Mobile-first banking continues to evolve. Looking ahead, increasing use and the growing demand for new features are expected. Consequently, financial institutions (FIs) with mobile banking already in place shouldn’t become complacent, and those FIs without a mobile option will need one for their account holders and prospects.
Defining your strategy for mobile success
An FI will better guarantee mobile-first banking success by having a strategy — a well-thought out, proactive one. Q2 recommends an approach that adheres to two parallel tracks.
First, an FI needs to gear their business to the mobile-first era. To grow business beyond simple transactions, a mobile-first FI must invest in R&D and create mobile-first products that add value to account holders’ lives or businesses in a time of constantly changing expectations.
Next, they must solve the mobile-first technology puzzle. In addition to developing mobile-first products and services, an FI must invest in changing how they deliver these new products and services, in a way that meets the needs and standards of both consumers and businesses.
Future-proof for continued success
Banks and credit unions must prepare effectively for mobile banking implementation and ongoing adaptation. This means laying the right foundation now to meet the requirements of the future — one built to attract new customers, increase revenue through upsells and cross-sells, and enhance loyalty.
Based on Q2’s knowledge of the mobile banking market, as well as the research of major advisory firms like Jaguar, Mercator, Fair Isaac Corp and others, a solid mobile foundation will incorporate these current and emerging must-haves:
Internal Resources or Partners
The most successful mobile-first organizations focus the bulk of internal resources on advancing their business-innovating the new products and services their customers demand-and turn to partners to meet the technological challenges of becoming mobile-first. The right technology partner can help an FI scale smart and accelerate the time to a mobile-first culture by empowering employees to reach and serve more customers efficiently and securely.
If you’re an FI without a strategy for mobile-first banking, you run the risk of not acquiring new account holders, jeopardizing your relationship with existing ones, and creating uncertainty about your institution’s future among staff. Granted, it can be difficult to change from an in-branch model to a digital banking base geared to mobile-first users. However, if done correctly — with carefully honed planning — FIs can win new account holders and strengthen existing relationships.
Find out what’s ahead for mobile-first banking and get more tips on getting your strategy rolling by reading “A Practical Guide for How Financial Institutions Can Win in a Mobile-First World.”