, managing director in financial services consulting at the accounting, consulting and technology firm Crowe, was helping his 21-year-old son get an auto loan. They visited the websites of several banks and credit unions. The experience was less than stellar. Two of the credit unions had unintuitive applications with technical glitches. And one bank—a multibillion-dollar institution—didn’t even have an online application. It only provided a phone number to call.
“It’s really now come down to mobile,” said Grottke. “I do not see consumers doing banking of any substantial nature on any other device but mobile.”in areas such as personal finance management. Artificial intelligence-enabled apps, for example, can offer consumer analytics, reminders and personalized advice.
He pointed out the example of one popular stock trading app that recently added millions of active users. The app has a simple and attractive platform, and it offers incentives to those who download it and refer friends. Though the app is controversial because critics say it’s gamifying investing, Grottke said the flip side is that the product has created an experience that’s “fun, attractive and exciting.” These factors are increasingly important to digital engagement.
In other words, the product doesn’t have to be perfect from the start—but it does have to be better.
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