FEATURE


The key to keeping your customers? Master mobile banking


By Chris Garrelts, Regional Director, StrategyCorps


If your bank has noticed declining customer retention rates as of late, it may be time to rethink your mobile strategy. While it may come as a surprise, “the personal touch” com-


monly associated with regional and community banks is no longer proving enough to maintain customer satisfaction. According to research conducted by JD Power, 2016 marked the first year that the biggest banks surpassed regional banks in terms of customer satisfaction, with Chase in the lead. In fact, 57% of Chase’s checking account acquisitions were


millennials, which suggests that a large part of why community banks are losing customers’ loyalty has something to do with their mobile offerings. Tese statistics can teach banks a critical lesson: at its core,


having the right mobile offerings means meeting customers with the convenience, instant access and additional value they have come to expect. Many components go into providing a positive mobile experi-


ence, but there are two keys to keep in mind: (1) make sure it’s user-friendly and requires a minimum amount of work from the user, and (2) go beyond the basics to provide additional value.


Looking to other companies outside of banking that have


mastered the mobile experience can also teach banks valuable les- sons. Tanks to leading apps like Starbucks, Uber and even social media apps, consumers now expect more from any app they use, including their mobile banking. Starbucks, for example, has transferred the entire process of


ordering a coffee to a mobile setting. Te Starbucks app works in conjunction with a network of geofences, prompting customers to initiate their orders when they’re near a store. Te customer can then complete their order in just a couple of clicks, even select- ing past order and payment preferences to expedite the experience further. Once they’re in the store, they can skip ahead in line, grab their coffee and go. Each order also accrues points, which the customer can redeem for free drinks and other perks. Starbucks has offered its customers ease, convenience and


additional value in one intuitive mobile package. While the app’s features aren’t directly applicable to mobile banking, banks look- ing to enhance their own mobile offerings would still do well to mirror the basic principles the app was built around. Your cus- tomer satisfaction depends on it.


While it may come as a surprise, “the personal touch”


com monly associated with regional and community banks


is no longer proving enough to maintain customer satisfaction.


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MIDWEST IND PEDEPENDENT BANT BANK MIBAN com MIDWEST INDEP NDENT ANC..com


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