We’ve Got An App For That

According to a recent Wall Street Journal article, Google has concerns about its future, despite the fact that the company name has become synonymous with conducting a Web search. With over 80% of people browsing the internet on smartphones and tablets rather than computers, there has been an explosion in apps and a decline in traditional search engine utilization. To prevent the loss of relevance (and of ad revenue), Google has launched an initiative to better understand and control how smartphone and tablet users use their devices.

What does this mean to financial services marketers? Mobile is by far the most critical component of digital marketing today, with people demanding connectivity at any time and from anywhere. Websites must be mobile friendly. Wealth providers should develop apps that not only allow clients secure access to their financial information, but provide value-added knowledge and thought leadership. As of November 2013, the top 25 financial institutions all offer mobile banking across a range of devices and platforms. In the past 90 days, 45% of consumers have used mobile banking, compared with 26% of consumers in 2012. While the majority of these apps are focused on traditional retail banking and deposit products, many wealth managers are building secure applications as well. Financial apps often include actionable two-way alerts, near real-time alerts, push notifications, and other services to provide customers relevant and timely information.

Any opportunity to contact your clients in a proactive way while delivering responsive customer service will improve your relationship and help customer retention. In a rapidly changing digital marketing environment, even industry leaders like Google know that finding new ways to reach consumers is critical to reinforcing and maintaining a leadership position.