How can banks maximise the sales opportunity on mobiles?

As more and more consumers opt to use smartphone devices to browse and purchase new products and services, we believe they will increasingly come to expect a seamless user experience when browsing banks’ mobile web pages and apps, as they have with mobile content outside of the banking industry. In order to capitalise on changing consumer behaviour, banks need to optimise their sales capabilities for mobile devices.

In part 2 of the Mobile Banking Series, we look into how banks are leveraging the sales opportunity in mobile optimised browsers and apps (both pre- and post-login). Our findings from last year’s report showed that activity in this area was falling short of its potential. The report highlights a number of trends and developments in this space from the last 12 months as well as areas that remain underutilised.

Select findings from the report:

We are seeing more and more examples of useful tools and calculators that are easy to use on a small screen while still offering valuable advice and effectively helping customers find the right products for them; these are increasingly being offered as part of both the web and app experiences.

The report also explores a number of stand-out examples of sales led approaches on the web browser, many of these coming from challenger/online banks. We highlight banks that we see as leading the way in terms of their approach to onboarding; those that offer a robust and convenient sales journey that stand out with a more engaging and customer-centric approach.

Additionally, while the report highlights a number of non-intrusive/targeted sales tactics in the app, this space still seems to be underutilised. Overall, we have seen little progress in terms of offering relevant and targeted promotions since last year.

Finally, we explore a key area of disruption that takes customers away from the mobile (and desktop) channel during the onboarding process; the need to verify their identity during applications. Banks have traditionally required customers to either send their ID documents to the bank via post or visit the branch to pass these checks. With the advancement of document capture technology and emerging mobile capabilities we have seen a small number of banks automate this process by allowing customers to upload their ID documents via their mobile device. Already, in last year’s report, we featured BNZ’s (NZ) mobile current account application that allowed customers to do just that. While the uptake of this functionality has been slow, it is beginning to take hold. In the UK, Lloyds Bank has become the first bank to announce that they will soon allow customers to upload ID documents using their mobile devices to clear ID checks. This report takes a closer look at different solutions that enable applicants to provide their ID while applying on mobile devices; looking at two banks that already offer these facilities and vendors that have developed solutions.

For more information and to purchase the report, please contact us today.

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