Banks and credit unions should align their tablet banking offerings with the unique ways customers prefer to use the device, according to a white paper from financial technology provider Fiserv.
According to Fiserv, it is important for financial institutions to do this now, as nearly half of U.S. households are expected to own at least one tablet by the end of 2013, according to the research consulting firm, Frank N. Magid Associates. Further, Fiserv said its 2012 Consumer Trends Survey revealed that nearly half of tablet owners have already used tablets to access their financial institutions' banking services, and almost two-thirds of future tablet owners would like to do so.
According to the company, there are several actions banks can pursue to take advantage of the tablet's unique platform. Firstly, they should treat it as a separate channel that should supplement online and mobile banking, and be app-driven to leverage all of the channel's attributes.
Also, Fiserv noted that tablet banking lends itself to graphical depictions of data and interactivity, and consumers will expect device-specific functionality that takes advantage of these capabilities. The tablet must also integrate with other channels to support information access and management reporting, said the company.
"To optimize the tablet channel, the tablet banking experience must reflect the unique ways consumers prefer to use these devices," said Erich Litch, division president, Digital Channels for Fiserv, in a statement. "The tablet lends itself to visual presentations of data, such as charts and graphs, and the ability to navigate with taps and swipes. Delivering an interactive tablet experience that both complements other banking channels and capitalizes on the uniqueness of the device will encourage consumers to spend more time with their finances and deepen their banking relationships."