Where Do You Build Relationships? Does Technology Help?

You must have noticed in the past little while, how each of the Canadian banks has launched some sort of mobile app. Most of the Big 5 banks already have mobile banking apps for some of your devices. They are now in the stage of adding other apps: such as those for mortgages advice or brokerage.

While the use of mobile banking is functional, it allows you to make payments, transfer money, and check your accounts all on the go. However, in terms of these other apps, how many times will you actually use the mortgage app after you initiate your mortgage conversations? Will you actually buy and sell through the brokerage app from that little screen? Does it get clients through the door? I mean, I might be looking for a home, I might check what I can get – and potentially that app might act as a referral to the bank. But once that’s done – will I keep the app on my phone or will I delete it? The brokerage app makes sense if I just want to keep on the pulse of how my portfolio is doing – but I am not sure I would invest there given that it’s just too hard to see all the information I need in real time through the little screen. Or am I wrong?

I guess I am still questioning whether banks know which channels to market through, which channels to act as referral sources, which channels to sell through, and lastly – which channels to build relationships through. I would qualify myself as a hyper user of all new technologies and I would expect my bank to be able to connect with me through all the channels available to me. But at the end, I know if something is complex I will want to speak live to someone – and if something is simple I might just do it online or through mobile if possible.

What do you think about mobile banking? Mobile advice applications? Mobile brokerage applications? Have you used any of these? Is your business online? Do you offer mobile functionality or mobile apps? Where do you see mobile fitting into the relationship cycle with the consumer?