The mobile-first fintech provider commissioned the independent market research firm to better understand US consumer attitudes towards mobile app-based banking and payments.
Data from the Federal Reserve among others show a significant slowing of mobile banking adoption in recent years, falling short of online banking usage rates even as smartphones approached saturation point and financial institutions of all sizes launched app-based services. The industry has responded with a change in strategy, analysts say. There’s more interest in designing cross-channel customer journeys – “hybrid experiences” – now than during the years of double-digit growth in mobile user numbers. Banks continue to bring more of their traditional offerings onto their apps, but the emphasis is less on ticking boxes than on deepening engagement and moment-to-moment relevance by making the best use of channels’ particular strengths.
Success during this period of rapid change rides on innovative thinking rather than an appeal to the tried and tested. Entersekt’s survey found that nearly three-quarters (71%) of regular banking app users would increase use of their banking apps if they offered a greater range of innovative, tech-savvy services, while over half (59%) would do the same if their apps were easier to use.
“The essence of digital channel innovation lies in empowering the consumer to do more through greater security,” said Sherif Samy, SVP North America at Entersekt. “Mobile banking is widely used in the USA, but financial institutions can still increase adoption and usage significantly through customer-centric, channel-appropriate digital product development.”
Great digital customer journeys start early, even before individuals sign up as clients. US banks and credit unions are giving attention to remote account opening, and Entersekt found it could be an early deal breaker. Over three in four regular banking app users (77%) say they would be more likely to choose a bank offering mobile account opening than one that does not.
Interestingly, those on the cusp of Generations X and Y (those aged 35–44) value remote enrollment more so than their younger and older counterparts do (86% against 78% aged 18–34 and 73% aged 45+).
For more insights like these, download a complimentary copy of Entersekt’s illustrated survey report here.
