Mobile Banking Growth Is Slowing, Now What?

Slowing Mobile Banking Adoption

As growth slows for mobile adoption, banks will need to find ways to bring on the remaining customer base. For community banks, education of staff and customers is still the best way. However, for strategic planning purposes, banks will need to:

 

Find Customers That Are Likely To Adopt Mobile Banking – They are usually more profitable.

 

Notifications – Alerts and push notifications drive engagement. Having these attributes help adoption after the customer’s initial trial period.

 

Find Other Apps – Community banks can develop inexpensive companion apps or functionality that gives customers more reason than just core banking to go mobile.

 

Mobile Deposits – Many banks still don’t have these capabilities which account for 20% of the usage at some banks. Having this capability not only increases engagement but grows your audience as dealing with paper checks remain one major reason why customers say they still want a branch close by.

 

Payments – Business-to-business, business-to-consumer and consumer-to-consumer payments remains one of the most commonly used financial services functions on mobile. If banks don’t provide (or partner) these functions, look for companies such as Venmo, Paypal, Dwolla and others to grab market share.

 

Banking will be a mobile first industry and branches, ATMs, call centers and online capabilities will evolve to support the smartphone. Community banks need to reduce their overhead costs to remain competitive and mobile is a major factor in remaining competitive. Community banks can never hope to duplicate Bank of America’s branch network, but we can come close to their mobile capabilities. 

 

Slowing Mobile Banking Growth