BY STEVEN J. RAMIREZ
While there has been tremendous growth in
mobile banking adoption, most banks are not fully
taking advantage of the technology’s capacity to
enhance customer experience.
LE VER AGING
FACED WITH A CONFUSING ARRAY OF PRODUCT AND PRICING CHOICES, con- sumers have learned that their smartphone is their best friend. A recent study from the Federal Reserve indicated that 44 percent of smartphone users have comparison shopped with their phone while in a retail store.
Of those savvy, mobile-equipped shoppers, 68 percent changed where they made a purchase based on
their instant research. With mobile technology fundamentally changing the way people choose and buy,
is banking subject to these same dynamics? How long before visitors to your branch are comparing credit
card terms or checking account packages via their smartphone, as they sit across the desk from a banker?
With the widespread adoption of mobile technology has come the realization that information can be
available in an instant. Even more to the point, with a smartphone, you can receive exactly the information you need in precisely the moment that you need it. Google Maps can advise you on real-time traffic
conditions; Amazon can provide pricing and product reviews; and Facebook allows you to message a
friend to obtain advice you can trust. These companies have set the bar high when it comes to delivering
on the promise of mobile. When your customers evaluate the experience they have with you, they aren’t
just comparing your company to other financial institutions but with all other types of retail businesses.