The Art of the Possible in Mobile Banking: Building Better Relationships and Selling More Effectively

by Daniel Latimore, November 3, 2015
Industry Trends
Global

Abstract

Celent has released a new report titled The Art of the Possible in Mobile Banking: Building Better Relationships and Selling More Effectively. The report, sponsored by Facebook, is authored by Dan Latimore, senior vice president of Celent’s Banking practice.

As consumers spend increasing amounts of time on their mobile devices, Celent highlights how banks should use mobile to improve customer relationships and sales. Key recommendations include partnering with nonbank properties and improving the experience across brand building, intent reinforcement, and purchase execution.

The research explores the richness of mobile experiences. Mobile is multifaceted: it is a platform (hardware, including new developments like wearables and force touch), a source of experience for users (media, account opening, servicing, emotional engagement), and an aggregator of user information (camera, GPS, biometrics). Each aspect plays a role in beginning, developing, and nurturing a banking relationship.

“Banks need to go where their customers are spending their time on mobile: social media and entertainment sites,” says Latimore. “Generating awareness there is a critical first step in introducing new customers to the brand.”

“We strongly believe that nonbank experiences are setting the bar,” says Neil Hiltz, head of global financial services strategy at Facebook. “Using Celent’s expertise, this report shows banks how they can learn from other industries to keep up with advances in customer engagement throughout mobile sales cycle to maximize their efficiency, scalability, and long-term profitability.”

Celent recommends that banks focus on three key ideas as they consider the customer’s path to purchase:

1. Focus on awareness and brand-building through on- and off-bank mobile destinations to ensure inclusion in the customer consideration set.
2. Represent products and services well through multiple, mutually reinforcing channels.
3. Bring sales channels up to today’s mobile standards.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

3

A Mobile Relationship and Selling Framework

5

 

The Path to Purchase

6

Mobile Relationship Maturity Model

11

Building for 2020

13

 

Awareness / Brand Building: Be in the Consideration Set

13

 

Intent: Ensure Products Are Well Represented

14

 

Purchase: Bring Sales Application Paths Up to Mobile Standard

14

Path Forward

16

 

Applying for an Auto Loan in 2020

16

 

Recommendations

16

Leveraging Celent’s Expertise

18

 

Support for Financial Institutions

18

 

Support for Vendors

18

Related Celent Research

19

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