Remember when banking meant leaving the house and queuing at a physical branch to see your banker? Now, you can use your mobile device to make payments and check balances, and at the same time order groceries, pay your electricity bill and chat online with friends and family – all without getting off the couch.
The digital revolution in the financial services industry has changed the way we bank, shop and interact with each other, and the prolonged lockdowns as well as increased mobile phone penetration have accelerated this. Not everyone, though, is comfortable with the rate of change and many view interacting with a screen instead of a person as less secure, impersonal and a little intimidating. In our pursuit of convenience, speed and mobility, have we sacrificed the human element of banking?
Analysts have pointed out that digital banking has become functionally correct but emotionally devoid and banks have to find a way to put humanity back into banking. With the report showing that 50 percent of banking customers interact with their bank via a mobile device or website at least once a week, compared to 32 percent before the pandemic, and Statista predicting that the number of digital bankers in South Africa will grow to 35.5 million users by 2026, it’s clear that fintech isn’t going anywhere. In fact, it’s just getting started.
Stats don’t show the whole picture though. According to reports, seven out of 10 people are hesitant but would welcome going online to do their payments if they could receive a bit of human advice on the various banking products.
So, how do you find a way to your customers’ hearts and put them at ease with mobile banking? The key is to understand the apprehensive consumer and turn apprehension into adoption.
Here are some of customer’s worries when transacting online and how to alleviate them:
It’s too complex
Transacting online needs to be intuitive, convenient, and frictionless, giving users immediate access to virtual cards and mobile wallets to create a simple, quick and secure user experience. Fintech enablement partner, Ukheshe Technologies, offers all of this through its Eclipse API, but not just as part of banking, but also embedded into the broader offerings of non-financial institutions, like Telkom, bringing its user-friendly solutions to more people and impacting all aspects of their lives.
Remember that while many of your customers may be digitally savvy, they may not be financially savvy, so a bit of extra help bringing them online may be needed. Consider creating a separate helpline just for the mobile payment application to assist with any hiccups, and to provide ease of mind to your customers.
It’s not secure
One of the biggest reasons why people are reluctant to switch to digital is security. Trust is an ongoing issue, coupled with the fear of becoming a victim of fraud due to inexperience with digital banking channels. Many are intimidated by technology and fear making costly mistakes when transacting, especially those with limited financial resources. Ensure that your customers know that their security and privacy are of paramount importance, and place huge emphasis on the security of your digital payment platform.
It’s too impersonal
As people still relate to people best, consider creating an in-person tutorial. People want to take charge of their finances, and they want engaging content that teaches them how. Post simple video tutorial or even a slide show demonstrating how to register, use the mobile payment app, and the onboarding process. Keep it short and entertaining; the modern consumer wants to learn but they don’t want to be lectured. By personalising the experience, you will ensure customers feel comfortable and valued during every interaction they have with you.
Why is it so important to get the traditionalists onboard?
The laggards need a push in the right direction so that they aren’t left behind and are able to join the rest of us in enjoying the improvements digital platforms like Ukheshe Technologies can bring to our lives and businesses.