Definitely, we love #CashBacks but a segment of customers have moved up from that anchor and looking for better #UserInterface & #UserExperience.
Recently I helped my relative to close his bank account with one of the biggest private banks with whom he was banking since last four years. #Reason – their banking app is pathetic, it took me some time to acknowledge this fact though.
Priorities have changed, I do not want to visit bank branch due to reasons known, and if I get the same experience on the mobile application, then I will end all the banking relationships by moving money instantly to a different bank account and “#Swipe & #Uninstall” the relationship.
Banks must understand that no amount of advertisement & celebrity endorsements will work unless they offer a better than other experience. Two months back I wrote a post that “Banking#Loyalty has reduced to few MBs”. I can start a banking relationship by installing an app plus a few more frictions and similarly can end it by “Swipe & Uninstall”.
We are moving to #OpenBanking, and if banks will have such attitude towards UI/UX, then I think not only #PSUs but Private Banks will also have to run for their money
Be prepared for #Install & #SwipeUninstall generation
What do you think? #TheFinTechReporter