Category Archives: Mobile Banking

MOBILE BANKING – SMART BANKS FOR THE SMART GENERATION

Finance is one facet of life that is completely un-detachable, and banks are directly related to finance. Considering the faster speed of time in today’s era of technology, finance, and hence banks need to grow at similar speeds to meet up with customer satisfaction. Every individual today, ranging from a top class entrepreneur to a college going student, needs to have all information of important aspects to be just a finger tap away. And the best way to achieve this is through the remarkable gadget of the 21st century – the mobile. Mobile is one of the most uniquely versatile and fastest growing channels today, which assists in simplifying banking.

mobile banking

mobile banking

Being present on the mobile platform is of utmost significance to all banks today. In order to attain a considerable position in the corporate world, banks have also prominently positioned themselves in the mobile world. Together with all other necessities of life, every individual looks upon a user-friendly, effective and complete banking application on their phones. Mobile banking allows the customer to receive all required information at any time and place. And therefore, it is necessary for banks to build up mobile applications which comply with customer requirements.

With the presence of the mobile phone and respective applications, expectations of consumers rise above peaks. Statistics show that 40% of users immediately turn on to a competitor’s site if yours is not mobile optimized. Also, 1 in every 6 people who change their banks mentions the reason of a poor mobile banking experience. Assurance that any information can be received anywhere and transactions can swiftly take place at any time is the retaining point for your customers. Make sure that your bank fulfils this criterion.

Research proves that the smartphone is one of the most common starting points for banking activity, 59% of consumers begin a banking activity on their phones. As it is well known, the first impression in the strongest. Thus if you optimize efficiently for the mobile platform, you are set out to correctly impress the 59% of consumers. Out of the 34% of consumers who start a banking activity on their desktop, 28% tend to continue on a smartphone. This further sets an emphasis on mobile banking.

Studies show that mobile users use mobile banking for the following activities:

  1. Money Management
  • Checking account balance – 77%
  • Log into account – 61%
  • Pay bills – 51%
  • Transfer money – 51%
  1. Learn more about you
  • Look for social network pages – 48%
  • Play videos about banks – 41%
  1. Financial information
  • Compare interest rates – 42%
  • Compare account features – 39%
  • Promotions or offers – 35%

Some other valid statistical facts which drive the importance of mobile banking are:

  • 53% of consumers who search for a bank download the mobile app
  • 54% of mobile users who searched for a bank applied in a nearby branch
  • Chase, US has 12 million customers using the mobile platform for money transfers every month