How much do Main Street Americans love their mobile phones? A lot, it seems.
A new study from Bain & Company on consumer banking trends makes an illustrative point on the topic of people, their cell phones and their own financial lives. According to the study, 50% of Americans surveyed say they would rather lose their wallet than their mobile phone. That number rises to 79% in China and South Korea, Bain adds.
That attachment to mobile phones is certainly impacting how consumers bank, and how they view their banking experiences. For example, Bain reports that a routine interaction on a mobile app “is 32% more likely to delight customers than a routine interaction in the branch. Moreover, frequent mobile users said they are 40% less likely to switch banks than customers who rarely use banks’ mobile apps.”
To delve into this trend more deeply, several industry experts provided TheStreet with a look ahead at what’s popping up this year in mobile banking.
The ubiquity of mobile phones and other mobile devices and the arrival of new features offered by financial institutions and payments and other fintech provides has opened up a new world of features for banking customers. These features are likely to expand in 2016 and beyond, and include such capabilities as an expanded convergence of mobile banking and ATMs, mobile wallets, P2P payments, and some loyalty and rewards solutions. For many bank customers and credit union members, their mobile banking options now rival those available from a teller.
Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group
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