Right from businesses, to organizations and now even financial institutions are embracing mobility in a bid to improve user engagement, and boost conversion. In fact, mobile banking has become an integral part of almost every financial institution in the last couple of years. However, they still find difficulty in providing banking services and innovative mobile solutions together.
However, using the following latest mobile strategies can help you in shaping your financial institution:
1. Streamline Your Payment Process Using Effective Mobile Payment Tool
Long gone is the time, when person to person payment was handled informally. With the continuous rise in the development of new mobile devices, users who own a Smartphone or tablets can make or receive payments quickly, even on the move. According to Forrester, “the mobile payment market will increase up to $90 billion by 2017.” And so, it is very important that your institution is utilizing mobile payment tool that helps streamline the traditional personal payment system.
For example, you can make use of PayPal to facilitate users with the ability to make payments via mobile. This will eventually help you boost user engagement rate, which eventually will help in increasing your customer base.
2. Personalize Your Customer Experiences Via Mobile App
By providing users with plenty of products and services can help you give a competitive advantage in the industry. Thus, several financial institutions are making efforts to provide solutions that help increase their customer’s satisfaction level. This is why many banks today are not just offering traditional banking services via mobile app, but are also trying to market their products and services (like car and home loans, health insurance, etc.) through the app.
However, keep in mind that many other banks are also making use of mobile application to expand their reach to a wider customer base. Therefore, you must develop an app that can provide best personalized experience for users. Luckily, you can find several renowned Android app development companies and other app development firms that help develop unique and profitable applications tailored to meet their client's specific needs.
3. Save Your Time With Mobile Wallet
Thanks to mobile wallet, you no longer have to go through the hassle of managing cash, debit and credit cards. Though, debit cards ad credit cards made people opine that they can move cashless and still enjoy making payments, the increasing usage of mobile seems to have disrupted this flow. Put it simply, the advent of mobile wallet has replaced the traditional wallet. Though, going cashless may appear the new trend, but in the distant future payments will be made using digital technology such as Apple Pay or any other mobile wallet services.
The current generation is already making use of this mode of payment, which has helped in increasing its popularity. With mobile wallet, you won't have the fear of losing your credit and debit cards, and their information (including discount coupons and utility programs), since everything can be stored directly on your mobile wallet. Despite of the advantages mobile wallets also raise security concerns. And so, using any mobile wallet service is going to a potential opportunity as well as a challenge for banking institutions.
4. Make Financial Transactions More Comforting Using Wearable Technology
Possibly, you may choose to follow the same strategies that your competitor may be using to improve their user experience via mobile banking. However, in order to stand apart from the competition, instead of doing the same things like your counterparts, it would be much better if you’ll embrace some latest technology. Current generation users enjoy using wearable devices, and thus leveraging it can provide you the opportunity to deliver great customer experience.
Wearable devices such as smartwatches and others when connected with your app, helps in delivering financial information on the move. Although wearable devices are still considered new, but their market is projected to grow, up to US$8 billion by 2018. In fact, some well-known banks in Spain are making use of Google Glass wearable technology. So, opting for such a technology will definitely place you in a good position as a financial enterprise.
5. Focus on Reducing Risks Associated With Security and Authentication
With increasing security vulnerabilities, security has become a big concern for almost every financial institution. According to the Norton 2013 Report concerning cybercrime, it was concluded that inaccurate authentication methods were the primary reason that caused maximum mobile fraud incidents. And, the worst part is that consumers aren’t taking any proper measures to protect their information against attacks those devices. For instance, people don’t bother using strong password for verification, making it an ineffective way to access critical financial information. Remember, not being able to take correct security measures in the banking sector can result in huge loss. Thankfully, biometric identifiers can help banks in dealing with such authentication challenges.
For example, you can use fingerprints to identify an authenticated user. In fact, using fingerprint for authentication is an easy and user-friendly approach compared to password since it saves you from the hassle of remembering it.
Nowadays, almost every business to financial institution is facing tough competition. If you run a financial institution, then it becomes crucial for adopting mobile strategies and trends that can help you run efficiently and effectively. Besides, using latest mobile trends will help in growing trust among customers and help increase ROI. Most importantly, using the mobile solutions effectively will help make the banking experience as smooth and seamless as possible for yourself and your clients.