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Many of our customers didn’t even use the app. They could phone up and get someone to do every action for them. If your product can operate without the app then
by jack_riminton 5y ago
Many of our customers didn’t even use the app. They could phone up and get someone to do every action for them. If your product can operate without the app then the app is secondary
- mcv 5y agoFinancial transactions by phone? To me, that sounds inefficient, expensive, error prone and insecure. All banks I know provide an app and a website to their users. Having to talk to a person to handle your money is something from the 1980s. Of course for very specific high-value transactions, it may be useful to talk to someone, especially when it's something that also involves advice, but most people only do that kind of thing two times in their life: for mortgage and pension. Modern banking does not function without the app (be it web or mobile).
- jack_riminton 5y agoLol, if you say so!
- Bootvis 5y agoHe’s right. If customers are not able to do this themselves through an app, the required headcount would boom and no retail bank would be profitable.
- jack_riminton 5y agoYou might want to look at the profitability of the 'app only' banks vs the traditional ones
- Bootvis 5y agoWhat would I learn?
- jack_riminton 5y agoMuch https://www.thetimes.co.uk/article/why-the-banking-app-revolution-is-fizzling-out-jm90kkw5b https://www.thetimes.co.uk/article/why-the-banking-app-revol...
- mavhc 5y agoWhat kind of customers are you talking about, investors or normal people?