Mobile banking is so much more than just a way for customers to connect with banks.
Webpals Mobile ’s survey, based on a representative sample of 500 18-65+-year-old respondents from the U.S, makes it clear: Mobile banking apps are the channel of choice, the glue that holds the bank-consumer relationship together.
How Popular Are Mobile Banking Apps?
We’ve entered the era when banks’ mobile logins could very well surpass online logins. Industry players argue that mobile banking will overtake online banking in 2019 – and there’s a reason for it.
According to Webpals Mobile’s survey results, more than 60% of respondents prefer to turn to mobile banking for tracking expenses, paying bills, money transfers, budgeting, and viewing account balances.
Another study discloses that in the U.S., banking apps are being used as much as weather and social media apps. Our survey data backs up the research, showing just how widespread finance apps are: 70% of consumers have used one in the last week. Here’s more good news: out of all Webpals Mobile’s survey respondents, only 10% of people said they had downloaded a finance app but never used it.
Banks aren’t Falling Behind…
…they are adding more features to their mobile apps. That’s why Capital One is focusing on improving transaction details data, and why Ally Bank added CD maturities management to mobile in February 2018. As Anand Talwar, Ally’s Deposits and Consumer Strategy executive, said:
“We want our customers to be able to do things like set up a CD ladder in the palm of their hands.”
It turns out that the demand for mobile banking apps is not unique to younger generations. According to our survey, 26% of respondents are mainly banking digitally with minimal variation by generation.
If we look at the history of mobile banking, its linchpin was mobile deposits. Depositing a check by simply snapping a photo created a real revolution in the sector, offering a very handy feature available solely in mobile banking.
Our survey results show that Millennials are almost twice as likely as Baby Boomers to use financial apps for depositing checks.
Do Users Trust Banking Apps?
With concerns about hidden fees, ease-of-use, and most of all, security, trust in mobile banking has been a prevalent issue – but the tables seem to be turning. According to our survey, more than 72% of participants said they have no problem syncing their personal finances on their mobile phones.
Still, our research exposed the generational divide when it comes to syncing personal finances on mobile phones:
One way that mobile apps can increase the average consumer’s level of trust is to ramp up their UX. To ensure the safety of users’ money, banking app developers must go all out, adding extra push notifications, explanations, and log-ins. Need more mobile banking security tips? Check out this article.
Case in point, Capital One’s mobile app requires a sign-in every time users want to access their account. If the app is open for a while, users are signed out automatically.
Are Users Satisfied with In-App Customer Service?
To reach a high level of personalized customer service, many banks are experimenting with machine learning and chatbots. We’ve seen rapid developments on that front: Ally with Ally Assist, Capital One with Eno, and Bank of America making plans for its virtual assistant, Erica. The word out there is that these virtual assistants might soon become real financial advisors.
While this domain has yet to be fully developed, Wells Fargo is already testing this type of assistance; the bank’s mobile users leveraged its new predictive banking feature last year, which provided them with robust financial insights.
From the looks of it, all the attempts to improve customer service in mobile banking did not go unnoticed. As Webpals Mobile’s survey showed, 56% of respondents agree that in-app customer service and in-person customer service are ‘the same,’ with Gen Xers favoring the former more: nearly 30% said that finance apps are better at providing advice and information.
People want to use banking apps; in-app customer service satisfies their needs. As for trust, mobile banking is getting stronger in that domain as well – and businesses that understand the potential of mobile banking and know when to jump on the opportunity will undoubtedly flourish.
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