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/   Spotlight

Digital Insight proves that digital bankers actually drive increase engagement and profitability with their financial institution.

Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Cause and Effect: If you build it, will they come?

/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

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/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

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/   Insights

What does the banking industry as a whole have to do with Amazon, Microsoft and Apple? Just about nothing—and down the road, it may turn into a major problem (if it isn’t already). Consider...

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/   Insights

The team over at TROY pulled together an infographic on how to spot a fraudulent check. With more consumers using remote deposit capture to upload and deposit checks through their smartphones, it’s important to...

Fast Facts: Student Loans

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/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Reserve Banking: The New Radical Idea

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/   Insights

Banking is by nature a very conservative industry. That’s why the current buzz over ‘reserve banking’ is so interesting. Even the term seems innocuous, but the scenario it proposes is nothing short of revolutionary....

Financial Literacy Month: How are you celebrating?

March 22, 2013
/   Insights

With April approaching, it’s almost time to kick off Financial Literacy Month! Strongly supported by the United States Congress and the Financial Literacy and Education Commission, Financial Literacy Month aims to promote the importance...

When the Form Factor is the X Factor

March 4, 2013
/   Insights

Most of the discussion around technology and financial services focuses on software and related services—new apps and capabilities, upgraded tools for security, platform shifts in the infrastructure, etc. But there’s another angle that deserves...

In recent years, the proliferation of smart phones, tablets and web-enabled mobile devices has spurred nearly every financial institution to scramble and put together a mobile banking option for their consumers. It’s not just the growth of these technologies that is driving demand, it’s the users themselves.  Mobile users have been found to access their financial information 64 percent more frequently than non-mobile users.  As these consumers become increasingly more dependent on these devices, financial institutions are realizing that the first-generation mobile banking offerings are not sufficiently supporting the demand for anytime, anywhere banking needs, or giving financial institutions the ability to integrate all product and service offerings.  At what point did the existing mobile banking experience become obsolete?

It is time to start thinking bigger.  Financial institutions of all sizes must evolve their mobile strategy from a simple transaction only application – to a platform that allows your financial institution to offer all products and services via the mobile channel. In fact, it is projected that mobile banking will reach nearly 46 percent of all U.S. bank account holders by 2017.  To stay competitive, financial institutions must embrace mobile technologies to deliver a consumer experience that is both competitive and world class.  This will help mitigate the risk of losing customers in the coming years by supporting the consumer’s needs while simultaneously promoting products and services.  It is time to think in terms of a strategic channel that serves a virtual presence for a growing percentage of financial consumers.

Throughout our years of experience in the industry we’ve witnessed some of the nation’s largest financial institutions miss significant growth opportunities by not expanding their mobile strategies.  To help, we’ve compiled a list of the top five missed opportunities that are costing financial institutions growth and profit:

Top 5 Mobile Missed Opportunities:

  1. A mobile strategy is not just an app:  A good mobile strategy includes all the services consumers want and need – not just transactional banking. The strategy needs to consider how the app can be used to boost revenue, provide best-in-class customer service, as well as attract new consumers while maintaining and engaging existing users.
  2. Like a traditional branch – the user experience matters: Focus on this experience.  Users find it frustrating to continually enter log-in information for every mobile application an institution offers tarnishing the experience.  A positive user experience will quickly drive product adoption and usage, saving the institution tremendous amounts of time and money.  For example, a typical institution should experience an average savings of $4.15 in processing costs for every check that is deposited through their mobile platform versus a brick and mortar branch.  The app must also be fully customized and branded to align with strategic marketing guidelines.  It should provide the highest level of consumer self-service and provide answers to questions 24/7 to enhance the value of the mobile platform.
  3. One’s enough!:  One app creates a unified mobile presence.   Multiple apps lower adoption and confuse consumers.  The results are poor ROI and consumer adoption.  Give your consumers access to all product and service offerings in one downloadable app.
  4. Make the data work for you: Tracking app downloads just isn’t enough these days.  Your organization is missing out on valuable intelligence about how your consumers are interacting with your app.  Take advantage of analytic tools tied to your platform to learn about user preferences, engagement stats and true ROI data.
  5. Not monetizing the mobile presence:  Beyond simple banking transactions, the mobile app needs to provide opportunities to engage and serve the consumer.  The mobile app should promote products and enhance revenue opportunities through a great user experience, while also maximizing channel efficiency and lowering operating expenses for the institution.  ROI is created by offering products and services like loan applications, knowledge base  answers to questions with strong calls to action,  and new account openings to name a few.

For a growing number of consumers, the mobile experience is the only interaction they have with your financial institution. By avoiding these 5 missed opportunities you will develop a mobile strategy that encompasses all aspects of your business – from attracting new revenue and promoting products, to providing superior self-service. Done right, your mobile strategy and presentation should both increase productivity, revenue and profitability.

 

Amber Robinson is the Director of Marketing at SilverCloud, Inc.

Dan Chaney is the CEO of FI-Mobile.

 

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Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.