Digital Banking Engagement Requires Giving Consumers More Control

One of the best ways to build mobile banking usage is to provide consumers more control over their mobile experience. This ranges from the integration of financial management tools to the ability to control fraud with a push of a button.

The surge of mobile capabilities in the past decade has resulted in consumers expecting to complete any task, from anywhere and at any time. If a task can be done better, faster, and cheaper – people want it. This is especially true when it comes to devices like smartphones, the consumer’s biggest ally in completing previously arduous tasks.

With the advent of improved mobile banking applications, consumers now have the expectation to be able to complete most, if not all tasks, from a few taps on their smartphones. The more progressive financial institutions have made this expectation come to life by enabling people to get account information, transfer money, and manage multiple accounts through a venue that best suits their needs.

To remain competitive, banks and credit unions must ensure consumers have options for completing their banking needs, whether it be online, in-person or through a mobile banking application. Financial institutions have worked diligently to turn mobile banking into the first choice channel. This is no surprise, as a mobile-first initiative captures the consumer needs to interact with their accounts in real time at any location.

From making remote deposits to voice initiated banking, financial institutions are increasing technology spend to provide customers the optimal resources to do banking their way. According to mFour’s Millennials Insight Project, 61% of survey respondents said they most prefer to do their banking with mobile apps.

Shifting Mobile Control to the Consumer

Giving control to users entices them to interact in a mobile-first manner, managing their own level of engagement. By incorporating mobile-based tools, financial institutions enable people to be involved in every interaction while also establishing controls and mitigating fraud. This promotes a relationship between financial institution and customer that encourages them to make the most of their mobile banking app but also builds a higher level of trust.

While mobile is the fastest growing banking channel, interactions with banking apps have often been limited to basic functionality. The main reason is because many mobile banking apps are not engaging or don’t provide services that are truly valuable.

In many instances, a process can begin on a mobile device, but still requires traveling to a branch. For example, bill payments, applying for loans and opening accounts typically require customers to either visit the physical branch, or use the internet banking portal. This is not optimal for the consumer or the financial institution.

Real-Time Payment Controls

With the help of mobile-based payment controls, financial institutions have the opportunity to engage with customers daily with every payment. When traveling, consumers no longer have to notify their financial institution to ensure they’re not cut off from their accounts when making purchases outside of their typical shopping areas. Location-based services through mobile-based controls can take care of that.

Every event or transaction is an opportunity for customer engagement that is meaningful for both parties. In a manner similar to how Ticketmaster promotes Uber in conjunction with event tickets, financial services organizations can make suggestions to consumers based on the type and location of purchases they make.

Control Over Problem Resolution and Card Functionality

Chatbots have made a major impact on how people resolve such issues as seeking additional services or rebooting a router. Consumers prefer this channel over spending their time on the phone where it is questionable if the issue will actually be resolved. Chatbots are the natural progression to complete self-service.

Customer service is key to creating trusted, long-term brand affinity. By making interactions digital, convenient and instant via mobile, financial institutions can help build that trust. Alerts sent to consumer proactively mitigate service-call initiation, and two-way alerts that eliminate support calls help eliminate annoyed customers.

People also want complete control of their funds and the ability to manage their own card functions with minimal involvement from their financial institution or credit card companies. Being able to activate a new card or replace a lost card are two examples.

Consumers can benefit from personal financial tools to manage their finances and maximize the value of their funds. Through parameters, this can be done by setting card spending limits and by providing insights as to where they spend their money.

Consumer Involvement in Fraud Control

Another mobile solution gaining traction is the ability for people to combat fraud first-hand. Card controls allow consumers to turn off their card from the moment they see a potentially fraudulent charge. This functionality benefits both customer and financial institution due to the reduced loss of funds. It also gives people peace of mind to be able to help control fraud directly, often a faster response than the fraud department of their financial institution.

When given an alert, consumers can immediately flag the transaction as fraudulent, and manage legitimate transactions by annotating, tagging, storing receipt captures and emailing transactions to keep tabs on what is going in and out of their accounts.

Consumers demand convenience, functionality and instant access as a part of their banking experience. Mobile banking apps can supply mobile-based payment controls and give financial institutions an opportunity to engage customers daily. Whether it be through customized banking options or through fraud mitigating solutions, the best way to increase adoption and maintain continuous use is by giving customers more control.

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