Mobile Banking Trends

Banker Resource
July 10, 2012 — 1,284 views  
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In today's rapidly advancing marketplace, consumers want to have more access to information that pertains to their financial security. This has encouraged developers to further conceptualize the idea of mobile banking, and many of the leading lenders have unveiled their own applications to help people remain connected and loyal.

Over the past few months, people have grown somewhat wary of many big banks, so any way these organizations can become more transparent helps improve their brand image and reputation.

Recently, the Federal Reserve released some interesting research that highlighted just how fast mobile banking has emerged and become a part of everyday life. According to the study, approximately 20 percent of financial institution customers already use mobile banking options like mobile apps or web-browser technology. In addition, the study found that another 13 to 20 percent of financial customers will be using mobile banking technologies by the end of 2012.

Here are some other top mobile banking trends to look out for.

1.) Connectivity - The average American wants to always be connected to his or her finances, so banks need to make sure they provide easy access to account metrics. This can be done by unveiling and developing top-notch mobile apps that allow users to view their records whenever they please.

2.) Mobile shopping - With more consumers purchasing products on the go, they need to be able to access certain pieces of information pertaining to their finances. Therefore, there might be an increase in contact between banking institutions and their customers. In some cases, email may become an even greater component of mobile banking.

3.) Person-to-Person payments - Already many consumers have begun to use mobile applications that allow them to pay for products with their mobile phones. In some instances, users enter their information into an application and use the subsequent quick response code to pay for items at select store locations. Banks may decide to create their own systems to help improve the user experience altogether.

4.) Fewer bank employees - Unfortunately, with everything consumers need to know about banking now found online, institutions may cut back on hiring new employees. This may alter the face of banking moving forward, and turn the industry on its head.

5.) Expansion - Currently, the people most likely to use mobile banking have just recently graduated from college, Drew McLellan reports in his mobile banking presentation. As 2012 moves forward, many new demographics may begin using the service to their advantage. 

Banker Resource