Technology and banking: Part 1

It is becoming common for bank tellers to inform customers of the various banking functions that can be done at the A.T.M., home computer or mobile device to allow for and offer more customer convenience.  For the most part, most of these transactions by technology consist of fundamental tasks such as making a deposit, withdrawal and balance inquiries.

Yes, it is true that most banks now offer online and mobile banking apps that allow users to accomplish some banking tasks. However, let’s compare these apps to what contemporary service companies offer their customers in ways ranging from limited assistance to total self-sufficiency.  Consider the Expedia mobile app. It is truly a full-service, do anything, from anywhere app that allows such things as booking flights, hotels, cars, airport-shuttles. You can check in, check out, buy tickets to parks, museums and tours, earn points, and make referrals while sorting all of the options by price, ratings and more.  This of course, limits, if not, eliminates the face-to-face interaction that provides greater opportunity to pitch products and services. Perhaps, there is the best of both worlds of offering the convenience of technology with personal interaction.

It is estimated there are more than 1.5 million apps available to consumers offering every service and convenience imaginable. However, at a time when consumers can schedule haircuts, a massage or dentist appointments simply and successfully via their mobile device some of the banking procedures seem a bit outdated and cumbersome.  If the tactic for an active and available teller is to encourage a customer to utilize the A.T.M. or a mobile app than the technology should over compensate for the reduced customer service and human interaction.  -Or better yet, combine the two.

It is still common for a customer to walk into a bank intending to speak with a representative and wait in a chair until their turn or an available time. Wait. What? Wait? Who waits anymore? With an app scheduling feature, a customers can walk off the street, be caped, cut and squared up at a barbershop with mobile app technology, but have to aimlessly wait at a bank for a representative, then start from the very beginning as to their purpose for being there? This is inefficient for the consumer and the bankers.  Additionally, without the banker logging a tremendous amount of information from name, email, address, and phone number, there is very little effective and controlled way of keeping a connection open between the customer and the bank. More importantly, vital information that can greatly increase the customer banker relationship by providing customized and targeted messages to customers based upon the data gathered through technology is easily lost. In addition to creating a more efficient and convenient experience via technology it is a remarkable to establish and grow a rapport with the customer that is custom to their banking wants and needs. This technology based dialogue is an added layer to the face-to-face customer service already in place and allows for ongoing communication outside of the bank. This is ultimately the power of utilizing technology to interact with your customers.

It is proven that consumers prioritize their apps in order of usage, of which, is based upon the apps that offer the most information and resources both pertaining to the app industry and general information such as time, date, weather, notes, appointments, games and trivia.  According to Statistica, a company offering statistics and studies from more than 18,000 Sources, this month, June 2015, business apps were the second-most popular category, and with a share of 10.33 percent of active all apps being business apps.  What do consumers want from a business app? They want user-friendly, customized information specific to them, convenience and added value ‘stuff’ of interest pertinent to the business. Statistica notes this ‘stuff’ as the time, trivia, quotes, weather and so forth. More importantly from the business aspect, this interaction allows you to understand and get to know your customers better and you have to know your customers to be fully able to serve them.

This editorial blog is Part 1 of 2 highlighting specific app functions that The Element Group can offer your bank in order to enhance and maximize the relationship you have with your customers while still encouraging and maintaining direct communication between you and the customer, but in a way that allows you to customize the information for an individual with the ultimate objective being a scheduled.  Our options provide quality information and the ‘stuff.’ Now that we’ve discussed the importance of providing practical and usable information to your customers via the use of effective apps we will follow up with six features that will elevate your presence within your customers prioritized apps and potentially make you a ‘go-to’ resource that keeps your brand front and center on your customers devices creating a daily brand awareness incomparable to any other.

GO TO PART 2 >>

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Article written by Brent Beckett for The Element Group.
Edited by Lyndsay Reese.