Australians want speed, convenience and financial insights from mobile banking apps

- By Collaborative Media & Publishing
Nearly two-thirds of Australians now access their bank accounts via mobile apps on smart phones or tablets, overtaking internet banking for the first time in 2021.
Some 63.6% of Australians use mobile banking according to the latest Roy Morgan report (Roy Morgan report), up 7 percentage points from a year earlier.
Robert Lattuca, financial services lead at Genesys, a global cloud provider of customer experience orchestration, says Australians have always been enthusiastic adopters of new technology. He puts the recent jump in mobile banking down to the COVID lockdowns, when consumers couldn’t go into branches but still needed banking services.
At the same time, banks added new services to their banking apps such as the ability to apply for a credit card. Australians want dependable and quick mobile banking apps and expect a customer experience equivalent to the ones they receive from other consumer apps.
“How many transactions you can do is really important,” Lattuca says.
On the flip side, he says: “How many times do you end up at a point where the app tells you either there's an error or you can't complete this and you have to call in?”
The best apps also guide users through processes and orchestrate experiences, rather than just expecting them to know where to find the relevant feature within the app.
Mobile apps becoming more important to customers
Mobile apps are becoming more central to banks’ customer value propositions. The recent PwC Financial Services Customer Survey revealed that over 40% of customers surveyed said that the mobile app, and having the best technology, is going to become more important in the future too.
Barry Trubridge, a partner in PwC’s management consulting practice, says the primary driver of customer satisfaction for mobile banking is low friction: one-step or two-steps to complete actions; flat menu hierarchies that make things easier to find; and quick access, including onboarding in app and everyday sign-in.
“Where mobile apps still don't get it right is in contextual assistance. This is still clunky for most banks. This includes easy access to chat or call when customers need help,” Trubridge says.
“Banks are making some improvements here, but the ability to get help when customers need it is still working against years of banks managing their digital and contact centres separately.”
Leading mobile apps are about speed, convenience and engagement. Trubridge says engagement is teaching customers something new – providing them with simple insights that show the bank is on their side.
“Nothing is more intimate than our relationship with our phones, so what a great way to show that the bank is on the side of the customer, helping them with their financial wellbeing,” he says.
Anticipating the needs of the customer
Trubridge says the future customer experience for mobile banking apps is about predicting and anticipating customers’ needs – not establishing a menu of things to do.
Predicting needs and presenting these to customers means stitching together data, AI, and feedback loops to look at patterns customers display in their banking. This can determine what help they need with their money, he says.
Genesys’ Robert Lattuca expects banks will make better use of AI to understand what individual customers are trying to achieve as they are using the mobile app.
“We can use these customer insights now as a bank to help the customer along that path and deliver better more seamless experiences,” says Lattuca.
“If we know, for example, that a task is going to be difficult to complete inside the app, but rather it might be easier to complete it over messaging or a phone call, then we can deliver a very personalised message to the customer while they are inside the app to help them complete that transaction in the best way possible.”
BPAY and Osko support a combination of internet and mobile banking to suit the needs of the customer making a payment. BPAY data confirms the gap is gradually closing between the volume of internet and mobile banking payments, and current trends suggest that mobile payments will overtake internet banking as the most used banking service channel in years to come.
Osko now processes an average of 2.1 million payments each day.
Published by BPAY Pty Ltd (ABN 69 079 137 518) email: The BPAY Scheme is managed by BPAY Pty Limited.  When you use BPAY payment products, the BPAY Scheme is paid fees relating to processing costs and BPAY Scheme membership.  Contact your financial institution to see if it offers BPAY payment products and to get the Product Disclosure Statement.  Any financial product advice provided by BPAY Pty Limited in relation to BPAY payment products is general advice only and has been prepared without taking into account your objectives, financial situation or needs.  Before acting on such advice, you should review the Product Disclosure.

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