Banks that fail to provide customers with a good mobile banking experience will lose ground on their competitors
With latest figures showing that over 40% of consumers globally are willing to switch banks rather than put up with a less-than-optimal mobile experience, and more than 80% of bank customers in developed economies are now using a mobile as their primary banking channel, it is clear that banks that fail to anticipate their customers’ changing needs and adapt their mobile offering accordingly risk being left behind.
Many traditional banks are still offering subpar mobile experiences, which could easily drive customers away to more nimble challenger banks who have put mobile banking at the forefront of their strategy. This concept is further explored by Compass Plus in its latest white paper, ‘How digital platforms and super apps can power up traditional banks’, which focuses on how banks can pull together a winning strategy by understanding the services needed by today’s mobile banking user, then delivering these services via a user-friendly, sophisticated experience.
To read the full white paper, click here.