The Impact of Mobile Apps on Customer Service in Digital Banking

Mobile banking apps have truly revolutionized digital banking. They turned strenuous procedures into convenience, enabling clients to send a money transfer, set up a deposit, or even take out a loan with just a few clicks. When it comes to customer service, mobile banking apps brought even more changes. People no longer want (or have to) visit physical branches or wait in long phone queues to contact the bank. Instead, most queries can be resolved effortlessly through mobile apps and chats within them. Let’s explore this topic in more detail.

Impact of mobile apps in digital banking

Mobile Banking Apps’ Impact on Customer Service: The Beginnings

In 2007, Apple released its first iPhone; at the same time, the Bank of Scotland announced the world’s first mobile banking app for smartphones. The rest is history.

Before the era of smartphones, customer service in banking wasn’t the most pleasant experience. People had limited choice when it came to selecting their bank, since they needed to have a physical branch nearby. They had to wait in long queues at those branches (or on the phone). Simply said, as a customer you wanted to avoid the need to contact customer service at all costs.

With the introduction of mobile banking apps, it all started to change. While Internet banking emerged on the way, it still required having a PC available when you wanted to access your account. Mobile apps made it easier – all you had to have was your phone. This has initiated a shift in the industry, leading to what we now know as digital banking.

The Impact of Mobile Apps on Digital Banking Customer Service

The initial changes led to the situation that we live in today – one where mobile-only customers are becoming a large (and important) target group, and the number of services available in digital channels is constantly increasing. But how do those mobile apps impact digital banking customer service?

1. Touchpoint between the Customer and Bank Employee

First of all, mobile apps serve as the initial touchpoint between the customer and the bank employee. This is not only because they incorporate elements like customer service chat or the phone number for the customer service line but also because mobile apps automate processes in digital banking. Agents are no longer needed to update account details, send international money transfers, or even answer inquiries about a product.

This can be confirmed if we look at some data. According to Deloitte, 26% of customers use mobile banking apps for updating account information, and 47% do it online in general. At the same time, 15% use apps to inquire about products, while 37% do so in general[1]. This shows that mobile apps became a crucial touchpoint in digital banking, often the first channel chosen by the customer, and the customer service needs to adapt to this fact.

2. Customers Demand Quick Service

Secondly, mobile banking apps have a huge impact on customers’ preferences, which affects customer service itself. Due to the convenience coming with these applications, the clients are more likely to demand quick and effortless customer service, like this provided in apps. This means that no longer long phone queues are acceptable, nor customers are willing to visit physical branches – customer service in digital banking has to be smooth.

Adapting with LiveBank

Our digital banking customer service platform is exactly what you need to adapt to these changes. With it, you will be able to provide convenient and quick customer service, just like your customers expect.

Our AI banking assistant will solve simple queries for your agents and help them navigate the regulations and documentation with ease. Due to data integration, our platform will enable you to provide consistent customer service across all channels. Services like eKYC for Banking will make customer onboarding less strenuous for your customers and less demanding for your employees. Contact us and learn more about our platform and how it can elevate your customer service to the next level.

The Impact of Apps on Digital Banking: Conclusions

Mobile banking apps have quite an impact on digital banking. They change how customers want to solve their queries, making convenience and quick responses critical. With solutions like our LiveBank platform, you will be able to match these new needs of your customers and provide them with customer service that they strive for!

You may also read: Adapting Customer Service Strategies for Different Generations in Digital Banking

Sources: [1]