In the age of instant gratification, easy-to-use mobile-first banking is an expectation. Banks must meet rising customer expectations or risk being left behind

The explosive growth in digitalisation in recent years is dramatically transforming financial services. Long gone are the days when customers had to queue at their local branch to accomplish banking tasks. With the likes of Amazon, Uber and Netflix fuelling an ‘on-demand’ economy, offering instant gratification at the mere tap of an app, customers have come to expect the same level of digital convenience and accessibility from their bank. 

It seems inevitable, then, that mobile has emerged as the channel of choice for customers, with Statista estimating that seven in 10 banking account holders use their mobile phone to process their banking, up from 63% in 2019. 

For banks, this means pivoting to a mobile-first approach to increase customer engagement. But while many do a good job, taking an approach that differentiates their customer journey can be very challenging. According to the American Bankers Association, 43% of customers rated their mobile app experience as “excellent” and 37% rated it “very good” making it considerably more difficult for banks to stand out from the crowd. 

The rise of challenger banks and fintechs has only compounded the pressure legacy banks face. In just a few short years, these digital-first competitors have shaken up retail banking, raising the bar for customer experience.