Mobile-first Is Today’s Mantra
In order to create value in India in the coming years, it is imperative for companies to have a mobile-first strategy
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In today’s age and time, consumer preferences are changing every moment. Every day has something new to offer and technology has been a major enabler in redefining experiences. Tech-savvy consumers expect all their services to be available readily at any given time and space along with being device agnostic. Increasingly, consumers are using mobile technology in every aspect of their lives and expect a seamless mode of communication, interaction, and service. It is no longer a question of mobile-friendly or mobile-compatible; the mantra today has become mobile-first.
The world of banking has undergone a paradigm shift in the 21st century with the advent of Internet and mobile banking. Gone are the days when one had to stand in queues to deposit money in an account. With mobile banking, we can literally carry our banks in our palm. Once we download the app, all our transaction and investment details will be available at the tip of our fingertips. Recent statistics state that digital payments grew 55 per cent in volume and 24.2 per cent in value in 2016-17 over 2015-16. Mobile banking is gaining unprecedented popularity as it offers improved and personalised customer experience.
According to the Economist Intelligence Unit Research, companies that prioritise investment in customer experience (CX) have better revenue growth (59 versus 40 per cent) and are more profitable (64 versus 47 per cent) than companies where CX is not a priority. Over 90 per cent of companies agree that digital customer experience needs to be front and centre when it comes to making any business a success. Firms give priority to their digital strategy, for the sole reason of improving their existing and potential customer experience and engagement.
Closer to home, digital transformation has accelerated at a never before seen frequency, post demo netisation. Among all the major industries, the banking and financial sector has kept up with the pace most effectively. Most banks today want to become digital banking leaders and have incorporated strong digital strategies to stay relevant in the face of constantly evolving customer expectations and demands.
The transformative journey of IDFC Bank who effectively devised their entire business strategy around digital customer experience shows that a customer-first approach is necessary to thrive in the face of digital disruption. They partnered with Cisco to build an online service to help them better serve their customers, quickly and easily.
To survive in this day and age, most banks realise that they need to digitally transform their business end-to-end. They have to accommodate the economics of a modern retail delivery scheme while keeping pace with heightened customer expectations. To meet these expectations, the banking industry is working to adopt innovative digitisation models similar to those seen in other industries. The need of the hour is to understand the unstated needs of the customer the way airlines understands the preferences of the frequent flyers or the retailers understand the likes/dislikes of their customers, without even taking direct feedback of the customer.
In the last few years, we have seen a paradigm shift where all major business strategies are centred around Customer Experience (CX). This evolution marked the beginning of the digital age or the age of the consumer. Mobile is leading a revolution in how businesses engage, acquire, and retain customers. Consumers are increasingly turning to their mobile devices first to take an action that may lead to a sale. In order to create value in India in the coming years, it is imperative for companies to have a mobile-first strategy.
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