“Mobile banking apps are no longer limited to simple transactions and balance checks. They must provide users with end-to-end banking capabilities, including everything from money movement [and] open accounts to full-service interactions with bankers. [As if that were] not difficult enough, [they need to offer] a seamless and easy-to-use experience.”
Eric Brandtstrategic market analyst, NCR
Consumers increasingly want to use banking apps to manage all aspects of their financial lives
Consumers are using their banks’ mobile banking apps to manage a wide range of their banking needs. Unsurprisingly, consumers use these apps to manage most of their day-to-day banking needs. When asked which mobile app features they valued the most, a plurality of respondents identified standard banking practices.
The desire for mobile banking apps is so great that many consumers select their banking partners based on banks’ mobile and online banking capabilities, with 40% of consumers saying this is the most important factor. In contrast, only 27% of respondents cited the convenience of a physical branch as the most important factor.
Consumers want to use mobile banking apps to do more. While consumers want to use their banking apps to manage their standard banking needs, there is strong interest in using these apps to do more than just banking. A growing share of consumers want to use their banking apps to manage nearly all of their financial needs, including making peer-to-peer (P2P) payments, finding ATMs, budgeting, and tracking their finances.
Mobile banking applications must offer consumers dynamic and personalized experiences. There is a compelling desire for mobile banking apps that provide a more dynamic and personalized experience for handling many complex financial tasks. For example, 93% of consumers want personalized financial assessments from their bank, while 15% are frustrated at not being able to complete a loan application using their bank’s messaging services, according to a survey. Additionally, 63% want their financial service providers to proactively help them manage their finances, according to a separate survey. The desire for personalized mobile banking experiences to handle more complex banking needs is more pronounced among younger generations.
Banks should provide chatbots and virtual assistant capabilities. Indeed, consumers increasingly want their mobile banking apps to function as a kind of digital assistant. Consumers who have become accustomed to using virtual assistant tools such as Siri or Alexa in recent years now expect similar experiences in conducting their financial affairs. Use of Bank of America’s virtual assistant app Erica, for example, has skyrocketed since 2021.
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