Financial Technology

Financial Technology

October 31, 2012

Financial Services Smartphone Apps Not Meeting Customer Expectations

We use our smartphones for an increasingly dizzying array of functions. While financial services apps may be among the most popular new apps, a study has shown that the experience doesn’t always live up to the expectations. In fact, 70 percent of smartphone users have reported frustrations that mean these apps simply aren’t living up to their hype.

When these problems can’t be quickly and easily resolved, the study found that the customers’ negative experiences often lead to negative consequences for the brand.

In other words, financial services companies had better do more to launch apps. They need to start servicing and maintaining them to the same degree they do other channels.

The benchmark study was conducted by The Adcom Group for Virtual Hold Technology (News - Alert) (VHT), a provider of conversation strategies designed to bridge the self-service gap between customers and contact centers. The VHT Customer Experience Benchmark Study was conducted to investigate how customers engage with brands using smartphones. It takes a close look at consumers who use financial mobile apps to perform a variety of tasks in real time, the problems they encounter and the behavior that results.

These problems with apps are especially visible in a customer service environment in which customers expect instant results.

"Customers expect mobile apps to help them complete tasks. It's a moment of truth for the business, and when the app fails to meet their needs, customers become frustrated and are less likely to use the app again," said VHT CEO Wes Hayden (News - Alert). "The complete results of our study shed light on customer interactions with apps and the need to improve the transition from automated self-service to human help."

Officials from VHT and Forrester Research (News - Alert) will join together to host a Webinar on Nov. 8 at 2 p.m. EDT to examine the benefits of a multichannel and customer-centric approach in the contact center.

Edited by Braden Becker

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