Having survived the crisis of 2008-2009, banks no longer want the risk associated with interest rates. Banks want customer loyalty, want to get the transaction and commission income streams that do not depend on fluctuations in the credit market. For them it’s the main driver in a rapidly changing market. Banks are turning into IT companies with banking licenses.
Forrester Research found that many banks continue to neglect marketing, sales and product research on tablets and smartphones. But even with this Forrester predicts that in 2015 more than twice customers in comparison with 2014 will investigate financial products through mobile devices.
The percentage of customers who will purchase new financial products through mobile devices, will also grow. The role of generation Y, which values the creative approach and becomes a major consumer of financial products in the future is especially important.
Customers used to come to a bank office at most once a month, more often – once a quarter, to solve their problems. The bank had only a few contacts with customers during the year, and these contacts were times when the bank was able to sell something.
With the advent of online banking contacts increased, it began to occur once every one to two weeks. The client comes to the Internet, pay bills there, transfer money, checks something.
The next step is related to the continued rapid growth of social networking, mobilization, the penetration of smartphones. People are used that a very large part of their interaction with the outside world is through mobile phones. All kinds of social networks, news, notice, personal and corporate email, chat with people, messengers – many things began to occur through the gadget, which is in the pocket and is constantly close to someone 24/7.
For the bank, this means that he has a 24/7 point of access to the client. This gives an opportunity to radically increase the number of contacts with the client. The bank has to make sure that the client would want to interact with it. It is clear that if it takes a long time to log in into mobile banking only to check the balance, a customer would still do it only once a week.
In the next post we’ll talk about easy accessible and affordable ways that banks can use to reach any person with a mobile phone and vice-versa. Stay tuned.