A study from TransUnion’s Iovation unit finds that just over three out of five (61%) of consumers’ banking transactions in 2019 were conducted on mobile phones. Strikingly that figure is up from 52% in 2018 and 28% in 2014.
Another report predicts that finance apps are on the cusp of exponential growth globally, and that includes in North America.
Younger consumers are driving much of this trend. Their expectations have been set by experiences with Amazon, Uber and a slew of financial apps from fintechs and neobanks that often have superior data and analytics capabilities, according to the report, from mobile marketing and analytics firms Adjust and App Annie.
Many banks and credit unions realize that digital banking and a mobile-first strategy represents the primary competitive battlefield. Investment in advanced mobile capabilities, they believe, is an opportunity to extend and deepen relationships, especially as consumer visits to branches continue to decline.
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