Solving Growth Challenges with Mobile Banking

Growth happens in mobile. Relationships happen in mobile. The future of finance is mobile. Recent MX research found that 91% of consumers say a good mobile experience with their financial providers is important.

This tells us that mobile and digital banking experiences are top of mind for consumers across the board. Consumers are used to clean, straightforward, and automated experiences across their other day-to-day experiences. Finances are no different. 

Recently, MX’s Chief of Staff and Head of Product Crystal Anderson and Head of Revenue Matt West discussed the top challenges that financial providers face today — and how a strong mobile banking experience can provide solutions.

Watch the full webinar here.

Challenge: The Expectation Gap

Today, there is a significant gap between what consumers expect from their financial institutions and what financial institutions actually deliver. In fact, MX research found that 66% of consumers expect greater levels of personalization than ever before. But, financial providers are often missing the mark.

As Matt said, “The reality is most institutions are still catching up. Not because they don’t care. But because moving fast with old systems and layers of compliance can be very hard.” 

Too much dependence on legacy systems makes it hard to meet those customer expectations, even when they’re doing all they can.

Solution: Personalization Through Digital Solutions

Turning to digital solutions like mobile banking apps that emphasize human and personalized experiences can close the expectation gap. As financial institutions work to juggle various customer requests, better digital and banking experiences can put more functionality into the hands of customers — not only meeting, but exceeding customer expectations. 

Challenge: Data Without Relationships

Financial institutions have mountains of data that tell them where consumers are spending money, what additional financial accounts they have, and their deposits. Unfortunately, simply knowing your customers’ surface-level financial information does not guarantee a relationship.

Building those relationships are essential today. MX found that 40% of consumers now use a non-traditional digital banking provider. Crystal shared, “Consumers still trust their banks. They keep their paychecks there. But they’re going elsewhere for help with planning, saving and feeling in control of their money.”

Solution: Combine Data and Relationships

While data in itself doesn’t equal a relationship, data is an essential piece to helping financial institutions build strong relationships with their customers. Turning data into action creates the opportunity for financial providers to become a dynamic contributor to consumers’ financial lives — instead of a place where consumers hold their deposits. Think: providing a 360-degree view of their finances, personalized nudges towards financial goals, and more.

Challenge: Losing to the Competition

Fifty-seven percent of consumers say they’d find a new provider if their current one couldn’t deliver the mobile features they want — according to MX. More than half of consumers are willing and ready to make a switch away from subpar mobile experiences.

And, people are switching based on convenience, not loyalty. The days of staying loyal to one financial institution for life are over. Digital banking solutions available to consumers whenever and wherever they want have created one key truth: financial providers have to fight for their customers.

Solution: Drive Engagement Through Mobile

Consumers have multiple mobile apps for finance-related tasks. Prioritize your mobile growth strategy to bring consumers into your mobile app — and get them to stay. You can do this by creating a dynamic, engaging experience.

Don’t just tell consumers their savings account balance. Find out what their savings goal is and show them how they can achieve it. 

Don’t just show consumers their recent transactions. Help them identify where they’re spending their money. 

Don’t wait for your customers to recognize an irregular transaction. Use the data to recognize potential fraud and flag it immediately.

Financial providers can offer so much more than basic financial statements. Meeting customers where they are — in their mobile banking app — can help providers thrive in the face of competition.

Solve Digital Challenges with MX

MX is the ultimate solution to solving all of your digital banking bottlenecks. MX helps financial institutions provide consumers with better digital banking tools — and take control of their financial journey. When MX powers the mobile experience, growth follows. Deposits grow. Loans increase. Engagement deepens. Discover MX to boost your mobile banking strategy and experience real results.

Watch the full webinar here.