3 Mobile Marketing Strategies to Improve Customer Experience in Financial Services & More

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Did you know that 37% of modern customers want their banks to be like Amazon? This isn’t a surprise given that digital giants such as Netflix and Amazon are changing the game for customer experiences (CX), in every industry. Today, we discuss:

  • Trends indicating the need for better CX and greater personalization
  • Three tips to improve CX on mobile banking apps
  • Why persona and localization must always determine your mobile marketing strategy

Recently, banks have come under scrutiny for their ability to deliver personalized customer experiencesOpens a new window . Unlike several other consumer-facing industries (FMCG, lifestyle, tourism, etc.) the banking industry is highly regulated, making any kind of digital transformation difficult. On the other hand, banking customers are evolving rapidly, with a large segment now comprising millennials or digital-native users. In fact, 37% of banking customers would want their banks to be more like Amazon in terms of customer experienceOpens a new window !

That’s why players in the Banking, Financial Services & Insurance (BFSI) sector are proactively trying to improve their CX capabilities, specifically through their mobile apps. Mobile apps Opens a new window offer them a way to engage with their customers on a personal level. Let’s look at how you can leverage the power of mobile apps to reimagine CX for the digital era in any industry, especially banking and finance.

Learn more: The Balance in Banking: Digital is Convenient but Consumers Still Want a Personal ConnectionOpens a new window

3 Strategies for Superior Mobile Customer Experience

Customers are eager to receive personalized services in banking with 80% even ready to share their personal data Opens a new window to power this transformation. On the other hand, financial service providers have a long way to go to bridge the gap between existing systems and customer expectations.

Is there a hack, a pro-tip, or a basic, easy-to-apply idea that can make a difference? Let’s look at three intelligent possibilities.

#1. Paying attention to micro-moments
 

Any consumer journey (in the BFSI industry or elsewhere) is made up of multiple moments of truth stitched seamlessly together. These cumulatively lead to larger decisions, such as conversion or drop-off. It is essential for mobile banking apps to identify and fine-tune these critical micro-moments. For marketers, this means looking beyond simply enabling an online bill payment or service subscription. The following micro-moments could be streamlined for better CX:

  • Completing the KYC process of verifying users via digital document uploads, e-signature, and mobile camera integrations
  • In-app data processing from PDFs to structured documents
  • The automatic flow of data from one form to another, for example, from salary slips to tax returns
  • Better control on transactions via scheduling and canceling options, much like one can schedule or cancel communication on Gmail

The future of customer experiences in financial services is definitely paperless. Digitalized micro-moments won’t just help meet your current users’ expectations, but it will also future proof your brand.

Learn more: How Deep Consumer Insights Can Help Bank Marketers Navigate DisruptionOpens a new window

#2. Hyper-personalizing CX using Machine Learning (ML) and Artificial Intelligence (AI)
 

As 95% of customersOpens a new window are fine with sharing private information for personalized and convenient services in return, marketers can combine this data with AI and ML algorithms to glean insights and send out personalized offerings in near-real-time.

The level of intuitiveness provided by Netflix’s algorithms is such that the system knows exactly what users want to watch, can help them pick up from where they left off and can adapt to changing viewing patterns. Similarly, AI and ML can make CX Opens a new window in banking more sensitive to an individual customer’s requirements.

Major strides have already been made in this area. Bank of America celebrated ten years of mobile banking with the launch of an AI virtual assistant named Erica. Erica uses predictive analytics and cognitive messaging to tweak financial advice for customers, just like Amazon or Netflix creates personalized recommendation lists for each profile.

The app’s adoption rates reaffirm the feasibility of this technology – Erica gained a staggering one million new users in just three monthsOpens a new window !

Learn More: 

Customer Service Vs Customer Experience (CX): Key Differences And SimilaritiesOpens a new window

#3. Breaking down existing barriers with the power of APIs
 

Unlike most industries, financial services have gained a reputation for operating within a closed ecosystem. This was necessary for security and customer data protection, as there was always a risk of an external breach, via mobile. Now, mobile app development tech has evolved by leaps and bounds. It is possible to establish a secure transaction ecosystem despite varied integrations with third-party providers.

In the banking industry, third-party integrations could be a major boost for CX. Loan services can be directly linked to real-estate websites or online auto dealerships. Electronic payments can be used to make in-app purchases. Digital wallets can be set up for deferred payments, leading to greater convenience for the customer – the possibilities are endless.

Open application programming interface (API) technology Opens a new window will be key to this trend. You can leverage APIs to set up an open banking interface, with appropriate security measures in place to govern transactions. APIs also make your mobile app easily scalable, to quickly onboard new third-party providers whenever the demand arises.

In China, Alipay and WeChat are steadily strengthening their partnership Opens a new window to promote a paperless – and cashless – customer experience in financial services. The duo offers a variety of cross-vertical services, available on a single mobile app.

Learn more: 6 Ways Conversational AI Supercharges the Bank Customer ExperienceOpens a new window

Don’t Forget About Differing Personas: A Note for Successful Implementation 

Marketers must remember that banking habits vary significantly across geographies and customer demographics. In China, for example, the WeChat app enjoys near-ubiquitous adoption, making it an excellent channel for financial services distribution.

Also, tech-readiness will differ across generational divides with a significant gap between Gen Z and baby-boomers. There could be users who are generally skeptical about technology intervention in their daily lives.

Factor in all of these elements when reimagining customer experience in your mobile app no matter what industry you belong to. Your goal should be to reach the widest possible cross-section of users (everybody needs banking), provide enriched experiences designed for customer loyalty, and most importantly, ensure that users aren’t compelled to leave the app due to poor functionality.

Learn More: 

Top 5 B2B Customer Experience (CX) Best Practices for 2020!Opens a new window

Remember, the real challenge and the true test of your mobile app’s success is its ability to combine those two vital characteristics of a good service: great convenience with robust security.

Are you ready to upgrade your app’s mobile experience for the new-age customer? Tell us on LinkedInOpens a new window , FacebookOpens a new window , or TwitterOpens a new window .