Consumer dependency on mobile devices: An opportunity for banks to retain and grow their customer base

Our relationship with mobile devices is ever-dependent. The continued use of smartphones has created an amplified dependency to constantly check our devices no matter where we are. Whether we are checking Instagram, Facebook, email or perhaps sending a quick bill through a banking app, the time spent on smartphones is becoming more prevalent. A recent study by revealed that the average person spends 90 minutes a day on their phone. While that figure may not sound like a lot, that amounts up to 23 days a year and 3.9 years of the average person’s life is spent staring at their phone screen.

So how might you enhance your marketing efforts to target consumers who are online and on the move more than ever before?

Learn, evolve and keep it interesting when it comes to your mobile marketing.

First, get to know your consumer. What are their habits, practices and wants when it comes to mobile banking and payments? This may seem like a simple question, but one that not enough companies consider when launching mobile apps and payment systems. Too often the mistake is made to rush to market and copy what another bank is doing, only to find that it doesn’t work for your consumer, or worse, discover that the other bank’s program or platform did not meet the expectations of the marketplace.

Secondly, it’s imperative to have a willingness to evolve your program based on what your market desires, as well as looking ahead to the future market. It may require catering to several audiences such as millennials—who traditionally do their banking and payments via mobile device—or perhaps to a more conservative, affluent consumer who will never consider the use of mobile device payments for concerns of security, unwillingness to trust the technology or simply being more familiar with standard banking process. There is opportunity to evolve your mobile applications and processes to meet the needs of both of these groups and you’ll probably find through your customer research that there is a middle ground that’ll meet the needs of most.

Finally, keep it interesting! Your mobile program should not be a ‘set and forget’ marketing platform but rather one that continues to engage your consumer and encourages further usage. Frequently monitor app and payment usage and user experience, and be willing to change what doesn’t work for your customer regardless of whether or not your competitors are doing something different. This will not only lead to increased retention but increased engagement and propensity to deepen their relationship with your company.

A word to the wise: Be realistic and know your own systems and limitations. The last thing consumers want is an app or mobile banking platform that doesn’t work. It’s always best to set and exceed limitations than to fall short.

Mobile is here to stay and banking on the go is the way of the future. What are you doing to get ready?