Success Factor Customer Experience: Meeting Customer Expectations in Mobile Banking

Research proves that customer experience directly affects the acceptance and popularity of a brand. Customers with an affinity for digital banking expect their bank to provide them with a mobile banking app that they like and that has value in everyday life. A well-structured innovation process enables financial service providers to develop solutions from the customer’s perspective and integrate them into their portfolio with little effort.

As early as next year, members of so-called Generation Z (those born after 1993 and raised on the Internet) will account for around 40 percent of consumers and spend around four billion US dollars worldwide. This is by no means an easy target group to crack: “Generation Z buyers may be young, but they are demanding in their expectations of brands and are anything but naïve; they attach importance to authenticity and quality” – and of course to the much-evoked phenomenon of customer experience. “If brands offer a fantastic user experience and can gain the trust of customers both online and offline, Generation Z is always willing to pay the appropriate price for it.” Since their smartphone is constantly in their hand, they are not easy to hoodwink in this area. “Digital brand experiences are important, but if they’re not individually tailored to consumers and their needs, they are of little use.”

Using customer experience to strengthen your brand

Generation Z is not alone with its demands. Banks would do well to ask themselves whether they, as a brand, correspond to what the young generation imagine. A survey of 1,500 consumers commissioned by us showed that more than three-quarters (76.7%) of 25-34 year-olds would enter into a new banking relationship for better mobile banking. The figure is almost 69% for all age groups. Only 31.4% are completely satisfied with their current app and just under 37% can imagine opening an account with a mobile-only bank in the next twelve months.

Above all, this last result shows that a good mobile user experience can be a great advantage for a good branch network. But it would be asking a lot from the established banks to come up with mobile banking just like that. The attempt to build a modern digital banking system within the banking landscape with their legacy systems would be like a 60-year-old athlete who wants to compete in the 100-meter sprint at the Olympic Games: apart from the odd bit of sympathy, he will not be able to win anything. So, instead, how about combining your own strengths – decades of industry experience and close customer contact – with the talent and technology of younger players?

Innovation process: What does the customer really want?

We presented how this can be done to around 80 visitors at our Demo Day in Zurich in May. A clearly defined innovation process ensures that banking apps are not developed without the customer in mind. Not what customers might need, but what they really need must guide us; not imaginary problems, but real ones. We have to find solutions to the problems that are not to the liking of the developer, but to the liking of the customer, and solutions that really support them in their everyday lives.

With Robi we have developed such a solution ourselves: The Personal Finance Advisor helps retail banking clients meet a challenge that is all too common: how to manage our own money sensibly and make sure we’re saving for the future too. The app analyzes the user’s spending levels and compares it with the average behavior of the user’s age and income group. From this, Robi derives savings targets and suggests concrete actions, such as dining out in restaurants less often. The app communicates with the customer via a chatbot in a friendly and straightforward way.

Different interfaces for clearly defined target groups

In order to meet the needs of clearly defined target groups as well as possible, we have developed multiple versions of the interface and, with Robert, Robi’s “big brother”, we now offer our own application for wealth and asset management. Primarily, it provides information about current events on the money markets as well as stock market events and provides forward-looking advice. Integrated into a bank’s IT infrastructure via the Digital Banking Hub, such apps meet the increased demands placed on user experience by customers, and help banks to assert themselves as strong brands vis-à-vis mobile-only banks.

We would be delighted to support you in developing applications specifically for your target audience. Get in touch with us today and learn more about how we can help.

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