Things You Might Not Know About Mobile Banking

by Edward O'Brien 0

Mobile banking is big, and expected to continue getting bigger.

Last year’s Consumers and Mobile Financial Services report by the Federal Reserve found that a majority of smartphone owners use it in some capacity, with 94 percent of people saying they regularly use mobile banking to keep an eye on their account balance and transactions.

What type of experience are mobile customers getting? Wells Fargo, which says it has 16.2 million active mobile customers, focuses on understanding the connection between self-service banking and the shift into assisted or full-service for more complex needs.

Features like “click for care” make it possible for customers to say “I want help” from the app, and move into a customer service queue already authenticated.

For customers concerned about security and identity protection, a company spokesperson says, there are services on the horizon like fingerprint authentication (available to iPhone users running iOS9 at the end of the month), and pilot programs that will eliminate the need for a debit or ATM card at all.

Similar to the way popular peer-to-peer apps like Cash or Venmo operate, the idea is to log into the app, send an access code to your phone and use that code at an ATM to access banking services as normal.

With so many new features being introduced into mobile banking apps, it’s not surprising that many banking customers are unaware of the latest functions available to them. Unfortunately, financial institutions are adopting new technologies at such a rapid pace that their communications initiatives are sometimes underwhelming. For enlightened financial institutions, this is an opportunity for them to get closer to their customers and members by increasing educational and servicing outreach, and ultimately driving client satisfaction and loyalty.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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