Industry Insights: Mobile Banking in 2017
Mobile banking puts a virtual financial institution in a consumer’s hands. According to the 2016 Federal Reserve Consumers and Mobile Financial Services study, 53% of smartphone owners with bank accounts used mobile banking last year.
The most common mobile activities continue to be transferring money, checking account balances and recent transactions, and getting notifications and alerts from the financial institution. These features and others have become so common they are now expectations.
What’s next on the mobile horizon? What’s the next generation of mobile features and apps? Industry observers have many competing theories. We’ve collected a few articles to help you understand the latest trends and future predictions.
- Have We Reached Mobile Banking App Saturation? Credit Union Times. Has growth in mobile banking apps plateaued? While there was only a 6% growth in the number of consumer-oriented apps last year, there was a 50% growth in business-oriented mobile banking apps. This article reviews the results of Malauzai Software’s July Monkey Insights report.
- What more can mobile banking do for consumers? MobilePaymentsToday. What’s coming next for mobile banking? Remote deposit capture and personal financial management tools have come to be commonplace for most apps. However, according to a survey from ath Power Consulting, consumers want loyalty programs, discount coupons, mobile payments, and more.
- Beating the mobile banking conundrum with secure transactions and an easy customer experience, MobilePaymentsToday. Now that 80% of the world’s population is projected to own a smartphone by 2020, the number of mobile banking users is sure to increase. But greater adoption is equally sure to bring greater potentials fraud risks. Offering customers the latest technology is essential, but so is protecting your institution and your customers from new vulnerabilities.
- Not All Mobile Banking Apps Are Created Equal, The Financial Brand. According to J.D. Power’s 2017 U.S. Banking App Satisfaction Survey, 31% of customers currently use their bank’s mobile app. This article provides a breakdown of the most salient discoveries and insights into mobile banking trends.
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.