A recent survey of global banking and finance executives by Wakefield Research found that despite stretched IT resources, 98% report a need for new mobile apps or app features. Highlights from the survey findings were published in a recently released report, “The App Dilemma: Meeting the High Expectations of Business.”
Since the financial crisis of 2008, banks have closed more than 10,000 branches, an average of three a day. In the first half of 2017 alone, a net 869 brick-and-mortar entities shut their doors, according to S&P Global Market Intelligence. Simultaneously, consumers are increasingly turning to mobile apps to streamline their day-to-day lives in areas from shopping and socializing to fundamental life management activities such as managing their financial accounts.
These trends spotlight a unique challenge for banking and finance institutions: How to keep up with the pace and demand of customer expectations despite decreasing opportunities for face-to-face interactions while working to stay competitive and retain customers.
Leading banking and financial institutions acknowledge this shift in the market and know that mobile apps play a critical role in this new era of customer engagement.
How will your organization address this challenge and keep up with the pace of customer expectations? It is time to evaluate new opportunities and technologies that address the increasing needs of your consumers.
This recent study of global executives in banking/finance found:
Whether working through in-house IT departments or external vendors, if mobile apps don’t meet a customers’ expectations, they stop using them. In fact, 87% of respondents report having abandoned an app due to poor app performance (37%), high cost of maintenance (35%) or lack of adoption (34%).
Forward-thinking banking and finance leaders understand the need to modernize business processes and strategies. They view omni-channel digital applications as a priority to continue to stay relevant and competitive, as well provide a differentiated customer experience.
However, despite this awareness, financial institutions are still struggling to determine how best to execute against this plan in the face of daunting challenges that hinder wider adoption of and further investments in digital banking and finance applications.
To gain competitive advantage in the new financial landscape requires digital technology, strategy, and investment at the very forefront of banking innovation and growth. To address the pain points many financial institutions encounter with enterprise applications, they must partner with application solution providers that can quickly deliver cost-effective, secure, turn-key digital applications solutions to support the needs of the financial sector. Doing so will enable banks and credit unions to capitalize rather than simply adapt to changing business or customer expectations.
Download “The App Dilemma: Meeting the High Expectations of Business” for insight into what your peers are doing about this now and get the complete survey findings.
ANGI MILANO is a digital architect for Kony.