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Mobile Transactions on the Rise

We believe businesses must provide service that is as active as their customers to stay competitive in a rapidly evolving mobile landscape. One example of this is mobile banking, a service no longer a side perk or add-on—it is a necessity.

Consumers are increasingly turning to their mobile devices to conduct day-to-day transactions and receive services that once required a trip into town. A few taps of the thumb take care of the day’s errands. This shift is happening right now, driving businesses to rethink how they build and nurture customer relationships.
 
Mobile service is no longer a side perk or add-on, it is a necessity. To stay competitive in a rapidly evolving mobile landscape, businesses must provide service that is as active as their customers.
 
The numbers are leading to real-time changes. Bank of America saw 9 percent of its check transactions performed via mobile devices such as iPads and iPhones, up from 7 percent in the previous quarter. As a result, the bank is scaling back its brick and mortar retail branches while increasing spending on technology and mobile infrastructure.
 
This shift may indicate a need to assess how your business is dividing resources between grounded branches and mobile services. And if what you provide on mobile doesn’t match or exceed the quality of your face-to-face service, you’re risking the relationship with your mobile-savvy customers.
 
Do we lose something by de-emphasizing the need for a physical space to meet and engage with customers? The upshot is providing the flexibility and accessibility that’s called for in today’s fast-paced world. With increased accessibility comes increased interaction. As mobile moves forward to capture a bigger piece of transaction services, we’ll be keeping an eye on successful practices for engaging the consumer and providing at-the-ready answers.
 
Read more on how banks are addressing increased mobile usage in Mark DeCambre’s article, How iPhones are forcing banks to rethink brick-and-mortar branches at qz.com.

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