Picking Your Mobile Banking Strategy
In case you haven’t heard, mobile banking is now the bee’s knees. In fact, using the Quantipulation Method, we can see that offering mobile banking will increase your customer retention rate by 75%. But in case that statistic didn’t work for you, it is a fact that mobile usage is growing.
Here are some statistics from comScore’s quarterly report:
- 97.9 million people in the U.S. owned a smartphone (40% of all mobile subscribers)
- 74.3% used text messaging
- 47.6% downloaded apps
- 47.5% used the mobile browser
So how does this help you with picking your mobile strategy? This should give you a starting point. Instead of having heated arguments about whether you should have an iPhone app, Android app, or use HTML 5, find out how YOUR customers use their mobile phones.
Years ago when I led a mobile banking project, the first thing I did was create and send a survey to our customers. Once I had the results, I then formed a list of vendors that lined up well with how our customers were using their phones.
How do you know which mobile banking strategy to pick if you don’t even know anything about your customers’ mobile usage? It’s pretty pointless to develop an iPhone app with RDC capabilities when the majority of your customers only use text messaging and don’t have smart phones.
So to help you get started, here is a list of some questions you should ask:
Do you own a smart phone?
If so, which kind operating system does it use?
a. iOS (iPhone)
b. Android (Google)
d. Windows Mobile
How often do you use text messaging?
b. 1-5 times a month
c. 1-5 times a week
d. every day
Do you browse the internet on your phone?
Do you listen to music on your phone?
Have you downloaded an app for your phone?
Do you play games on your phone?
Do you use social networking on your phone? (Twitter, Facebook, Google+, Pinterest, Foursquare, Gowalla)
Have you ever used your phone to find directions?
Have you ever purchased an item through your phone? (movie ticket, book, music, etc.)
Have you accessed our website on your phone?
Have you accessed online banking on your phone?
If we offered mobile banking, which features would you be interested in?
a. SMS/text alerts (daily balance, deposits, withdrawals)
b. Web mobile banking
c. Mobile banking app
d. Remote Deposit Capture
e. ATM locations
f. mobile payments
g. Person-to-person transfers
Once you’ve compiled the responses from this survey, you’ll be well on your way to setting a successful mobile strategy. So go on and get started.
Looking for a mobile banking vendor? Well check out FS Vendors to start your search.