report by The Financial Brand highlighted how the mobile banking industry is set to explode, especially as more consumers adopt smartphones, tablets and other next-generation gadgets. As they do so, individuals will expect the ability to perform nearly every action on their personal device.
If banks want to remain competitive, they need to prioritize data quality to ensure accuracy across the network and provide customers with unique mobile capabilities.