From learning, to shopping and working, technology significantly disrupted our daily routine. Kids are using tablets in school then growing up to attend online webinars from their desks and getting jobs that aren’t invented yet. Why should banks care? Because it’s their present and future clients we’re talking about. Sooner or later, mobile-tech-habits will have to be translated into banking apps.
56% of Millennials are interested in having a video chat with a bank representative by accessing a link on their bank’s website, mobile or tablet application. (source: Accenture 2014 Consumer Digital Banking Survey)
Tech as a learning tool
Studies show that learning is 30% more efficient when mediated by mobile devices. Apparently they boost individual performance, retention and engagement.
Eliot Soloway, a longtime expert on handheld computing in schools says: “Students spend more time doing schoolwork on mobile devices than they would with paper and pencil because it’s an affirmation of who they are and it’s readily available”. (source: elearningindustry)
Technology hit the fast lane with such a speed that it makes it impossible to predict the future in some cases.The United States Department of Labor’s Report, Futurework – Trends and Challenges for Work in the 21st Century, states: “65% of today’s grade school children will end up at jobs that haven’t been invented yet”.
Smartphones make us more productive
And speaking of jobs and progress,the latest workplace trend is the Bring Your Own Device (BYOD) “movement” which refers to an increasing number of employees who use their handheld devices at the office. Studies show that U.S. employees who own a smartphone are more productive. 59% of U.S. workers work more than 50 hours a week and they see smartphones as “productivity tools”.(source: E-Learning Market Trends & Forecast 2014 – 2016 Report)
Clients? Go get them yourself. Hint? Use the smartphone!
Smartphones are an extension of our persona. They will eventually become the only way in which brands can reach us. We use mobile devices to work, to deposit checks, we graduate online courses and we “webshop”. If you want your clients’ loyalty, you have to go and get it via their mobile devices.
RIP PCs. Hello smartphones and tablets
All in all, International Data Corporation (IDC) predicts that by 2017, the device market will look like this:
- the number of PCs will drop from 28.7% (in 2013) to 13%
- Tablets will reach 16.5%
- Smartphones will get to 70.5%.
E-learning & remoteness
From elementary schools to multinationals, e-learning, mediated by mobile devices has disrupted the traditional learning experience.There is a growing appetite for online learning, for life-long learning and it all happens on a rising trend of device-mediated remoteness. Now what does banking has to do with all this? It has everything to do with this. Even kids? Yes, even kids, because the tech-savvy kids will be some bank’s customer one day. They’ll need financial advice.
Banks can learn a lot from the above statistics:
- Mobile banking will probably become the main banking communication and transaction channel.
- Remoteness is a fact, and banks should adapt their services accordingly. Both bank tellers and clients can interact face-to-face, in real-time, from locations scattered nationwide, by using live streaming. Customers will get assistance froma bank representative by simply tapping a “Mayday” button on their smartphone. Software apps will provide a secure virtual room where transactions are completed as during a regular visit at the local branch.
- Since e-learning and financial literacy are contemporary crucial issues, why not blend them with fintech apps? Instead of releasing bankers to reduce costs, banks can keep them on board and pass on their financial knowledge to their customers. Imagine receiving invitations from your bank to join their financial webinars, where you learn about money management, personal finance, spending or saving plans, from the safety of your living room, or during your lunch break.
- The social component of e-learning allows people to connect with other peers, network and share ideas while learning. Banks can leverage this to increase brand awareness, enhance customer engagement, and build trust and loyalty.
Examples of Bank Sponsored Digital Events:
- Community Charity, e.g. bank sponsored Charity Event at The Emmys.
- Customer Feedback and Focus Groups, e.g. YouGov research for Intuit.
- E-learning with Specialists, e.g. Retirement Planning.
Clients have mobile devices and they are open to e-learning. They grow up with web-based learning.The “Mayday” button era is here. Face to face interaction (even with your personal banker) is a reality. Financial education mediated by technology is the next step.With the right apps, advanced interactivity meets personalized communication, and can shift to social learning.It’s time for banks to take responsibility for financial education. Customers have many questions about their money.Fintech has the answers.
ABOUT THE AUTHOR
Bill Sarris, CEO and Co-Founder of Linqto, Inc.
Linqto was named in the “Top Ten Tech Companies to Watch” for 2015 by American Banker and BAI. Bill Sarris, CEO, is a recognized expert in the field of streaming and collaborative technology and the inventor of Linqto technology. Linqto’s clients have included Microsoft, Intuit, Digital Insight, NCR, Google and Stanford. Linqto’s interactive banking communication suite includes Personal Banker and Community Banker.