Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Self Service Customer Service via Mobile
Brian Day, product development architect for The Members Group (TMG) says it’s time for financial institutions to rethink they way they service customers – understanding that today’s consumer increasingly values self service over traditional customer service.
This shift in customer preference, Day says, has elevated the importance of products like mobile banking for community-based financial institutions.“Making time for chit-chat is not a priority for Generation Y, nor even Gen X and their parents, the Boomers,” writes Day in a recent white paper, entitled “Self Service as Customer Service.” “We are a busy, mobile society, and we expect our financial institutions to stay in stride.” Aside from consumer banking preferences, Day explores the top five mobile banking activities, as well as what he calls the “mobile banking triple play.”
The triple play refers to the three methods of accessing mobile banking – namely text, browser and application. Day also provides an analysis of the benefits mobile banking provides financial institutions, sharing customer service cost figures on a per-engagement level.
Read more: “Self Service as Customer Service” white paper.
Source: TMG