Scott Bales, author of Mobile Ready, shares his insights on mobile technology here. Rather than encouraging banks to jump feet-first into mobile apps, he asks them to question their decisions based on four observations:
- Facts: who are their customers?
- Pain: what problems do they currently face with their finances?
- Behaviour: what are they currently doing without your solution?
- Goals: what are they trying to achieve?
If banks can find a solution to their customers' financial problem(s) and translate it/them into an app, then success looks highly likely....
Institutions are getting this completely wrong right now with a number of large digital agencies just throwing money at the problem, thinking they will fix mobile with money. If banks don’t go through the process of understanding the real problems consumers face and building their products around them, then it’s just a waste of time and money. Bankers need to literally get out of their office building to understand and have empathy towards what clients need. I encourage bankers to get out there to do field research and create those “aha” moments.