2013-01-27 17:44:33 - Voxzen Consulting Group focuses on the trends in, and the use of, mobile banking in the consumer finance space and the typical challenges in implementing a mobility solution. It proposes a high-level approach to build a roadmap for implementing a mobility solution.
Voxzen Consulting Group: By leveraging mobility effectively, banks can offer features that provide anytime-anywhere banking to their retail customers, thereby ensuring positive user experiences and thus increasing customer satisfaction and loyalty. Further, banks can use mobile channels to increase their sales and marketing capabilities and reduce the workload on their front, middle and back office. Mobility features that can enable the above range from standard features such as rate and payment calculators, product comparisons, branch/dealer locator and loan status updates to advanced features such as guides to buying properties and vehicles, student loan program guides, property listings in the customer’s area of choice, document checklists and document approval status updates. The benefits of mobility include cost savings from reduced workload,
improved lead management and pull-through and improved brand perception. Delivering all these features does not come without its own set of challenges.
The biggest challenge is securing internal buy-in and preparing the business case so that the various stakeholders within the organization can come together and invest in mobility as a communication channel of the future. Even if an organization is willing to invest in a mobility solution, it may lack the expertise to lay out a comprehensive mobility solution roadmap that includes the proposed features, technology, implementation plan, etc. Some of the challenges that can be mitigated by working with an expert technology partner include security concerns, standardization and interoperability, usability, device strategy and securing business buy-in.A long-term mobility plan requires considerable budget and resource allocation to achieve the desired impact. Banks need to put together a definitive roadmap after considering their internal resource constraints and budgetary constraints, the technology and competitive landscape, current mobility features being offered, complexity of the proposed features, business impact and business drivers. However, the potential rewards in the form of improved lead generation and conversion, improved market perception and brand strength and reduced workload are well worth the effort. Moreover, mobility is no longer a choice but an imperative!