By: Mike Horrocks
Last week, I spoke to you about an American Banker webinar that Experian hosted on “What is next for mobile banking”. Hopefully you were able to attend, but for those that could not, I promised we would cover a few of the key points. So here we go.
I just sent my youngest off to Kindergarten this week and along with the excitement about a new teacher, new friends, and of course recess comes the anxiety of a new building, a new routine and all that comes with change. As I saw my little guy getting nervous, his big 4th grade brother came over and reminded him that he would be his buddy and help him around the school that first day.
This made me think about the mobile space. I am sure that there are a lot of readers that are excited to have an app on a smartphone that they can show their friends over drinks, but along with that excitement comes the fear of maybe not knowing all they don’t know in the mobile space and the risks that could come from that. They need a buddy. They need a trusted business partner.
In the American Banker webinar, Gordon Baird of nD bancgroup called out just how important the right collaboration and partnership is for a financial institution looking to go into or expand their mobile banking footprint. Mutually beneficial partnerships that provide value beyond the typical mobile experience is what will retain mobile banking clients. Baird said it best as he explained, “Cooperation is a competitive advantage.”
So when you are looking at your mobile banking strategies ask yourself:
- Is my approach an individual effort?
- If it is a solo effort, who can I bring to the table?
- What are the points in my customer’s mobile experience that I cannot optimize?
- Who can I partner with that can optimize the customer’s mobile experience?
- Do I have the right partners on my team or do I need to make some changes?
It is a great time to be working on mobile banking strategies. There is so much innovation that the excitement and engagement has never been better – so take advantage of collaboration and partner up for success.
