BAI recently published a list of top 10 mobile banking trends that experts see coming or growing in 2019. Mobile banking is certainly taking off, especially in light of recent branch closings. Yet, experts predict that consumers are looking for more value in their mobile banking apps, with more functionality such as cardless ATM access, easier authentication processes using biometrics, more personalization using machine learning and customer data to provide financial advice, with some human or human-like intervention, either by voice activation or with human connections when necessary to remote locations. Consumers rely more and more on their mobile devices to manage their lives, but are looking for enhanced security yet easier user interfaces that recognize our past behavior and relationships and provide more than just account management. Mobile banking providers need to more than just providers, but act as more of a financial partner, providing greater convenience, functionality and advice. Otherwise, consumers are willing to go to non-traditional providers for deposit accounts and payment tools who provide that value.
“Using technology to create more meaningful and deeper connections with customers will drive mobile banking strategies for years to come. Innovative digital solutions, data and analytics, and a customer-first approach will enable banks to build closer human connections and solve financial problems.”
Mercator’s CustomerMonitor Survey Series sees rapid growth of mobile banking, and our latest Channels survey conducted in November of 2018 finds that half of consumers with accounts at financial institutions have used a mobile banking app on their smartphone within the previous year, steadily growing over the past five years. Consumers are using mobile devices to manage their accounts, pay bills, transfer money and make other banking transactions. Voice-activated banking is also on the rise, but satisfaction with current methods is low, as integration needs improvement. Most consumers adhere to some type of a budget. Especially in a time of stock market volatility and turbulence, consumers seek advice and support for wealth management, savings and improving their financial health. They need a provider that fits in their lifestyle, knows them and can act as a partner to provide value in their terms.
Overview by Karen Augustine, Manager, Primary Data Services at Mercator Advisory Group