Virtual StrongBox, Inc.
“Mobile banking today is more than just another channel; it has become the remote control for all banking interactions. Mobile devices allow users to speed up ATM withdrawals, set in-branch appointments, turn debit cards on and off, and interact with voice-based artificial intelligence.”
Whew! That pretty much says it all. Javelin’s new 2016 Mobile Banking Financial institution Scorecard: Mobile Becomes the Remote Control for Banking should convince anyone who thinks mobile is today’s “hot new thing” to see more clearly. Whether or not all of your customers have adopted it, mobile banking is now the linchpin for bank service delivery.
Writing on this topic in CB Insight last January, I posed the question, “What would our industry do differently if we could start over?” Rather than bolting mobile banking to an online banking platform or other program, which is then bolted onto a legacy system, perhaps we would have designed a mobile-first system – one where mobile banking is the premise and other tools are developed around it.
Can you define it?
One problem is there’s a lot of confusion about what “mobile first” really means. As one of the most overused, misunderstood phrases in business circles today, it’s in danger of slipping into jargon. Some think mobile first relates to “millennials who do everything on their phones.” Others think it means “a customer who manages his bank account on a mobile app instead of online or at the branch.” My personal favorite non-definition is that mobile first is about “giving advice to marketers to rethink their ‘customer experience’ and remap their ‘customer journey.’” Talk about jargon!
But one explanation that really gave me heartburn came from a prominent bank core-processor: Mobile first is “consumers who prefer to bank only on their mobile devices, or turn to the mobile channel first – so-called ‘mobile-first’ users.”
In his book,
So, what can we do about it now?
To go truly mobile first, Jeffrey Pilcher, CEO/Publisher of