Industry Insights: What’s New and Good to Know in Digital Banking
Think you know all about online and mobile banking? There’s certainly enough ink (well, pixels) spilled on the subject every month.
And yet, it’s a lot to keep up with. Below, we have uncovered a few new and interesting ideas we think merit attention, whether you use Alogent digital solutions or not. The first two are about digital banking in general, and the last three with mobile banking specifically.
Full disclosure: Alogent acquired its own digital and mobile banking platform—known as Alogent Digital—and we’re hard at work on a major launch. So stay tuned. This foundational platform will round out our financial ecosystem, adding to our payments automation suites and our enterprise data/content/workload management solutions.
Consumers ‘Flocking’ To Digital Payments, Led by Internal Transfers. CU Today. Study shows that digital payments continue to chalk up 5-7% growth in volumes, and charts the leading uses customers are making among all digital services. The study was based on March 2018 data for over 400 institutions, including both banks and credit unions.
7 Digital Banking Sins and How to Avoid Them. Financial Brand. A well-wrought primer on how not to do digital banking, in 7 easy lessons. We think the third is one of the most important: stop making account holders learn two different interfaces for online and mobile.
Citibank: Mobile banking use is up 25% in the last year. Mobile Marketer. First, the big guns. It’s no surprise that this new Citibank survey finds that nearly a third of all US adults use their mobile deposit apps more than any other apps except weather and social media. Several other interesting growth markers are up as well. Not all banks, even large ones, have these results, but all are trending upward.
How to Succeed in Mobile Banking Like Bank of America. Financial Brand. This article takes big-bank strategies into the realm of smaller institutions, using BofA’s customer relationship initiatives as a comparison.
Millennial mobile payment users take more financial risks. Payments Source. Finally, a financial literacy study from George Washington University reports that millennial mobile adopters—most of them—are more comfortable than non-adopters when making financial decisions online, and more willing to gamble with their accounts, loans and retirement funds.