Recently, we’ve published posts on how popular mobile banking and consumer behaviors that will probably come from it. We’ve said many times that the reason why consumers are so dependent on their mobile device is convenience. The same could be said for mobile banking apps. While it may be fun to work “banker’s hours”, those hours don’t make physically visiting financial institutions convenient at all. Online banking and now mobile banking have made banking easier. New research is out that gives information on the percentage of mobile banking and what mobile banking customers are looking for.
• Among those who have downloaded a mobile banking app, 55% say they use the app more now than when they first downloaded it
• Two-thirds of mobile banking customers expect to receive notifications immediately when their balance is low or are in an insufficient funds situation
• Seven in 10 want to receive communications to help them avoid financial trouble
• Among 18 to 24 year olds, Three-quarters of them expect notifications
• Less than half of mobile banking consumers said they receive balance updates, One-third were notified when their balance was low and three in 10 receive messages when a bill is due
• 13% of users want to get notifications through their app (push notifications), over 20% said they wanted to get notices via SMS text and nearly half wanted to get the information through email
What Does This Mean To You?
There are a couple of big take-aways from this research. First being that mobile banking may be the first step towards mobile point of sale payment. While mobile payment through sites like Pay Pal have been around for years, there is mounting evidence that making payments directly through your mobile device is on the way. Whether it’s through scanning or NFC, mobile point of sale can make checking out very easy.
The other take-away is that consumers are open to receiving direct notifications from merchants, if they find the content valuable. SMS and email can be key components to a loyalty program and can help you create sales from existing customers. For more information on how mobile technology can help your business better engage prospective customers, please contact:
Source: Mobile Commerce Daily; Wakefield Research