US Mobile Banking: Opportunities and Gaps [Infographic]

Andrei Khomushka — February 22, 2017

— February 22, 2017

When mobile banking just appeared on the market, customers were rather cautious to use banking apps to access and handle their financial data. But for the past 5 years, mobile banking apps have seen a burst of popularity. As stated in the latest Consumers and mobile financial services report, in 2015, the number of mobile phone owners with a bank account using a mobile banking app reached 43%. As teller transactions have been constantly declining, it is rather challenging for banks to establish personal communication with customers. Mobile banking can become a next-generation channel for customer engagement and establishing long-term relationships.

Turning from a branch-based banking towards mobile one can bring significant benefits for financial institutions. Mobile banking can not only improve customer satisfaction and loyalty, but also increase a bank’s revenue, reduce average transaction costs as well as optimize cross-selling processes. However, to reap all these favors, just introducing an app is not enough now. Due to a fierce competition from digital-only banks and fintechs developing proprietary mobile payment apps, banks with physical branches have to devote a great deal of effort to stay afloat with their mobile banking offers.

To prop up customer experience with a mobile app, banks can consider various approaches to building their mobile banking strategy. This can vary from chasing leaders to gaining a distinctive competitive advantage. Nevertheless, regardless of a chosen mobile banking strategy, any bank might want to analyze current trends on the market to know where to move further and how to nourish their mobile apps. For these purposes, ScienceSoft has prepared an infographic about the current state of mobile banking apps. From it, you’ll learn:

• The number of mobile banking users
• Most frequent mobile banking activities
• Most popular mobile banking features
• Top 5 mobile banking features growing in popularity
• Mobile banking opportunities, and more.

Infographic Source – ScienceSoft

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