Half of the U.S. adult population now banks using smartphones and tablets, which is 29 million more than last year. This dramatic shift in consumers’ channel preferences puts pressure on financial institutions to innovate in the space to meet increased demand for mobile functionality. Today, JAVELIN released, 2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking, which assesses the evolution of FI mobile banking offerings and recent trends in mobile account management and transactional functionality.
Given this exponential increase in willingness to bank via mobile devices, it comes as no surprise that this year’s scorecard also saw a dramatic jump in financial institution support for mobile banking enrollment through a mobile device. It jumped from 7% in 2014 to 30% in 2015 among the top 30 retail U.S. financial institutions. With more than two-thirds of top banks still requiring some online interaction to enable mobile banking, there is still a significant gap between supply and mobile-first customer demand.
Other factors are driving institutions toward standalone mobile support, including customers’ willingness to open new accounts entirely through their mobile devices. Support for mobile new account opening among the top 30 financial institutions doubled over the past year to 33%.
“We are finally seeing mobile banking moving out of online banking’s shadow, said Emmett Higdon, Director of Mobile, JAVELIN. “With strong support for tools to discover, open, and monitor financial accounts through mobile devices without first interacting with online banking is a key strategy in attracting, and retaining, profitable mobile-first customers.”
The report, 2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking, ranks the top 30 financial institutions by deposit size according to performance in accessibility, capabilities, alerts and notifications and user ratings for mobile banking apps.
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