Invest in Digital Today to Challenge Mobile-Only Banks Tomorrow (part 2)
In the first part of this blog, I explained why the emergence of mobile-only banks poses a serious threat.
While nearly all these established banks have mobile applications, these services are still often plagued by high profile outages. Many of these outages resulted from the complexity in merging new technologies with legacy systems, but as mobile-only banks don’t have these legacy systems underpinning their services, they should find it easier to deploy new technologies and minimise service degradations. With mobile-only banks geared-up to better serve customers in the digital age, how can high street banks compete?
For high street banks to reduce the impact these new banks have on their market share, they need to focus on the performance of their mobile application with the same gusto as mobile-only banks. If they can integrate their mobile application with their IT infrastructure effortlessly, and manage performance effectively, they stand a much better chance of outperforming their rivals.
To create and deliver an outstanding mobile application, it’s essential that banks monitor the digital performance of those services throughout the entire development lifecycle. If banks can identify problems early on that could eventually lead to service degradations, they can iron out any issues before they impact the customer. This can be particularly important when dealing with a complex web of legacy infrastructure – by seeing how each element interacts in the testing and development stage, you can have a clearer picture of where problems may occur and spot any integration issues before customers start using it.
During deployment, banks need to view the performance of their mobile application through the eyes of users in real-time, so they can intervene to resolve issues as they arise. By closely monitoring user experiences, banks can also identify the most popular interactions and determine which mobile transactions need to be improved to benefit the most customers. However, protecting the performance of a mobile application once deployed is easier said than done, as the service is at the mercy of external factors, such as the behaviour of a user’s device or network. To protect the user experience successfully, banks need the ability to profile user behaviour in relation to experience and monitor the underlying performance of their transactions across a range of devices and locations.
Committing to the customer
If banks can channel resources to maximise the quality of their mobile services, they’ll stand a good chance of nullifying the impact mobile-only banks have on their market share. As the market becomes increasingly crowded, the ability to manage performance to protect end users will be essential for banks to stay ahead of the competition. To put it simply, to compete with mobile-only banks in the future, the established institutions need to invest in digital performance today.