To believe that only younger generations trust and use mobile banking solutions is as wrong as buying into the nonsense that cash will be gone by Tuesday.
“It’s more complicated than that,” Fazir Ali, KeyBank’s SVP, Digital Strategy, Product Management & Innovation, told me in new episode 28 of my The Art of Mobile Persuasion podcast https://itunes.apple.com/us/podcast/art-mobile-persuasion-podcast/id1156481550?mt=2.
“It’s all about having very robust data and analytics. Who are our clients? When are they using mobile apps versus the tablet app or when are they using the desktop. For us right now, we have more complicated tasks on the web versus mobile. Our intention was clients are going to use this on the go. They want to quickly check their balances to make a buying decision. They want to transfer money quickly from one account to another. They want to quickly pay a bill or deposit a check.”
A 2017 Bank of America study reported that 62% of all Americans, not only those under 35, use a mobile baking app. http://newsroom.bankofamerica.com/files/press_kit/additional/August_2017_BAC_Trends_in_Consumer_Mobility_Report.pdf
As for the ridiculousness that no one will be using dollars and cents soon, I remind you that we not only still see tens of thousand of ATMs, many banks continue to have traditional tellers and other branch personnel.
But, of course, the trend is away from brick and mortar.
In fact, Ali and his team have learned that customers want to do more on smartphones.
“Our clients are spending way more time on mobile and they want to do some of those complicated tasks on their mobile device,” he said. “It’s about taking a look at the data and understanding the personas. Who are we going after and why. Then we design accordingly.
“Our goal holistically is that we can be a part of their daily lives while we guide them along their financial journey so they are financially well, so to speak.”
The interview with Ali provides plenty of insights and actionable steps for all marketers, not just those in financial services.
“I always go back to what is the problem you are trying to solve,” he told me.
Hear the full interview here - https://itunes.apple.com/us/podcast/art-mobile-persuasion-podcast/id1156481550?mt=2.
