Today, customers not only want anytime-anywhere access to their account details, but also the power to manage accounts, check status updates, and even chat live with a customer service representative 24/7. If you can’t satisfy your customers’ requirements, someone else will.
With expansion plans of leading banks, government’s focus on financial inclusion, and the entry of foreign banks, competition in the banking landscape is getting stiffer each day. Driven by the preferences of their tech-savvy customers, banks are investing significant time and money in exploring newer technologies that can help them exceed their customers’ expectations. Banks are looking at innovative technologies such as mobility, cloud, and virtualization to drive differentiation. Going by a recent industry research, published by analyst firm Ovum, IT spending by banks globally will reach $118.6 billion in 2013.
In today’s scenario, where real-time customer service has become a norm, mobility has become a strategic imperative for banks to remain competitive and retain their customers, by proving convenient, simple, and secure banking services. Mobility offers an opportunity for banks to offer convenient self-service tools to their customers. It gives customers the freedom to securely access their personal accounts, process transactions, or make payments – all using their mobile devices. When it comes to retaining customers, there is no room for delay – your bank is either on mobile or off the market.