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Mobile

We’ve all been watching the rise and rise of mobile. But Google’s announcement this week that more searches now occur on mobile devices (defined by Google as smartphones) than on desktops and tablets is a tipping point in marketing and communication – especially for financial services.

Why? Because it means that more than just wanting to use their mobile devices to find information, shop, bank and generally conduct their daily lives – consumers expect to. A frustrating mobile experience can turn consumers away just as much as a truly mobile-optimised experience will keep them connected and engaged.

In short, it’s a great opportunity for businesses that do mobile well – and a major challenge for those that don’t.

When it comes to financial services, the stakes are particularly high. In the same way that mobile searches have surpassed desktop searches, mobile banking has surpassed online banking, and according to a recent article, Australians are leading the way. In Bain & Company’s fifth annual global survey, Australians are less likely to visit a branch than their overseas counterparts, and in 2014 38% of communication with banks in Australia was by way of smartphone or tablet, a 22% increase on 2013. Online banking interactions dropped from 42% to 35% over the same period.

At its heart, optimising the mobile experience is simply another way of improving communication, thus engagement, with customers. But understanding what this means in practice can be more challenging.

Where to start?

Adopt a ‘mobile mindset’

The first thing to remember is that mobile-optimised means more than simply adapting your site to look good on multiple devices.

It starts with understanding the type of content the customer values and knowing when they want it. It means identifying what Google describes as a ‘micro-moment’, when a consumer turns to a device at hand (usually a smartphone) to make an insurance claim, check an investment portfolio, discover a highly rated adviser or place a trade. If you can anticipate and capitalise on these micro-moments, you are capturing consumers at a time when their preferences are likely to be shaped and decisions made.

According to a recent article by Will DeKrey, your own data can be used to define the micro-moments in your customer’s journey.

- Search which queries, ads and keywords bring user on different devices to your website, and look how the searches differ from device to device once they land on your site.

- Examine the content that users access by stage and by device.

- Look more deeply at a flow analysis, what path mobile-using prospects follow, compared with tablet-using prospects.

An increasing number of companies are understanding their customers’ micro-moments and offering a truly responsive experiences as a result. Hertz sends customers emails when their plane lands to let them know their car is ready, and Starwood Hotels allows customers to check in and open their hotel room with their smartphone.

Make the customer journey responsive, relevant, actionable and frictionless

This means giving customers quick, easy access to the information and functions they want. And when and where they want it. It doesn’t necessarily mean stripping-down your content (if only it were that simple).
This can pose problems for financial services companies, which typically engage in more complex customer interactions than many other businesses. Long complicated forms come to mind.

A great example of addressing customer experience expectations is the AAMI Access app which was updated this month. It allows AAMI customers to make changes to their policies, make a claim, track the progress of the claim and even receive weather alerts – all on their smartphone. It’s one insurer that seems to be solving the long, complicated forms dilemma for its customers. And is a far cry from just pared back content on a website.

Bottom line? It’s still all about utility

The mobile experience merges the physical and digital. Really, the smartphone is just a device that allows us to connect with our customers at specific touch points in their buyer journey, it’s not the endgame. As marketers our challenge is to be customer-first using the intersection of physical and digital to be useful to our customers and therefore relevant.

Clearly those that deeply understand their customers and deliver content that is contextual and timely are in prime position to win.

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