Mobile technology impacts business relationships with customers

Online shopping, mobile banking and electronic wallets have changed retailers’ and banks relationships with customers. As consumers can more conveniently and expediently shop from home or with their mobile devices, many businesses are losing face time and more personal interactions with their customer base.

However, experts say there are various ways that businesses can still maintain close and meaningful ties to its customers by using mobile technology to its advantage. Businesses can develop new platforms for contacting and engaging with customers, according to Bank and Technology Systems.

For example, banks and retailers who are behind on developing apps and mobile payment systems can increase customer retention and acquisition by offering new features to consumers. In addition, many banks are also creating online chat systems that allow consumers to stay connected with their financial institutions.

Businesses can also retain customers and maintain their reputation for quality by ensuring their mobile and online platforms are easy to navigate, have simple payment systems and function efficiently, the news source explains. Frequent problems accessing and utilizing these features can make customers frustrated and dampen their experience with a business. Spending more resources on knowledgeable IT engineers and programs can lead to more profitability over time as a company’s customer base grows.

Security is of the utmost importance to customers who provide their financial and personal information online. For this reason, banks and retailers should have several security safeguards in place, and develop a quick response program in the event of a data breach or fraud. Keeping customers informed of these safeguards can help build and maintain trust.

Mobile technology and payments are expected to rise significantly in the next few years, and businesses who maintain focus on their customer service channels are expected to come out on top when it comes to drawing in and retaining new consumers.

Leave a Comment