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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.
The convenience and quickness of completing financial transactions via an app is attracting consumers’ attention, and the influence of digital transformation will only increase demand for mobile-first banking features like these. Below we’ve outlined the state of the mobile banking industry, and how banks are staying on top of evolving market trends.
What is mobile banking?
By now, most competitive banks offer their customers the ability to complete financial transactions via their smartphone or tablet. In order to keep up with growing demands of digitally-savvy millennials and Gen Zers, however, both digital and legacy banks must continue adapting to mobile market trends to remain relevant in the digital age.
Mobile banking usage statistics
Mobile banking is already a pervasive trend; according to Business Insider Intelligence’s Mobile Banking Competitive Edge Study, 89% of survey respondents said they use mobile banking. Further, a massive 97% of millennials indicated that they use mobile banking.
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. With a growing appetite for mobile banking, companies realize that remaining up-to-speed on mobile market trends is key to attracting customers.
Features & advantages of mobile banking
Providing a variety of mobile banking services allows companies to support an end-to-end customer experience within the channel. 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 …read more
Source:: Business Insider