Business Intelligence can Help Banks Improve Mobile Solutions

February 14, 2013

Consumers are increasingly using their smartphones, tablets and laptops to perform everyday functions, from entertainment and communication to work-related processes. But at least one mobile solution appears to have fallen behind the curve: banking applications.

“There’s an app for everything in today’s mobile-driven consumer environment,” said Brian Moore, financial services market manager for Varolii. “However, our study shows that most banks are failing to deliver on consumer expectations with first or second generation mobile applications.”

A recent survey by Varolii revealed that approximately 70 percent of Americans are not satisfied with their banks’ mobile strategies. Nearly two-thirds of respondents said they felt it was the bank’s responsibility to warn them about low balances or billing payments, yet 68 percent said they never received such an alert.

Business intelligence can help
As technology continues to evolve rapidly, customer expectations have changed with it. This can pose challenges for executives as they try to keep up with the growing consumer demand.

“Mobile banking applications are on the rise, and an ever-growing base of young consumers are using them and expecting more advanced capabilities,” said David McCann, CEO of Varolii.

In a recent blog post for SmartData Collective, Mark Smith, CEO and chief research officer at Ventana Research, suggested that business intelligence (BI) analytics could be the perfect tool for decision-makers to stay ahead on customer trends. Business analytics is ranked the No. 1 priority for organizations in 2013, according to Ventana’s recent study. 

Through the use of analysis tools, companies are using the information available via these new technologies – the internet, cloud computing, mobile devices and social media – to identify any problems and make forecasts about future consumer interests. That way, banks will be able to react to issues in real time, allowing them to make immediate improvements on their mobile solutions. BI tools also have security benefits, such as fraud prevention, that can help banks combat these problems as they deploy more mobile applications.