Bank Customers’ loyalty reducing to a few Mbs (Mobile space)
#BankLoyalty reducing to few “mbs”. With an increase in mobile banking and digital-only banks, the loyalty of a customer has reduced to few mbs, it’s about mobile applications. The reason being the difference in experience at physical branch vs online, and ease of KYC through #Aadhaar OTP.
Now bank account/relationship can start within two minutes and be ended in a few seconds just by a “Swipe and Uninstall”. What every Financial Institution is fighting for is the space in customers mobile. What you serve has been replaced with How you serve it. Technology, Knowledge and systems are easily accessible, so there are very few product differentiations that an institution can offer. Everything depends on Execution, Distribution and Pricing, and this requires money and a right understanding of #CustomerJourney.
More banks are adding services through online mode and hence in future, there will be a full-fledged #VirtualBanks accessible online. With such a changing scenario and expectations, an institution can not goof up with Digital experience and ignore this medium. Truly “Banking is Important, Banks may not”. What is your thought?