To obtain a free preview of our Banking Briefing,Transferring money from one account to another by simply tapping a button, and depositing a check by taking a picture of it, are just two common mobile banking features that banks are providing to customers.
With a growing appetite for mobile banking, remaining up-to-speed on mobile market trends is key to attracting customers.The convenience and quickness of completing financial transactions via an app is attracting consumers' attention, and the influence of digital transformation will only increase demand for mobile-first banking features like these. Below we've outlined the state of the mobile banking industry, and how banks are staying on top of evolving market trends.
Mobile banking is not solely for younger generations, however, as 91% of Gen Xers and 79% of baby boomers also reported seeing the benefits of these services. With a growing appetite for mobile banking, companies realize that remaining up-to-speed on mobile market trends is key to attracting customers.Providing a variety of mobile banking services allows companies to support an end-to-end customer experience within the channel.
Consumers want to ensure that their banking information is secure, which explains why the ability to temporarily turn off a payment card was ranked as"extremely valuable" by 47% of Mobile Banking Competitive Edge Study respondents. Despite high demand for security features, there are still many banks that have yet to address these concerns with security and control services - giving banks that do offer them the ability to attract potential bank switchers.