3 Rules to compete in mobile financial services

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Traditional conversion paths are becoming less relevant within a volatile market and with higher expectations from customers. To keep up with competition, Banks and financial companies must switch from traditional services to more personalized and dynamic solutions. Customer must be at the centre of the strategy not only to achieve better products, but also to acquire new customers.

These three subjects try to highlight the most important issues to succeed with mobile financial services.

1.-Improve customers experiences and insights

As many already know, in the internet century, products must be conceived on customer’s viewpoint. So what do these mean for financial services specifically? One key is simplicity. Financial services can be complex, so mobile services can simplify them and generate very useful insights on customers financial situation and opportunities.

Simple and LearnVest are two companies that are taking these principles to the core of their business, adding services that help their customers to improve their financial decisions and achieve their goals. They actively help people to save for an important event, such as a wedding, or to know how much money can be spent in the rest of the month.

JP Morgan Chase & Co have provided educative services to help people with their savings, and also to guide them with relevant financial decisions such as the best time to acquire a debt, or to invest.

Financial services are helping customers with daily and important financial decisions. Mobile technology is a key aspect to improve these decisions on users, delivering just-in-time targeted messages at the right moment. These services generate great value to consumers, increasing engagement among customers.

2.-Intelligent omni channel notifications

On a Forbes article, Michael DeFranco &  Michael Halloran said that mobile notifications are a central trend for 2015 in financial services, highlighting that these features bring new insights and real-time opportunities to customers, improving very important aspects of their lives.

With mobile notifications, banks have improved their relationship with customers, offering services that interact with them personally, based on their needs. With more customers using these services, banks have increased their revenues.

Each time a message is delivered to a user’s device, regardless if it is push notification, an in-app message or an SMS, it is important to keep in mind that you are disturbing their daily activities. Therefore it is necessary to deliver the correct information to the right audience at the right time.

Having all the information of customers on a single database is very important to avoid SPAM. The integration of all channels on a single place, alouds to manage intelligent and responsive notifications based on customers behavior.

3.-Act quickly

The fast growing market of mobile and the constant development of products, must be seen as a motivating challenge that companies must embrace quickly and effectively. Some of the greatest apps took less than five months to be integrated in customers devices.

Mobile solutions must be easy to use and must bring significant value to users. To achieve these goals, they must be developed within a short timeframe focusing on solving specific problems. That way, solutions can be adaptive and responsive to the changing trends in today’s world.

Jerod Laughlin, VP from Digital and Online Marketing on H&R Block, said on a Think With Google article, that financial apps must be

Less focused on one giant app and more on smaller executions that are need-based. We have got to take the old models and throw them out. It seems like there’s too much fear around trial and it’s holding back the entire industry.

If you want to go deeper on these subjects, download our Whitepaper:

Finance: New ways to reach customer engagement through mobile services

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