Old Banking Systems Aren’t Going to Cut it for Today’s Consumers
Legacy banking systems could easily be blamed for stagnating growth and alienating consumers. On top of that, new digital and online-only banks are attracting the attention of your customers because they offer the services that you don’t. It may be time to put away the aging software and replace them with more modern management systems?
Banks Lagging in Customer Satisfaction
According to the Internet Trends 2015 report, mobile engagement is higher than ever. As discussed in “Transforming how retail banking works,” posted by Choon Yan on TechCrunch.com, consumers are spending three hours of time per day on their devices, compared to only one hour per day just five years ago. An increase in mobile traffic and smartphone subscribers indicates that mobile is changing everything, including the way people shop, work, find entertainment, and manage their money.
Unfortunately, the current banking apps aren’t providing the same level of satisfaction of the many other apps that consumers are using to make their lives better. As a result, many start-ups are picking up where traditional banks have left off. Digital and online-only banks are providing the speedy, mobile-based services that smartphone users are demanding; and this is having an impact on traditional retail banks. In addition to speedier online services, mobile banks don’t have the expensive overhead costs of bank branches or their cumbersome legacy systems, and are able to pass along cost-savings to customers.
How to Compete in Today’s Mobile-driven Banking Industry
Brick-and-mortar banks can avoid losing their customers to the convenience and cost-savings offered by these mobile-based banks by upgrading their technology. In addition to mobile apps, banks can use enterprise resource planning (ERP) and customer relationship management (CRM) solutions to bridge the widening gap with customers. ERP can be used to manage daily operations including financial and accounting operations and labor management and logistics, as well as to provide the business intelligence needed to protect shrinking profit margins and improve compliance with regulatory requirements. An innovative CRM solution can also be used to improve customer retention, strengthen these important relationships, and manage risk.
Outdated technology is outdated for a reason. Take advantage of all that modern ERP and CRM solutions can offer and win back the attention of your customers with improved services. Contact AKA Enterprise Solutions to learn more about wowing your customers with modern technology