Personalized content and offers among banking consumers increase engagement, according to a study conducted by Maxymiser, “Branchless Banking: A New Era of Online and Mobile Banking.”
According to the study, 83% of respondents indicated that they have a propensity to click on an online or mobile banking offer when it’s specifically targeted and relevant to their needs.
With online and mobile banking becoming more prevalent in today's hyper-connected environment, the report examines consumer behavior and provides useful insights for financial institutions seeking to grow and maintain their online and mobile customer base.
What’s more, the study also uncovers the rewards financial institutions can reap by delivering effective online and mobile banking experiences: defined as quick, personalized, relevant, and intuitive.
Here are some of the other key findings from the study:
Slow site performance and page speed can kill the digital banking experience. 68% of respondents reported they will not wait longer than six seconds for pages or images to load on a bank’s website or mobile site.
Poor experiences equal fewer transactions. If presented with a single “bad” experience or shown an irrelevant offer on their bank’s website or mobile site, 42% of respondents reported they would abandon their transaction and leave the site/page altogether.
“Personalized choices, channels, and convenience are all primary reasons consumers turn to both online and mobile banking -- but that must go beyond simply offering their services,” Jared Polidoro, Vice President, U.S. Client Services, Maxymiser, said in the study report. “Despite rapid adoption of digital devices, this research emphasizes the pressing need for financial institutions to prioritize, personalize, and optimize the customer experience to be as relevant, intuitive, engaging and seamless as possible, regardless of what device consumers are using.”
The study was conducted from July 25-30, 2013, and generated 1,000 responses. It targeted a random sample of U.S. consumers, 18 years or older, who own at least one desktop/laptop computer, smartphone, and tablet.