The mobile communication challenge
As the popularity of mobile banking increases so to does the range of banking features available.
Mobile banking is on the rise. Last week, global advertising network BuzzCity announced that almost half of all mobile users are now using their mobile for financial transactions, a growth of 60% from 2013.
However, despite this usage increase, the research also reveals that a large proportion of banking customers are still confused by the range of mobile features available to them. One in ten were even unaware that their bank offered a mobile banking service in the first place.
Lack of communication
According to BuzzCity, this is due to a skewed approach to communications. For example, efforts to market mobile banking services are done primarily by traditional means. TV was cited as the most used medium for promotions while only 16% of marketing spend was placed on mobile advertising. Essentially, providers are failing to communicate on the very devices they are offering their services on.
Customers left confused and frustrated
While this increase in mobile banking usage is definitely encouraging, the next challenge for financial services providers is ensuring they are effectively communicating with their customers in order to ensure they can use mobile services in the most beneficial way possible. If this communication gap is not addressed, the danger is that customers will get confused, frustrated and potentially stop using the service all together.
Banks need to get communication right from day one
It’s not just with advertising that communication methods appear at odds with the channel on offer. For example, often customers will receive a letter in the post to confirm that their mobile banking has been successfully set-up. Moreover, customers are able to check their current accounts or make a transfer on an easy to use, intuitive app. However, the moment they need to do something more complicated, such as make a request or change address or contact details, they are sent to a call centre, prompted to fill in a customer service form, or even asked to post a letter.
Many new entrants, such as digital-only banks will be getting communications right from day one. In order to keep up, traditional providers need to ensure they streamline communication processes. By doing so, they will be giving customers complete clarity and control.