“Mobile banking apps are no longer just about simple transactions and account balance checks. They need to provide users with end-to-end banking capabilities, including everything from money movement [and] From opening accounts to full-service interactions with bankers. [As if that were] not hard enough [they need to offer] a seamless, user-friendly experience.”
Eric Brandtstrategic market analyst, NKR
Consumers increasingly want to use banking apps to manage all aspects of their financial life
Consumers use their banks’ mobile banking apps to do a variety of their banking needs. Not surprisingly, consumers use these apps to do the majority of their day-to-day banking. When asked which mobile app features they value most, several respondents cited standard banking practices.
The desire for mobile banking apps is such that many consumers choose 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 store as the most important factor.
Consumers want to use mobile banking apps to do more. While consumers want to use their banking apps to meet standard banking needs, there is a clear interest in using these apps for much more than basic banking. A growing percentage of consumers want to use their banking apps to fulfill almost all of their financial needs, including making peer-to-peer (P2P) payments, locating ATMs, and budgeting and tracking their finances.
Mobile banking apps should offer consumers dynamic, personalized experiences. There is an overwhelming desire for mobile banking apps that offer a more dynamic and personalized experience to complete many complex financial tasks. For example, 93% of consumers want personalized financial reviews from their banks. According to one survey, 15% are frustrated that they can’t apply for a loan through their bank’s messaging services. Additionally, according to a separate survey, 63% want their financial services providers to be proactive in helping them manage their finances. The desire for personalized mobile banking experiences to address more complicated banking needs is more pronounced among younger generations.
Banks should provide chatbots and virtual assistant capabilities. In fact, consumers increasingly want their mobile banking apps to act as some sort of digital assistant. Consumers who have become more accustomed to virtual assistants like Siri or Alexa in recent years now expect similar experiences when taking care of their financial affairs. For example, usage of Bank of America’s virtual assistant app Erica has skyrocketed since 2021.
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