Industry Insights: What to Know About Mobile Banking Now
Ideas to get on your planning horizon for this popular self-service channel
Mobile banking is growing rapidly. As many as 54% of all smartphone owners used it last year (Federal Reserve, 2016), and of those, 54% put it in the top three ways they interact with their financial institution—teller visits were picked by only 51%.
Furthermore, the mobile channel is changing rapidly, with new services and technologies opening up more possibilities all the time. At one time, institutions could distinguish themselves by the mobile features they offered, but it’s now taken for granted that features like remote deposit capture, mobile account opening, funds transfers, mobile bill pay and even mobile loan applications will be available.
A significant recent trend is to consider providing an omni-channel customer experience to be the key to the future of banking. Not only do consumers want more services available via the mobile channel, they want all channels to work the same way—same look and feel, same process, same rules and same outcomes.
All this means that the mobile channel is not a “set it and forget it” investment, but one that needs constant monitoring and frequent updating to remain relevant and useful for account holders—who increasingly have shown they’ll go somewhere else to get it.
Where are you along the spectrum of mobile services? Here are some new articles that will add context and practical advice to your mobile strategy:
- The Rise of the Digital-Only Banking Customer, Financial Brand. Highlights findings from the PwC’s 2017 Digital Banking Consumer Survey. Also looks at how banks and credit unions are keeping up with current usage trends, and makes some predictions about future usage for financial institutions.
- Mobile Remote Deposit: It isn’t a gamble, its tablestakes, BankNews. Explains how to leverage mobile remote deposit capture. Offering it—and of course getting it right—matters because consumers already use it, and financial institutions stand to save up to $3.90 per transaction compared to in-branch.
- Mobile Game Changers, CUES. Discusses how to successfully implement mobile services, measure results, and keep up with what’s coming next. Features advice from two Alogent clients—Prime Financial Federal Credit Union and FedChoice Federal Credit Union—and Alogent director of marketing, Alissa Fry-Harris.
- 4 Things You Might Not Know About Mobile Banking in 2017 But Should, Creditunions.com. Compares the pros and cons of in-house vs. third-party mobile banking implementations, and applies equally to banks and credit unions. Includes real-life insights from institutions that have deployed both solutions.
About the Industry Insights Series
Alogent’s Industry Insights—this blog and the companion newsletter series—track insights into transformative financial technologies as they happen. Our diverse team of experts pulls the threads together and weave in thoughtful—often actionable—analysis to help banks and credit unions keep their competitive edge and meet new generations of consumers where they’re going next.