I recently blogged here about the fact that your customers are more ready for mobile banking than you are. FICO’s new infographic on the mobile banking revolution makes this point even clearer.
Who’s leading the mobile banking revolution? Consumers. They’re pushing for banks to do more with the mobile channel — and they’re rewarding banks that answer the call by paying overdue debts faster and responding quickly to fraud alerts.
Our data also reveals that some 62% of borrowers in the US and the UK believe that the biggest communications problems with their banks relate to technology. What’s shocking is that 72% of mobile users in the UK think mobile banking is unsafe — we obviously aren’t doing a good enough job educating the market.
What do consumers want from mobile banking? A large segment of borrowers in each market want more tailored services. In other words, they want banks to do what the best retailers do — figure out what they want and give it to them. The good news is that consumers embrace the use of mobile communications when used in customer service, fraud management and even collections. The results from FICO bank clients show that the early adopters of mobile communications are increasing customer satisfaction while controlling losses.
Sometimes it’s hard to know what your customers want. In this case, it’s pretty clear. Enhanced mobile banking and mobile communications is truly a win/win proposition.