“Try before you buy” doesn’t just apply to cars, which is what we normally think of when it comes to testing something out before making the purchase. Warby Parker, the online eyewear retailer, sends potential customers up to five pairs of eyeglasses to try on for free. Fashion services like Trunk Club and Stitch Fix ship customers a small bundle of clothes based on their individual style; customers only purchase what they like before sending the rest back. Trying out a product is becoming popular in the financial industry, as well — with mobile apps. Banking customers are growing more comfortable with using mobile apps to do a wider variety of their banking. According to the American Bankers Association, 48% of customers do most or all of their banking on a mobile app. Just 9% do their banking at branches and 8% primarily use an ATM. Although mobile app customers tend to be younger, with 57% of Gen Z customers preferring to bank by app, even Baby Boomers are in on the trend, with 31% reporting that they’ve regularly used mobile banking in the past year.Moreover, a survey conducted by Chase found that 86% of respondents prefer their banking app to be a one-stop shop for all of their banking needs, and almost 60% indicated that they would even pay their auto loans through a banking app. With an increasing number of customers looking to mobile banking for all of their banking needs, it’s more important than ever to ensure that your community financial institution’s (CFI’s) app puts its best foot forward to entice new customers.With the increased reliance on mobile apps, banking customers have reported that a mobile app can make or break their banking relationship. For customers seeking a new CFI, your app might be the perfect way to convince them that your CFI is the right one for them. But how do you show potential customers the value of your mobile app before they open an account? Some financial institutions are offering potential customers a chance to demo or “test drive” their mobile apps.The Benefits of Offering a Sneak Peek of Your AppPotential customers who take advantage of an app preview get to see how convenient, fast, complete, and intelligently arranged a CFI’s app features are. Letting possible customers see how an app works before they open an account also allows CFIs to display app features that a user might overlook initially, fostering greater engagement and interest in a banking relationship. It also serves to emphasize the user-friendly features of the app and the full spectrum of banking services accessible to customers, all without the necessity of visiting a physical branch. Additionally, the experience can give CFIs a competitive edge over institutions that do not provide such an opportunity.Though it can help the undecided commit in a CFI’s favor, a demo or trial run isn’t just for potential customers. It can also serve as a tutorial for current customers by showing them how to approach a new task or as a refresher on a function they’ve used before. “Having the ability to test drive mobile banking apps is becoming more critical as customers have an ever-increasing range of options and providers for their banking and finance needs,” says Ian Wallace, Director of User Experience at Fiserv in Brookfield, WI.Strategies for Showcasing Your App to Potential CustomersThere are a good number of methods you can use to show off your app’s capabilities to attract new customers. Here are some of the most popular:
- Test drives. These are the most interactive tutorials. They walk a new user through how to complete a task on the app by using prompts and animation to show them where to click and what steps to take.
- Guided videos. Videos can either be a series of clips that show how different tasks are accomplished in the app or an overview of all the app’s capabilities.
- Cheat sheets. These are typically a static set of instructions with visuals like infographics and screenshots that’s hosted on your site as a page or a digital guide. Cheat sheets are perhaps the most dynamic, meaning they’ll be easier to update as app functionality changes.
Real Test-Drive ExamplesA wide variety of financial institutions offer mobile app test drives, cheat sheets, and how-to videos. Here are a few examples that your CFI can use as a starting point for your mobile app’s potential test-drive feature:
- U.S. Bank’s Digital Explorer walks users through dozens of app and online functions, with dialog boxes commenting on what the user sees on each successive screen.
- Truist gives users instructions and a test drive to learn how to make transfers and payments, use Zelle, and set up e-statements.
- Wells Fargo promotes its virtual assistant, called Fargo, as a guide for using and understanding their mobile app. Fargo and the app can interact, and the company offers videos that show customers how it works.
- In Minneapolis, MN, Northeast Bank has videos that show the whole user experience plus separate guides to individual functions. Its website boasts a digital banking guide that outlines all the things a client can do on the platform. It’s working on positive pay exception approval and already offers business clients cash forecasting, scenario planning, and peer benchmarking tools.
A test drive, demo, or cheat sheet can help you show off your mobile app’s functionality to potential customers. Look at other financial institutions’ mobile app test drives to see more examples of the features they can include. That exploration can, in turn, help you decide how best to help new customers explore your offerings before establishing a banking relationship with your CFI.
