A recent study says nearly 90% of users discard an app if the brand fails to engage them. So, it’s a mammoth task for any organisation to retain their customers by constantly engaging them. It becomes challenging when the majority of customers using the platform are millennials, whose preferences are dynamic and diverse. Just releasing a mobile banking application wouldn’t solve this problem. To continuously improve the mobile banking experience and to gain customer engagement, the following 6 strategies can be followed.
App Analytics helps to continuously improve the application and its features by studying usage patterns of users. It’s an efficient tool to determine the weightage of the features and the pain points of the users. The following are app analytics metrics that could help device customer engagement strategies.
- User Behaviour Pattern
- Pain Points Analysis
- Most Used Features
- App Navigation Pattern
- Session Length
- App Retention
- User Acquisition
- User Experience
- There was a 25% login drop in first time activation due to a flaw in the flow. This was identified using analytics tool and the process was revamped which resulted in higher activation rate.
- More than 87% of customers used the Fund Transfer feature. An analysis on usage pattern was done to redesign a better flow and revamp the feature.
2) Call Centre Feedback
Customers usually contact the call centres to troubleshoot, report a bug and also to provide their valuable feedbacks. At times, resolving a customer’s issue can result in bug fixes, feature improvements and feature additions. The only thing that should be taken care is that those feedback are properly categorized and channelized. Customers feel more engaged when their feedback is valued and their issues resolved.
The following scenarios would help to understand the above:
Say, a customer calls the bank helpline to complain regarding the following issues with the mobile application.
- The fund transfer fails.
- Multiple modules for different types of fund transfer are confusing to the user.
On further investigation on this issue, the following are noticed.
- The user tried to transfer an amount more than his available balance and no validations were made or no error message was shown in this case.
- Though fund transfer process is similar for all types of fund transfers, multiple modules are present and can be confusing.
The following resolutions can be made:
- Available balance should be validated before initiating fund transfer.
- All types of fund transfers should be integrated into a single module.
3) Social Media Monitoring
Social media is a vast and versatile medium to connect with the customers. It’s possible to learn their preference and feedback by closely monitoring Hash Tags and Mentions in social media. Integrating the application with social networking also brings more traction to the application among the millennials and maximizes customer engagement.
Say for example, the following is tweeted by a user.
@XYZBank mobile banking apps (IMPS) is not working properly :(. It seems they are not serious!
The above tweet is spotted as social media is being constantly monitored and the issue is reported to the tech team. The issue is resolved in a short time and the user is informed about the same.
@ABC Thanks for letting us know; the issue is resolved. We take our customer’s satisfaction seriously. Thanks for banking with XYZ.
4) App Store Reviews Monitoring
App stores are the bridge that connects the app publisher and the customers who download them. Maintaining a better app store ratings is highly critical as it influences the user’s decision in downloading the app. Users either report bugs or request for a feature addition through their reviews. Closely following the app reviews helps you provide them with a better mobile banking experience.
Say for example, the following is a review received in the app store.
New update killed the app
First of all, I had to use the app urgently but the app showed mandatory update and didn’t allow me to use it. – Rating 1/5
In the above case, the user wasn’t aware of the security criticality of the mandatory update. So, the user is contacted back and explained the way to update the app and continue using the same.
5) Crash Logs Monitoring
Though maximum QA is done before the release of the app, it’s almost impossible to cover all the test cases. There are chances that an app could crash in certain scenarios which are not tested. Now we have App Store crash logs to the rescue. Crash logs are generated when an app crashes. They contain technical information on the cause of the crash and are sent to app stores automatically. By closely monitoring the crash logs, the app can be continuously improved by providing updates to it.
6) Competitor Benchmarking
In this competitive business environment, knowing your competitors and their offerings can help your business stand out. By performing gap analysis on the mobile application against the competitors’ would provide insights on adding or improving the features in the app. This in turn helps in customer engagement and retention.
Say, a competitor bank has revamped their existing mobile application with modern UX\UI with smart watch support. They have also added new features like biometric based authentication and investments. If the mobile application is not updated, there are more chances of the customer moving to other banks. It’s always better to proactively update the application with latest technologies to stay ahead.
All the above strategies are not only for mobile banking applications, but apply to all retail mobile applications as well.
About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.
About The Author: Gokoulane Ravi is a foodie, technology enthusiast and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.
Call Centre – https://www.flickr.com/photos/plantronicsgermany/15410077232/
Life is a race – https://www.flickr.com/photos/seeveeaar/4703468060/