When three in four Americans (78%) prefer mobile banking to in-person banking at a branch, it is clear that financial institutions today need more than just an online banking presence. The digital banking channel continues to grow, especially after the global pandemic forced branches to shutter and users to adopt online and mobile banking out of necessity.
A phone is in almost every consumer’s pocket today. To be competitive — especially with the big banks — you need a solid, reliable, and easy-to-access mobile banking application that provides users with a real-time tether to their financial accounts as they live out their lives.
Beyond gaining anywhere, anytime access to banking accounts, today’s mobile users have other important reasons to access banking from their mobile device. These include:
- Understanding their financial health tools. Consumers are increasingly using their mobile app to access features that add value to their banking experience. For example, financial health tools can help users effectively manage finances through spending insights, intelligent categorization of transactions, and credit reporting tools. Additionally, a solution that aggregates outside accounts into mobile banking is an attractive feature, especially for millennial and Gen Z users.
- Opening an account from a mobile device. Historically, when users wanted to open a bank account, they had to do this at the branch, making the process time-consuming and inconvenient. New digital account opening technology allows customers or members to open and fund an account in minutes, directly from their phone. Incorporating this feature through a mobile application makes it simple for consumers to open accounts anytime from wherever they are.
- Simplifying non-cash payments. Many modern consumers prefer to pay bills or send funds to friends or service providers in real-time with Zelle or other peer-to-peer (P2P) payment tools. Offering a P2P tool through your institution’s mobile banking application allows users to make secure, convenient cash-free payments directly from their bank account. Institutions that don’t offer this type of payments service risk losing customers or members to those that do.
- Getting support with modern tools. Digital support tools today go much further than the typical automated service line. Especially in tune with younger users, digital support tools use modern engagement methods like video, chat, text, and screen sharing to walk users through issues. When users have questions while using mobile banking, institutions that offer digital support tools can easily help them at the point of need.
A modern mobile banking app is essential in today’s digital-first climate — and your best chance to retain users and attract new ones is to deliver a quality mobile banking solution that offers the features and ease of use users expect.
Find out why Apiture’s mobile banking application is the #1 consumer-rated mobile banking app. Contact us for more information.