Checks by phone

Top Mobile Banking Features Consumers Want More Of

Even though consumers are typically concerned about data security and privacy, that doesn’t stop them from using online or mobile banking tools – like checks by phone – heavily. In fact, consumers’ digital banking engagement continues to grow. Despite the bad press about cyberattacks and data breaches the past few years, consumers are still willing and eager to try new things – even if it means taking a few risks.

According to the Federal Reserve’s 2016 consumer survey, 43 percent of mobile phone owners with a bank account were mobile banking users. Compared to the Fed’s survey in 2012, this is nearly double the percentage. In addition, Javelin Strategy has predicted that 81 percent of U.S. adults will be using mobile banking by 2020.

Considering this data, it makes sense that most banks and credit unions are focused on improving their digital delivery capabilities. When asked in a survey from S&P Global Market Intelligence which features are the most important that consumers currently have, participants gave the following answers:

  • Review transactions (69%)
  • Transfer money between accts (62%)
  • Access account statements (55%)
  • Pay bills (54%)
  • Photo check deposit (49%)
  • Manage account alerts (46%)
  • Send money to another person (27%)
  • Access non-deposit acct info (22%)
  • Branch/ATM locator (20%)
  • Budgeting/PFM tools (18%)
  • Tap to call customer service (12%)
  • Set up a travel notification (10%)
  • Schedule branch appointment (5%)

It’s not a surprise that consumers said reviewing transactions and transferring funds were the most important features. With countless studies out there that show what mobile banking features consumers use, many of these preferences may not come as a surprise. However, S&P went on to ask a question that is asked less often: what features are not offered on your mobile bank app that you would like to use? Consumers responded as follows:

  • Turn debit/credit card on/off (31%)
  • Fingerprint login (28%)
  • Access credit score information (25%)
  • View acct balance w/o logging in (22%)
  • Other biometric login options (20%)
  • Report card lost or stolen (18%)
  • Smartwatch app (18%)
  • Set up a travel notification (17%)
  • Send money to another person (16%)
  • Tap to call customer service (16%)
  • Photo check deposit (12%)
  • Budgeting/PFM tools (12%)
  • Pay bills (12%)
  • Schedule branch appointment (11%)
  • Manage account alerts (11%)
  • Branch/ATM locator (9%)
  • Access non-deposit acct info (7%)

All in all, the results of the S&P study do point to the importance of security and protection. Hopefully, this information provides banks and credit unions withthe data and insight into what consumers want to see and need to feel safe. Over the next 12 to 24 months, this information will likely influence digital marketing efforts.

Author Bio:Electronic payments and checks by phone expert Blair Thomas co-founded eMerchantBroker, serving both traditional and high-risk merchants. His passions include producing music, and traveling.