The Art of the Possible in Mobile Banking: Building Better Relationships and Selling More Effectively
Celent has released a new report titled The Art of the Possible in Mobile Banking: Building Better Relationships and Selling More Effectively. The report, sponsored by Facebook, is authored by Dan Latimore, senior vice president of Celent’s Banking practice.
As consumers spend increasing amounts of time on their mobile devices, Celent highlights how banks should use mobile to improve customer relationships and sales. Key recommendations include partnering with nonbank properties and improving the experience across brand building, intent reinforcement, and purchase execution.
The research explores the richness of mobile experiences. Mobile is multifaceted: it is a platform (hardware, including new developments like wearables and force touch), a source of experience for users (media, account opening, servicing, emotional engagement), and an aggregator of user information (camera, GPS, biometrics). Each aspect plays a role in beginning, developing, and nurturing a banking relationship.
“Banks need to go where their customers are spending their time on mobile: social media and entertainment sites,” says Latimore. “Generating awareness there is a critical first step in introducing new customers to the brand.”
“We strongly believe that nonbank experiences are setting the bar,” says Neil Hiltz, head of global financial services strategy at Facebook. “Using Celent’s expertise, this report shows banks how they can learn from other industries to keep up with advances in customer engagement throughout mobile sales cycle to maximize their efficiency, scalability, and long-term profitability.”
Celent recommends that banks focus on three key ideas as they consider the customer’s path to purchase:
1. Focus on awareness and brand-building through on- and off-bank mobile destinations to ensure inclusion in the customer consideration set.
2. Represent products and services well through multiple, mutually reinforcing channels.
3. Bring sales channels up to today’s mobile standards.