Does Your Bank Have An App For That?

Good hours, location, and great interest rates are all attractive when choosing a bank; however, more consumers are looking for banks with good apps these days.  A recent study suggests that consumers would switch banks for one with better apps.  In this era of mobility, banks need to go where their users are and it’s increasingly important to offer mobile options.

According to “For millennials, banking is all about the apps,” posted by Jeff Cox on CNBC.com, a recent survey by SNL Financial revealed that 26% of respondents indicated that they have switched banks based on a better app over the last year.  Nearly 53% of respondents felt that their current banking apps were lacking and 54% would switch banks if they could use their smartphones or mobile devices to access better services through another bank’s app.  Respondents also indicated a preference for branchless banking and were interested in opening checking or savings accounts from their smartphone.

Although improving apps is a priority for many banks, the process is challenging.  Apps are subject to false log-ins and other bugs, and users will quit an app that takes longer than a mere three seconds to load.  Having an app isn’t enough, the app needs to perform well and offer the flexibility and user experience that tech-savvy customers want.

Banks can deploy a robust customer relationship management (CRM) solution, such as Microsoft Dynamics® CRM, to get to know their customers better.  This insight can improve customer satisfaction and strengthen customer relationships.  In addition, insight into customer preferences can guide you to developing the programs and services that will satisfy those preferences whether they are online, on apps, or in your bank branch.  A centralized location for all of your customer-centric data will make it easier to identify trends with the data you capture.  You may find insights you can use to improve account onboarding or loan management and streamline account management activities.  Automated workflows can improve consistency with customer interactions and CRM puts the data in the hands of the customer service teams that need it, when they need it.

Banks may offer a number of advantages and incentives that attract new customers, as well as improve retention.  Contact AKA Enterprise Solutions to learn how to strengthen those relationships with CRM.

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Contributor: AKA Enterprise Solutions

AKA is comprised of professionals with deep experience in business, technology, and their respective industries. Our team members regularly share their knowledge and expertise through blog articles. We hope you find them helpful, and we welcome your comments.

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