Is seamless customer interaction the secret sauce?

1 August 2016

Mondo app on phone and card

The way in which banks interact with their customers has radically transformed as digital and mobile technology advanced and customers’ expectations changed. Today’s new digital customer uses smartphone apps for everything from planning transport routes to making restaurant reservations. This has created the need for customers to also be able to interact with their banks through their mobile devices and thereby avoid the hassles and queues of going to a bank branch.

In 2015, more mobile transactions were completed in the UK than PC–based transactions and two of the UK’s largest retail banks reported that over 90% of their customer base is registered for internet banking.

Seamless contact with customers has become a key competitive factor for banks that want to retain digitally advanced customers. Gone are the days of endless paperwork and application forms and now seamless on-boarding is key. Where the legacy banks have been slower to streamline their processes, challenger banks have excelled in maximising the digital opportunity by offering fast digital and mobile banking solutions. However, many challenges still exist in providing a seamless online customer journey such as customer recognition.

On the 18th of October at Banking Horizon 2016, Tom Blomfield (CEO of Mondo) will explain how seamless customer contact is a critical success factor for building a digital challenger bank. Mondo is disrupting the legacy UK retail banking industry by offering a digital banking solution built for smartphones. Customers are able to open an account in only a few minutes and receive intelligent notifications about their spending. Tom believes that Mondo can succeed by offering superior products to their competitors in the long run.

Can the digital convenience model result in the bank branch model becoming obsolete? Come find out at Banking Horizon 2016.

Tom Blomfield is the CEO and co–founder of Mondo. He previously founded GoCardless and in 2013 he has been nominated as one of the top 5 Entrepreneurs under 30 by the European Commission.

To find out more details about the conference visit www.bankinghorizon.com where we’ll be posting regular updates.