The top five competitors in the banking industry include: This is understandable in light of Capital One’s massive data breach, which followed a record number of big-tech breaches – including Facebook and Google.Ĭonsumers want to ensure that their banking information is secure, which explains why the ability to temporarily turn off a payment card was ranked as “extremely valuable” by 47% of Mobile Banking Competitive Edge Study respondents.ĭespite high demand for security features, there are still many banks that have yet to address these concerns with security and control services – giving banks that do offer them the ability to attract potential bank switchers. Mobile banking security concernsĪccording to consumers who use mobile banking, security was ranked as the most in-demand mobile banking feature. Like what you’re reading? Click here to learn more about Insider Intelligence’s leading Financial Services research.
Mobile banking allows users to set personalized alerts – helping them stay on top of their finances by notifying them when it’s time to pay certain bills, or when their balances are getting low.Īdditionally, paperless benefits to mobile banking help not only protect the environment, but also remove clutter for customers and reduce postage costs for banks. Providing a variety of mobile banking services allows companies to support an end-to-end customer experience within the channel. With a growing appetite for mobile banking, companies realize that remaining up-to-speed on mobile market trends is key to attracting customers. Mobile banking is not solely for younger generations, however, as 91% of Gen Xers and 79% of baby boomers also reported seeing the benefits of these services. Further, a massive 97% of millennials indicated that they use mobile banking. Mobile banking is already a pervasive trend according to Insider Intelligence’s Mobile Banking Competitive Edge Study, 89% of survey respondents said they use mobile banking.
In order to keep up with growing demands of digitally-savvy millennials and Gen Zers, both digital and legacy banks must continue adapting to mobile market trends to remain relevant. What is mobile banking?īy now, most competitive banks offer their customers mobile banking -the ability to complete financial transactions via their smartphone or tablet. US mobile banking penetration is rising amid the coronavirus pandemic, as is consumers’ reliance on the channel. Below we’ve outlined the state of the mobile banking industry, and how banks are staying on top of evolving market trends. Transferring money from one account to another by simply tapping a button, and depositing a check by taking a picture of it, are just two common mobile banking features that banks are providing to customers. Do you work in the Banking industry? Get business insights on the latest tech innovations, market trends, and your competitors with data-driven research.
Below we’ve outlined the state of the mobile banking industry, and how banks are staying on top of evolving market trends.The convenience and quickness of completing financial transactions via an app is attracting consumers’ attention.
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