woman on mobile Mobile technologies are rapidly growing in popularity, giving customers 24/7 access to products and services, and allowing them greater control over their choices. But customers aren’t the only ones who benefit; mobile technologies provide one of the greatest opportunities for banks to boost revenues and improve customer service.

According to a 2013 report, Forrester Research estimates that more than 61 million banking customers will have adopted mobile banking by the end of 2013, and the number of mobile banking users will have jumped to more than 108 million by 2017. Mobile technology allows customers the freedom to interact with their banks anytime, anywhere, while giving the banks more frequent opportunities to engage with customers and gather data that helps them provide excellent service and increase profitability.

Today’s consumers have higher expectations than ever; they want companies to cater to their needs and concerns – and do it immediately. By harnessing the power of mobile technology and social media, financial services companies can stay closely connected to customers and address changing needs and emerging issues as they come up.

Key ways banks can leverage mobile technology to enhance customer service:

  • GPS technology gives financial institutions access to physical locations of users, allowing them the ability to provide information such as nearest branch or ATM and their hours of operation.
  • Social networking sites allow banks to leverage social media by connecting directly to customers in real-time, giving them the opportunity to react within seconds to feedback provided by customers on their mobile devices.
  • Mobile apps capture and generate information for banks that enable them to enhance product offerings, market new products, and gauge the receptiveness of new offerings.

But the most important factor of real-time mobile technology is the enhanced customer experience. For customers, having a greater sense of freedom to manage their finances from anywhere is becoming not only an attractive option, but a necessary part of their banking experience.