Why you need to go mobile-first this financial year

Topic: Financial Service

As we’re approaching the end of the financial year, it’s time to think ahead. If there’s only room for one big change, we urge you to consider adopting a ‘mobile first’ strategy.Mobile FirstAccording to recent research by Google, more than 1 in 4 users only uses a smartphone in an average day, which is almost twice as many as those who only use a computer. Additionally, it’s estimated that by the end of 2021, 90% of mobile data traffic will be from smartphones.   While mobile first is a global trend, Australia is at the forefront of it. According to an international survey, Australian is leading the world in mobile banking. 38% of customers’ interactions occur via a smartphone or tablet, overtaking online banking as the most common way to do banking.The use of Mobile commerce is also soaring, with 1 in 3 Paypal transactions taking place on mobile. With the prospect of the new payment platform (NPP) which allows real time electronic payment among Australians going live in 2017, we are truly embracing a mobile-first era like no other time.  Instancy and Mobility are what mattersA recent survey about Australian banking consumers reveals a new type of customer – the Nomad – who favours instancy, mobility and innovative digital channels over the traditional banking model.They account for 30% of overall banking customers, have an estimated total liquid assets of up to 2 trillion dollars, and are up for grabs for anyone who can seize the moment and satisfy their demand of accessing services anytime and anywhere they need. In fact, more than three quarters of Nomads would be willing to open a bank account with Facebook, Google or other online service provider if it were on offer.This probably explains the rise of mobile only challenger banks and the increasing collaboration between traditional banks and fintech startups to address the demand of nimbler and more user friendly digital technology in financial service. Customer service and interaction is on higher demand The increase in demand of digital channels has also significantly increased the number of overall interactions a customer has with their service provider.61% of banking customers expect to have more online interactions across their lifecycle. In fact, a digital customer interacts 12 times more with their provider than a non digital customer (Source). In contrast to the rapid adoption of new technology, the biggest frustrations customers face with banks – failure to deliver on their promises, inefficient and slow customer service, and lack of interaction convenience – have been consistent for years and have yet to be addressed and resolved. Real time conversationsSo, while developing a mobile first approach is important, let’s not forget the key problem customers are facing lie in communication.To address this, the ability to initiate real time two way conversations with consumers across any touchpoint of their life cycle would go further towards meeting their needs. In such instances,SMS is the simplest and obvious answer. Whether it’s used for notifications, reminders or as a tool to conduct surveys, SMS enjoys the advantage of being instant and personal.It allows the customer to access and reply to the information at a time that is suitable to them. It is less intrusive than a phone call, and has a more personal touch than email.Most of all, customers actually want to be contacted via SMS. According to the AIMIA Mobile Phone Lifestyle Index, 51% of Australians are happy to receive offers on their mobile device.    Mobile first doesn’t mean apps are where it’s atIn some communities, a mobile application is seen as the ultimate solution to provide an optimized mobile user experience.While an app can be a powerful engagement platform, the fact that it requires download and installation present a barrier before the engagement even takes place. A custom built mobile web application (such as Esendex’s Mobile Journey solution), on the other hand, provides a more customer centric solution.It is designed to work on multiple devices and on their native web browsers to deliver the same user experience as a traditional app.Each journey is goal focused to eliminate distraction. It can be pre-filled with known customer information to provide a more personalised experience and encourage a higher response rate. Mobile first is something no business can afford to miss. If you are considering a complete end to end mobile experience for your customers, please contact our team at [email protected] or 1300 764 946.  

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Prachi Bametha

Marketing Coordinator, Esendex Australia