Banking customers have drawn a line in the sand. If their current bank or credit union doesn’t offer interactive, fast, and intuitive mobile services, they’ll take their business elsewhere. Here’s the handwriting on the wall: if financial institutions can’t stand and deliver on the emerging demands of today’s mobile consumer, they’re at unnecessary risk of being left behind.
All things considered, what’s a key innovation that’s enabling today’s leaders to overcome this obstacle and deliver new value in mobile banking? Three words: Native Application Messaging. The term comprises push notifications and an in-app message center which enrich mobile banking for both consumers and institutions.
Javelin Strategy & Research’s Mark Schwanhausser clearly summarizes the urgency for financial institutions to adopt mobile features such as Native Application Messaging:
“Consumers are jumping ahead in their use of apps and alerts to manage their personal, professional and financial lives. If banks don’t buy into the era of interactive finance, they will miss out.”
Standout reasons to adopt Native Application Messaging:
1. Meet customers’ new mobile demands. Today’s mobile users are now more discerning than ever. If an app isn’t providing value, there’s a high probability that they’ll delete it for good. Native Application Messaging answers your customers’ demands for more rapid, safe, and on-demand mobile services—ensuring relevance to the new generation of banking customers.
2. Regain product share. Financial institutions are losing their product share to competition both inside and outside the banking industry. To meet current mobile trends, institutions must create a consistent connection with customers’ new favorite channels—their smartphones and tablets. By leveraging push notifications to send alerts and offers to mobile banking users, institutions can be top-of–mind for all of their customers’ banking needs.
3. Elevate safety and customer experience. Customers’ account security is paramount. As opposed to SMS, the mobile feature’s in-app message center serves as a safeguarded inbox, requiring mobile users to authenticate for access to all information that their institution communicates to them. Plus, the feature improves customer experience by providing better account servicing through real-time status and account alerts.
4. Drive costs down. The mobile channel is undoubtedly the cheapest and fastest way to serve your customers. By sending real-time notifications through push and by connecting customers to banking resources through message center, financial institutions can foster more mobile transactions to drive down operational costs and reduce cost-to-serve.
5. Generate new revenue opportunities. According to Pew Research, the two most active demographics in mobile banking are Generation X and Y. Yet, these groups own the fewest banking products of any customer segment. By opening communication to the mobile channel, banks and credit unions can utilize in-app messages to gain ad space for marketing, cross-selling, and promotional content—helping to drive top-line revenue growth.
Learn how this feature delivers value to your mobile app in the form of increased revenue, cost-savings, better engagement, and optimal security through our most recent webinar Native Application Messaging – The Next Evolution in Mobile Banking. To view the Webinar video recording click the play button below.