Antoine Hemon-Laurens has a strong expertise in Digital Transformation and Customer Engagement solutions. His role at Quadient is to drive product strategy and to conceive innovative solutions helping insurers and banks to better engage with their customers. He focuses on mobile solutions, customer engagement, digital signatures and new technologies such as blockchain and artificial intelligence to help enterprises grow their revenues and reduce their operational costs
In a recent blog article titled “Mobile Banking is dead," Dharmesh Mistry shares the latest mobile application trends. In the article, Dharmesh points out how the banking industry is moving from transactional communications to experience. Customer experience is the real engine driving changes. Fintechs and venture capitalists have understood it for a long time. Hence the reason why this multi-billion dollar industry is developing while traditional banks still struggle.
Mobile solutions with Open banking, PSD2 & GDPR will act as change accelerators
Dharmesh argues that the banking industry will move from delivering general purpose mobile banking applications from which customers manage all their needs, to a few apps addressing single paint points such as payments, money transfer, balance check, etc. This change is bound to accelerate with Open Banking, PSD2 and GDPR in the EU as competition will have access to other bank customer profiles and will be able to service them with solutions that deliver state-of-the-art experiences.
Banks must become more agile & efficient to improve mobile and web CX
With customer experience becoming the new battleground, financial institutions must upgrade their capabilities to react fast. I worked with a Tier 1 bank in the US that has more than 7 teams contributing to one B2C mobile application and their website. The result is as expected:
- expensive to run,
- lagging the competition,
- disjointed web and mobile app capabilities
- unaligned branding
Having a leaner and more agile organization would help speed the delivery process and improve overall customer experience. Building mobile applications or mini websites to address single customer pains points may be a solution.
Mobile applications fatigue is risk
A recent trend in customer behaviour indicates a fatigue in mobile applications usage. This would imply that general purpose apps still have a future despite being expensive and not optimised for all use cases. Although this trend is important to consider, it does not change customer needs and appetite for convenience and ease-of-use.
Technology constantly evolves to meet customer expectations.
Today, Google proposes to address app fatigue with PWA (Progressive Web Applications) and Instant Mobile Applications. The difference between the two is explained in Rebecca Sentance's article. Apple does not yet have a standard or solution to match Google, but there is no doubt they will come up with smart ways to achieve similar goals. Chatbots, messaging applications and Siri, Cortana Alexa & Google Now virtual assistants provide new interaction channels. WeChat in Asia is a great example. Enterprises including banks are pushing communications in messaging applications. However, banks will risk losing control over their brand and customer communication. For more on this, check out a previous blog article I wrote entitled: Imagine WeChat, WhatsApp or Messenger-like Enterprise Apps for Communicating with Customers.
The future remains mobile
Customers will decide what the best is for them. Banks need to become even more agile to embrace new mobile technologies that will improve customer experience. Mobile solutions and true omni-channel experience will continue to be key differentiators in an industry facing up to other massive disruptions like peer-to-peer services supported by the Blockchain.