What are the most important Mobile Banking features?

More than three-quarters of Americans who have a smartphone are now mobile banking users.

Mobile banking adoption is now very common among Gen Zers and Millennials (ages 21 to 40) with 88% of each of the two generations accessing their bank accounts using a mobile device.

The adoption rate dips slightly to 78% among Gen Xers (41 to 55 years old), and then drops to 57% of Baby Boomers and 41% of smartphone-owning Seniors.

So, with Mobile Banking's huge and growing popularity what features are folk using?

Well—an overwhelming majority of mobile banking users use the app to check their account balances. Nearly two-thirds transfer money between accounts and pay bills, and roughly four in 10 deposit checks, send money to other people, and view their statements.

Find out more in Ron Shevlin's "The 12 Most Important Mobile Banking Features (And Why No Bank Can Have Them All)" HERE

 

Forging a digital future – The future of digital banking

The Banker’s Joy Macknight speaks to Benjami Puigdevall, head of digital business at CaixaBank, to understand the changing banking needs of the millennial generation and how the future banking experience is being transformed.

The Evolving Bank Branch

From The Financial Brand –

“According to Codigo, more institutions are remodeling branch locations than in previous years. According to Codigo’s 2015 Branch Transformation Report, 51% of banks and credit unions are remodeling a banking center now through 2016. This compares to only 26% who indicated remodeling plans in 2014,

This data indicates that more institutions are rejuvenating old branch locations to better respond to the changing needs of today’s consumer, including the highly digital-first Millennial segment. This report is the second annual research study that provides a snapshot of branch strategies for over 250 financial institutions in the United States.

Compared year-over-year, the report provides great insights into the banking industry’s branch transformation trends. Here is a brief summary of five takeaways from this year’s report.”

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Digital drivers for banks

From Banking Exchange –

“Discussions and debates about the digital bank continue. Now, the question has progressed from “What is a digital bank?” to “Why should banks embrace digitalization?”

A wide range of observers has recently weighed in, approaching the new question from a variety of angles. Some focus specifically on where financial institutions fit in. Others deal more generally with the pressure exerted by the increasingly important demographic of the millennials. Still others, also more generally, discuss how business leaders see IT as a much more direct influence on the bottom line, both now and in the future.”

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