Making Mobile the Banking Method of Choice

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Customer Experience
Customer Experience
2013 Customer Champion Jimmy Stead, vice president of e-commerce, Frost Bank, brings simplicity to the mobile banking app experience, increasing digital transactions and boosting customer satisfaction.

Though mobile technology continues to gain traction across industries, many companies have yet to fully integrate this increasingly popular channel with their overall strategy. But for Jimmy Stead and his team at Frost Bank, the company's extensive VOC program has become an essential component in the success of the financial institution's mobile banking design process.

By continuously capturing and reviewing solicited and unsolicited customer feedback, Stead, vice president of e-commerce, leads his team in evaluating and improving Frost's digital products and services, identifying and clarifying customer needs and challenges in order to create product roadmaps that achieve positive financial and customer satisfaction results.

Stead established listening posts to gather and act upon customer feedback from an array of channels, thus enabling his team to design a breakthrough online banking application that offers customers a simple platform for conducting their daily banking activities. Stead motivates his team to continuously listen to customer requests and improve upon Frost Bank's current offerings through daily exercises that allow the team to review customer experience survey comments verbatim. This emphasis on listening empowers employees by allowing them to remain connected to Kaplan's client base at the most granular levels. Such analysis also develops intimacy, boosting engagement and satisfaction internally and externally.

Because Stead strongly believes that successful companies listen and act upon customer feedback, Frost Bank's team of designers and software developers constantly incorporate features consumers asked for into the mobile banking app, providing a unique, personal customer experience that differentiates the financial institution from its competitors. Through the Agile Methodology, Frost Bank's cross-functional, self-directed work teams are able to work together in one room, which further encourages a culture dedicated to customer centricity.

The app includes simple, easy-to-use features, such as a four-digit code login and the ability to allow some customers and businesses to deposit higher amounts of money on a daily basis, as a direct result of user feedback. "Customer feedback has kept us focused on the most important things," says Stead. "It's so easy to get swept up in creating some snappy feature, when what customers actually want is so much simpler. For example, we have a button that dials our customer service line and an actual person picks up-no call tree to endure. Not only was this the easiest feature to implement, but I think customers like to know we're there if they need us, as well." The app also enables users to quickly find ATMs and branches, view running balances and current transactions, and transfer funds.

Since the app's creation and implementation, Frost Bank has become an industry leading adopter in the mobile banking space. Because of the mobile app's customer-centric design, Frost Bank saw that 21 percent of all logins came from the new iPhone application during the first three months after its release, with mobile bank account users logging in twice as often as regular online users. Currently, 76 percent of Frost Bank's customers are registered for online banking, while 60 percent actively use the digital services to manage their account, and with plans to launch an Android app next, Stead and his team are sure to see an increase in mobile adoption and usage moving forward.

EXPERT OPINION
EXPERT OPINION