Customers always want an experience better than the last one – and digital leaders need to understand that to stay relevant. Today’s Indian customers are finding that their mobile banking apps are lagging behind digital trends. And they might not wait around until the apps catch up. Banks must go beyond and be bold in transforming the mobile banking experience for their customers’ elevated expectations.
Forrester survey data highlights that “just enough” will not attract new customers to your mobile banking app. Without investing in necessary changes for exceptional, modern, and complete experiences, user satisfaction, retention, and acquisition will suffer. Do not forget personalization, because following a generic approach makes mobile banking undifferentiated. The lack of imagination in mobile banking apps is making Indian customers think about turning to nonbanks to make their day-to-day financial tasks more rewarding.
It’s time to act—consumers are ready to switch if they don’t get the service they want. Indian banking apps must undergo a significant makeover to stand out in a crowded market.
While I delve deeper in this report, our research finds that Indian banks firstly, need to think about building sustained loyalty. Traditional banks must abandon the old model of being stuck on customer retention, selling, and cross-selling. They must instead focus on innovative UX and features that in itself create stickiness, and organically leads to better customer retention. Not only that, drawing inspiration from digitally astute fintechs and neobanks is key, given the increased competition from these direct-to-customer fintech brands that offer differentiating experiences. Being bold in creating creative distinction and memorable experiences goes a long way.
So how exactly do banks deliver exceptional mobile banking apps in 2024?
- Offer personal data management tools. Online adults in metro India trust their banks but are more privacy-aware than ever. Digital banking leaders must understand that consumer-managed data is the future of privacy and empower their customers accordingly.
- Improve their chatbots with AI. Banks need to elevate their AI-powered chatbots, to one that is designed to provide personable and elevate customer experiences.
- Personalize marketing offers and recommendations. When done right, personalized marketing can be pivotal. By prioritizing customer value and focusing on UX, banks can win, serve, and retain more customers by making banking experiences seamless and efficient.
These are just some of the six emerging features that Indian consumers are seeing as table stakes in mobile banking. Banks must prioritize such features to level up the potential of mobile banking app experiences. If you do this right, then customers will come and stay on their own without needing any monetary rewards.
To delve deeper into what customers expect from mobile banking apps, check out my new report: Six Features That Will Become Table Stakes For Mobile Banking Apps In India.
