As technology rapidly advances and evolves, it’s becoming increasingly inseparable from many aspects of our everyday lives.
Technology’s influence has fed into traditional banking methods, how people prefer to manage their finances, and what they expect from their banks.
To keep up with today’s ever-changing financial landscape, it’s essential to stay on top of these developments, including comprehensive and flexible mobile banking apps, to remain competitive and provide the most value to your clients.
And with 78% of Americans favoring mobile banking over in-person banking, it’s pretty clear that the demand is going to continue growing.
Let’s delve into how offering mobile banking can benefit your banking organization.
1. Reach a younger, broader audience
While most people now tend to do their banking online, this is even more true for younger generations.
97% of millennials use mobile banking apps to manage their finances.
If your bank isn’t offering mobile banking to your customers, you’re going to alienate your organization from a massive demographic of people who want to almost-exclusively bank online.
By offering more online services, you improve your chances of attracting customers of all ages, expanding the parameters of your target audience, and increasing your potential for growth.
2. Enhance user experience
Meeting the demands and expectations of your audience naturally improves their experience and perception of your organization.
Not only this, mobile banking provides an easier user experience for your customers in terms of accessibility and convenience.
It allows your clients to log onto their personal account whenever they need to, from wherever they are.
Gone are the days of spending your entire lunch hour standing in a queue just to cash a cheque.
Users can now make payments, transfer money, and access insights and analysis to organize their spending from the comfort of their own homes using their online banking app.
Offering a better user experience to your customers makes them more likely to remain loyal customers of your bank and continue financing with you.
3. Reduce operating expenses
Operating in-person banking services involves a lot of overheads.
When you give your customers autonomy over their banking and allow them to carry out simple banking tasks online, it frees up a lot of labor time, reducing your daily operating expenses, and allowing you to invest that money into growing your organization.
Online banking also processes transactions faster than traditional banking, making your operations more efficient while making your clients happier – an overall fantastic return on investment for your bank.
Customers no longer need to worry about the safety of online banking thanks to advanced security features and two-factor authentication, keeping their sensitive information encrypted and secure.
Need help getting your mobile banking platform noticed by a wider audience?
As digital marketing experts for financial institutions, we can help you reach more of your target clientele by establishing a powerful online presence for your bank, helping you rank higher on Google, and creating a stronger perception of your business by mastering your branding.
We work with you to develop a marketing strategy that reflects the core of your company identity and speaks to your customers so you can achieve the kind of growth and success you’ve always dreamed of.
Why wait to get started? Connect with an Agora Eversole Strategist today to learn more about our expert marketing services.
