Is a mobile banking app enough?

Mobile is no longer a convenient alternative for when you haven’t got time to pop in to your branch. It isn’t even the poor cousin of desktop banking. Mobile is quickly taking over as the preferred method of banking.

Facebook has evolved from desktop only, to mobile first, to now mobile only for many users. In the UK Halifax now reports 65% of all its digital banking is done on a mobile phone. With Instagram, Snapchat and Spotify being mobile only for nearly all users, it’s the natural next step in how we interact with our finances. In Spotify’s own words, “Our mobile audience has grown dramatically in the last year.” https://www.spotify.com/dk/brands/

With the mobile trend continuing across multiple industries at an exponential rate, where do you think the smart money should be?

So banks just create apps then, right?

Wrong. Banks can and will create apps. They are usually a reworked version of their online banking solution, or they apply the same thinking and principles they use for their other products.

Often it seems banks are reluctant to offer their full range of services on mobile. A complete commitment to mobile could threaten the existence of other parts of their organisation, such as branches, which many are currently trying to re-invent in some way.

This is where a tech company wins out. Banks have hard earned experience and indispensible regulatory experience. However, the mobile world is not their natural environment. It is the stomping ground of companies built on principles that align with the needs and motivations of digital natives. Companies like Lunar Way.

A staggering 18% of digital natives switched their primary bank in the past 12 months. Banking is becoming more fluid. Factors that induce loyalty are changing, and companies like us are providing customers with the mobile only banking experience they want.

Can mobile only really work?

It already is. As the first true mobile only banking solution in the Nordics we are well positioned to confirm this. Most banking apps don’t offer the full range of services their customers need. Yet all figures point to mobile only bankers having a much higher level of satisfaction.

Mobile customers also interact with their app more often than a traditional customer would interact with their bank. This allows them to maintain more control over their finances.

So what are the advantages?

It gives power back to the customer. They can control their notifications and settings so their experience is more relevant to them. Perhaps this is why the average mobile banking customer holds more products than a branch only customer.

Mobile technology is advancing. Banking has to advance with it. Mobile often now includes a camera, GPS, biometrics, push notifications, wallets and other technology that can be incorporated into the banking experience. Anything that makes the banking experience more intuitive, simple and secure can be used.

Mobile has extremely high engagement rates, which offers us an excellent opportunity to meet our customers in their own digital world. Our focus is on providing the best possible levels of customer service, while evolving in-line with your life. Personalizing the mobile banking experience so we are always there with exactly what you need, right when you need it.

The fluid digital landscape can only be truly leveraged by an innovative tech company like Lunar Way. Diversifying into it isn’t enough. Creating a department isn’t enough. Every single aspect of the users’ tech lifestyle must be at the heart of every decision. It’s natural for us, because it’s not just the stomping ground of our users. It’s ours too.

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