Apps Deliver Speed & Easy Access to my Bank Accounts
THE number of Australians now using mobile banking has exceeded 6 million, with the pace of take-up coming at a faster rate than internet banking.
While it took nearly four years for the 6 million figure to be reached for internet banking users, mobile banking hit this number in a little over three years, according to new figures released by financial services consultancy the Market Intelligence Strategy Centre.
The findings come after official data released by the Australian Communications and Media Authority show that almost half of Australia’s adult population now owns a smartphone with 8.7 million using a smartphone in the past 12 months.
SOURCE: Sydney Morning Herald
The financial sector has always be quick to jump on the latest technology. Mobile Apps have been a tremendous service for clients. Personally, I access my banking app on a daily basis. I can view my accounts, my superannuation and apply for other various services. I honestly can’t remember the last time I walked into a branch.
In the article above, Johnston refers to changes underway at Westpac to completely refit their retail banking store fronts. Given the change in buyer behaviour, the current fit out of retail banks is not inline with consumer buying behaviour.
An Opportunity for Easier Access to Financial Advice
With the FOFA (Future of Financial Advice) legislation hanging over the heads of the banking and financial services industry, there is room for someone to lead the charge and provide a level of service not found elsewhere. It would seem Westpac are potentially looking at a change to their store fronts to accommodate a more “Advice” level of service.
Customer Relationships Matter more than Ever.
The most basic of expectations for a consumer is that the institution they deal with, knows them. It could be the most basis of least knowing which products or service they have with your organisation. However it can get more complex in today’s business world when the products or services you offer could come from a range of departments or subsidiaries.
Consumers expect you to be on top of these points and expect you to engage with them knowing their level of interaction with your business. Modern SaaS or cloud based CRM systems deliver the level of insight you need to achieve that.