The mobile imperative for retail banks.

87% indicated mobile will be an equal or higher source of new accounts in 3 years.

That gives banks an opportunity to outpace competitors by making it easy to research, apply, and ultimately onboard via mobile. Right now, customers cannot “pass Go” until they sign up on their desktops. And that’s not going to delight customers who want the instant gratification of signing up for mobile right now.

You need to offer a responsive, user-friendly, and secure enrollment or application process designed for mobile. That doesn’t mean shrinking the desktop or, worse still, your paper-based forms. Instead, you need to implement responsive forms and documents integrated with existing apps and websites. Let users work offline and sync when they’re connected. And once customers log in, make sure guidance on mobile banking and information on security and privacy are easy to find.

To ensure the best possible experience — and the greatest customer conversion — enable segment targeting, analytics tracking, and A/B testing to make sure you get it right. What you learn here will also serve you in other application processes, from car loans to credit cards.

Balance channel preference.

Lure customers with mobile apps.

For 52 percent of respondents to the 2017 Econsultancy and Adobe “State of Digital Transformation in Financial Services” report, appealing to new generations of consumers — younger, increasingly mobile-first people — was a top-two concern. One promising approach to engage millennials and Gen Z-ers is through apps. Large retail banks and many of their regional and local counterparts have launched solid smartphone apps that reduce transaction friction and discourage bank hopping. For example, Bank of America’s app displays useful account information even before login and supports appointment scheduling, according to Forrester’s “2016 Global Mobile Banking Functionality Benchmark."

Keeping up with consumer demands means you need to work continually to understand what your customers want to do on mobile and adjust your mobile approach to suit. After a bad mobile experience, 85 percent of consumers are unlikely to do business with a company again, according to “Transforming the Mobile Customer Experience” from V12 Data. And difficult mobile navigation has prompted 70 percent to abandon a website. It’s clear you need to make sure the basics are solid, like intuitive navigation and easy-to-access guidance. And when customers need support, make sure it’s readily available via text, live chat, or social media.

Realize that your experience can’t just match that of your banking peers — your customers’ rocketing expectations are set by other industries. If Amazon’s app knows which credit card your customer uses to make a purchase, then your bank’s app should know their payment preferences too. If the Starbucks app can let your customer know within a minute when they can pick up their half-caf, non-fat, extra-hot latte, then your bank’s app should alert them when they’re about to exceed a spending limit they set.

Customers will use mobile banking more frequently as they gain confidence with transactions like transferring funds or adding a new bill payee, according to Forrester’s “2016 Global Mobile Banking Functionality Benchmark.” But transactional apps are almost a yawn. The best apps let customers find what they’re looking for by rethinking the small screen, view offers prompted by their actions across channels, apply quickly to loans and credit cards using capabilities like instant fill and image scanning, and incorporate tools for personal money management, including goal tracking.

Mobile can be the fast path to customer conversion and upselling of services in a world where consumers value self-service more than individual brands. But to provide the best possible mobile customer experiences, you need to continually raise the stakes.

Empower Innovation.

Grow from the top and bottom.