In this article, the author speaks about the migration of banking from branches to mobile platforms. It touches on some findings of a recent Bain study about the banking space. One insight is that consumers who interact with their banks largely through mobile or other digital devices are more loyal than those who interact in branches with their banks. I think this will be an interesting trend for advertisers and for banks with major partnerships such as Chase with the US Open and Citigroup with CitiField. How will these banks begin to transform how they present content and opportunities to their customers based on the shift to mobile? Will we see more geo-targeted deals from without our bank apps? Will we see more in-stadium experiences presented by our banks at partnership events like the US Open? I think the biggest key for banks is to determine how to make their apps more experiential for customers so they see it as more than a transactional app. For many consumers, they see their bank's mobile app as a quick way to deposit checks, check their account, or transfer money to family members. The banks need to figure out how to make the app more holistic and provide the same personalized touch that they current provide in branches. In addition, they need to figure out what to do with their branches. One option is to make them more digital and put in digital kiosks to replace staff. Another option is to minimize the store space and create more, smaller primarily digital locations that customers can go to if they need to. At the end of the day, the most important thing for banks to realize is that the banking environment is changing and if their app isn't on par with competitors they could lose customers.
Link: http://www.cnbc.com/2015/11/25/for-the-future-of-banking-its-all-about-the-apps.html
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