Thanks to smartphones and the rise of countless apps, people have more access to their money than ever before. Everything from transferring money to a friend to putting aside cash for retirement can be completed in literally seconds—just with a few clicks or swipes of your phone.
What's surprising is that many large corporations and financial firms are not keeping up with innovation that is coming from unforeseen talents. How can the industry keep up with disruption? The answer is by preparing for transformation and embracing it when it comes. Discussed here are four ways to ensure your business stays on top of this monumental shift.
What Got You There Won't Keep You There
Just because a certain product or service catapulted you to great success in the pace the financial industry is innovating at today. Mobile banking systems are evolving and improving at a rapid rate, and what is popular today may not be tomorrow.
The solution? Never settle. Know that the old adage of "don't fix what isn't broken" will not keep you going forever, especially when a new Venmo is waiting to break onto the scene at any moment.
Emphasizing Innovation Will Keep You Ahead
Too often, handling daily affairs gets in the way of what matters: ensuring the product is built to last. Local brick and mortar banks are learning this the hard way, as are many large banking institutions.
The solution? Find ways to encourage the constant creation of new products. Google, for instance, is famous for allowing employees 20 percent on innovation time, which means that one-fifth of their time at work is spent on researching and developing new ideas that are outside of normal tasks. This same idea is applicable to finance companies. There are other options for your firm beyond just allowing free time. For example, other companies choose to engage and work with external talents to come up with groundbreaking ideas.
Convenience and Security Are the Name of the Game
Do you want to drive to a bank and deposit a check? Probably not, and neither do your customers. In short, your clients must be able to handle all their needs immediately—regardless of where they are. However, the increased convenience of mobile banking has led to many concerns about security, so you must keep that in mind too. Balancing convenience and security can be tough, but you have to if you wish to succeed.
The solution? Bank of America and many other major banks have dealt with this issue well by creating fingerprint sign-in access. Digital wallets like Apple Pay and Samsung Pay have done a terrific job of keeping mobile banking simple, private and secure as well. As you move your financial business to mobile, know that convenience and security are paramount.
Customer Service Is Still Crucial
Just because clients are doing everything on the small screen of the phone doesn't mean they should be without help. Within your mobile app, you need to provide a wealth of content and information to ensure clients have the support needed to make important financial decisions. The issue is that many companies don't provide much help beyond their apps.
The solution? Not only create great content for your app that helps customers take care of personal business on mobile, but also offer easy ways to connect with your company via phone or email. Your website should also be equipped with a chat system. Having these extra support options beyond the mobile app will guarantee you can gain full trust of your clients.
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