With the opening of the first official U.S. bank in 1791, the wallet wars began. Since that point, banks have been in fierce competition to become the deposit institution of choice for Americans' hard-earned dollars. And this didn’t stop with banks, St. Mary’s Cooperative Credit Association was the first U.S. credit union that opened in Manchester, New Hampshire in 1909. Enter FinTech options in 2005 and competition for a piece of the customer’s wallet.
Though this competition to hold your money — for the greater part of 200 years — has been a decidedly human affair, the recent COVID-19 pandemic has accelerated the trend toward digital banking. Now, in a world where banking for the masses has been tactile, the last thing most people want to do is handle dirty, worn scraps of paper — or take the risk of going into a physical branch location.
“What we’re seeing is the greatest acceleration of digital banking in history,” said Wells Fargo Securities analyst Mike Mayo.
With the confluence of these trends, your mobile app — like it or not — is now your brand — not just a digital manifestation of your value, but for many, the only point of contact between you and the banking public.
And, just like your physical location, you’ll want your mobile storefront to be beautiful, convenient, and easy to navigate — an experience as memorable as it is seamless. Unfortunately, many banking institutions have treated their mobile apps like second-class citizens — a non-native, web-browser-based experience that is slow, fragmented, and unreliable. Going native helps solve these issues — so ask your IT this question — are we running a native experience? If the answer is no, time for a change.
With so much to be gained on the digital front, investing in your mobile brand has never been more important. In fact, one poll of financial services organizations found that a redesign of the mobile banking experience was the top priority of 72 percent of respondents — higher than any other strategic priority.
At BankingON, we recognize and understand the prominence that mobile banking enjoys in today’s consumer paradigm. We believe that winning on mobile requires a dedicated approach and deep UI/UX expertise because consumers are no longer fooled by mobile web apps that pretend to be native apps. A native mobile banking app is the only way to compete for mobile users and provide a premium brand experience that is on par with big banks and fintechs.
Mobile banking is a journey, not just a destination. On this journey, a member-centric experience is everything. By providing the agility to integrate new mobile-centric solutions and innovate outside of vendors’ roadmaps, the BankingON mobile platform is helping financial institutions of all sizes break free from limitations to modernize their legacy infrastructure for the mobile channel.
It can be bewildering for some to consider where to start the digital rebranding journey. According to the website The Financial Brand, there are four top-level keys to upgrading your UX and digital banking brand -both tangibly and intangibly
In a world where loyalty is fleeting and churn is ever-increasing — one study projects that nearly a quarter of customers will leave their current bank by 2022 — it’s more important than ever to get your digital house in order. –Since it can cost up to $300 to attract new customers — it’s far more efficient to keep your existing customers in the fold.
ABOUT BANKINGON,
As a leading designer and developer of engaging mobile banking solutions, BankingON is enabling credit unions and community banks to deliver a world-class mobile banking experience. Though intuitive user journeys on the front-end and a seamless user experience that unifies siloed vendors on the back-end, BankingON is able to help clients deliver a 5-Star mobile experience and continuously innovate on their own terms. BankingON is a technology company and has no direct-to-consumer digital advisory offering. For more information, visit https://bankingon.io/
