users rose 10% YoY in Q2 2020 to hit 39 million, marking a slight deceleration from the 11% YoY growth in Q1. In Q3, Chase again saw a 10% YoY growth in active mobile customers, to reach 40.1 million users. This pattern is somewhat surprising, as the continuing coronavirus crisis set the stage for an influx of first-time mobile banking users, as branches closed and customers sought to limit in-person interactions.
While Chase doesn't disclose broader digital usage trends more broadly , if its mobile user growth slows further in future quarters, it may mean that the bank is approaching a saturation point at which all clients who are willing to try mobile banking will have done so. . Findings from Business Insider Intelligence's 2019 US Mobile Banking Competitive Edge suggest that the best way that it could do that is to ramp up the customer service offerings available in its mobile app.
Chase didn't support any of the five features in the study's Customer Service category, and adding some of the features that respondents said would be the most valuable—such as the ability to converse with a human customer service agent via chat or authenticate in-app when calling customer service—could greatly help streamline the experience for clients who use mobile channels.
in some areas of the US and threaten to sut down portions of the economy once again, banks' ability to deal with customer service issues may gain renewed importance.Join other Insider Intelligence clients who receive this Briefing, along with other Banking forecasts, briefings, charts, and research reports to their inboxes each day.
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