Banking App Challenges
Touchpoint Group
Acquire new customers, drive engagement, analyse performance using AI technology and turn customers into loyal advocates
Dear Banking Colleagues,
As many of you are aware and experience first hand managing banking Apps for customer success is an intense and expensive business. We track customer scores and comments for Apps in many countries.
The scoring being 1-5 with 5 being excellent.?Banks scoring above 4.0 tend to have happy customers and therefore negligible customer churn. Consistently achieving scores above 4.0 is challenging and even the best mobile teams can go through tough times, especially with major software releases.?
We are sharing here a high level view of what has happened with the major banks in the US and UK over the past six months to illustrate how Customer perception of their banking Apps can change even for the best mobile teams.
In the US the number of banks scoring 4.0 and above has gone from 7 to 9, representing an overall market improvement. Of the 7 above 4.0 at the start of the period, 2 have slipped below 4.0 illustrating just how challenging the task is. Yet in the UK the number of banks scoring 4.0 and above has actually declined from 10 to 7. Much of this decline has been caused by major App releases.
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These movements illustrate the high risk to customer experience and loyalty with new App releases.?
Detailed care needs to be taken across all operating systems (that’s a big task!), but its well worth the investment. After all the name of the game is seamless self service for our customers in the Apps, which means they buy more and become more profitable, remembering the App is now the primary banking channel for the majority of customers.
We’d be interested to hear more first hand experiences and learnings here.
Want to learn more please reach out.
That's a fascinating topic! Customer retention in the banking app market is incredibly competitive. What strategies do you see as most effective for long-term engagement?