Mobile Banking Experiences Can Build Customer Confidence

The COVID-19 pandemic has forced many industries to become more digital. The banking industry was no exception, and mobile app usage grew 40% in Q2 2020 alone. Yet this trend isn’t new.  Mobile banking was already in play long before the disease shut down branches. In some brands, Mobile banking adoption is already is the norm. For example, Bank of America’s mobile banking app is used by 70 percent of its consumer account holders. Customer experience leaders also tend to have powerful mobile banking platforms. USAA’s mobile app provides a central location for budget planning, credit card payments, checking account access, and investments. This convenience is just one reason they continue to lead Forrester’s CX Index. How can a bank, or any brand, build a better mobile experience?

Customer journey orchestration provides many powerful ways to make the most of the mobile banking experience. Two of these are uncovering customer journey paths with journey analytics and increasing the value of customer service through real-time orchestration. 

Journey Analytics To Understand The Mobile Banking Experience

How are customers truly using your mobile app? For most, interactions will be routine. This might be a login followed by checking their account balance. Perhaps instead they log in, open their checking account, and then transfer their money with a service like Zelle. But which of these use patterns result in higher customer satisfaction and which lead to frustration? Understanding the answer to this question requires that you invest in journey analytics. So how do you get started with journey analytics? 

You need to listen to all parts of the mobile banking experience to see how customers interact. But this isn’t trivial. 37% of banking industry respondents in a Harvard Business Review study reported that they saw little or no ROI from analytics due to inaccessible data. In the same study over 40% reported having low-quality data, or an inability to generate necessary data. This is a major obstacle to improving the customer experience at many banks. To solve this problem, your organization must share data between business units and across channels. The next step is to look for trends.

Discover Hidden Journey Paths

As customers interact with your business, they will sometimes behave in ways you do not expect. For example, if customers often visit a specific information page following a late fee notification, that might be expected. But what if the opposite happens? If customers often visit a page about fees prior to being charged a late fee, this could indicate a journey path that you were previously not aware of. By recognizing this unexpected journey path, you can begin to steer better experiences. One of the ways to do this is by giving better information to the customer service team. 

Customer Service Efficiencies: Turning Insight Into Action

Having a positive call center experience is possible when listening on a mobile banking appCustomers often dread calling the call center. The mobile banking experience has long been associated with wait times, automated menus that don’t understand customer needs, and generally poor emotions. But what if your call center representatives knew why the customer was calling before the customer picked up the phone? This sounds like a lofty goal, but it is necessary. More than half of customers report that their top CX complaints are having to repeat themselves (31%) and when representatives don’t have the information or knowledge to resolve their issue (36%). Customer journey orchestration can solve for both of these. 

A member of the Kitewheel team recently called USAA after having an issue accessing their account on the mobile app. Before a person even answered, the automated telephone service mention that they were aware of an issue. Then, the call center representative apologized for the problem at the very start of the conversation. This demonstrated that USAA was not only aware, but they were able to change the experience to acknowledge the problem. USAA isn’t the only business connecting live customer data with to their call center representatives. Implementing customer service efficiencies is a major use case for the banking industry and beyond. How can you implement these efficiencies? 

Dynamically Connect Mobile Banking Experiences With The Call Center

To maximize the customer service experience potential of your mobile app, you need to be listening to customer activities in-app. Not only that, your brand needs to be able to act in real-time based on that information. This requires that you invest in real-time decisioning that syncs their mobile banking activity with a profile and generates the best next action recommendations for call center representatives. These recommendations might be simple. For example, the customer service rep could apologize for an issue with account access. Alternatively, they may truly benefit from a different service your bank offers. Knowing their level of interest and knowledge in advance can help reps offer these suggestions.

Mobile Banking Experiences Are Here to Stay

Climbing the journey pyramid is the best way to improve the customer experience for your bank or other brand.What happens on mobile devices cannot stay there. As customer experience continues to define the competitive battleground for banks, you need to get mobile right. With real-time data syncing, journey analytics, and journey orchestration, it’s possible to deliver better experiences for your customers every time. For many banks, you’ve already invested in analytics and even data synchronization. To go further, you need to climb the customer journey maturity pyramid. In our guide to customer journey maturity, we outline key steps to make the customer experience great at your business.