The increasingly central role mobile communication technology plays in defining how and when customers conduct the day-to-day and extra-ordinary transactions in concert with their financial institution or institutions dominates any discussion of customer engagement strategy. While the article focuses on trends in the European consumer market, the trends are reflected in the North America and APAC.
The number of European consumers regularly using contactless mobile payments has tripled in twelve months. In 2016, 54% of consumers surveyed regularly used a mobile device to make payments for a range of activities, compared to just 18% in 2015 (source: Visa’s 2016 Digital Payments Study).
Surely if we are comfortable using a smartphone or tablet to buy something, are we not also expecting to resolve service issues in the same way?
In the UK, smartphone penetration is now 81%. Just 12% still use feature phones. Over half of UK adults now have a 4G connection. Wifi is ubiquitous. We can engage with brands at home, at work and on the move. Want to Tweet to check Heathrow flight times in the London underground? Of course you can.
Mercator Advisory Group seeks to call firm attention to the pervasive impact of smartphones in how consumers navigate their daily transaction activity, and how those devices are indeed how our financial accounts are monitored and managed. Financial institutions not examining their own customer service strategy to accommodate for this central pillar will face a tough row to hoe indeed.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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