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Mobile banking paper addresses shift to self-service
DES MOINES, Iowa (8/15/11)--It’s time for financial institutions to rethink the way they service consumers--understanding that today’s consumer increasingly values self-service over traditional customer service—according to a new white paper from The Members Group (TMG). The shift in customer preference has elevated the importance of products like mobile banking for community-based financial institutions, according to the white paper’s author, Brian Day, product development architect. “Making time for chit-chat is not a priority for Generation Y, nor even Gen X and their parents, the Boomers,” wrote Day in the white paper, “Self Service as Customer Service.” “We are a busy, mobile society, and we expect our financial institutions to stay in stride. Day explores the top five mobile banking activities--checking balances, transferring funds, paying bills, depositing checks and finding an ATM--and what he calls the “mobile banking triple play.” The triple play refers to the three methods of accessing mobile banking-- text, browser and application. Day also provides an analysis of the benefits mobile banking provides financial institutions, and shares customer service cost figures on a per-engagement level. A core strength of mobile banking is the ability to retain and attract customers and members, Davis writes. One study by Javelin Research indicates that a growing percentage of consumers are switching financial institutions to access emerging technologies like mobile banking. To read the paper, use the link.
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