In the final installment of my 2015 Financial Services Predictions blog series, I am going to discuss how mobile will continue to change the financial service’s landscape. The banking and investment industry has been ahead of other financial services companies with their mobile strategies and in 2015 the life insurance industry will be playing catch up.
To date, many financial services’ companies have viewed their mobile platforms as extensions of their desktop sites. Their mobile strategy has been to “shrink” existing sites so they display appropriately on smartphones and tablets. Unfortunately, this approach does not always address the reason a visitor is accessing their site via a mobile device. The context in which a mobile site is accessed may be very, very different than why a desktop site is viewed. There has also been a proliferation of mobile apps for financial services, but again, many of these apps don’t take into consideration what users are actually trying to accomplish with a mobile app. There are some financial services areas that are ahead of the curve like; banking, personal investing, and auto insurance, but life insurers and credit unions are behind the curve. An additional challenge for multi-product line insurers is providing a full set of servicing capabilities across product lines via mobile devices (See my first prediction).
The property and casualty insurers have realized that customers want to use their mobile applications for very simple tasks such as; paying bills, storing insurance coverage cards, and tracking claim information. Scaling back what their mobile solutions provide actually increases the usage of apps because it meets very specific customer needs. Another area of focus we will see in the mobile space is deploying mobile solutions that both intermediaries and customers can simultaneously engage with in order to facilitate a better sales experience. This trend should ultimately enable better customer education and understanding around the need for certain products.
In 2015, companies will continue to refine their mobile strategies, and will look to deploy mobile solutions that address the needs of both consumers and intermediaries. Understanding the underlying goals the consumers or intermediary are looking to achieve by accessing a mobile solution, will be critical in the success of their mobile strategies.
I will be re-visiting all of my predictions at that end of the year to see how good I am at predicting the future. 2015 should be an exciting year of change for financial services companies as they invest significant dollars and effort into expanding their use of technology to satisfy customer needs.
Join me March 18th, where I explore how organizations in the Financial Services industry can become customer centric and reman relevant to their customers.