As mobile surges, what’s the role of web banking?
Consumers have embraced banking apps as their main banking channel, even choosing their primary institutions based on user experience. At the same time, customers say that their apps still lag banking websites for some transactions and needs. How can banking sites play to these strengths?
Digital banking solutions, specifically mobile and web-based platforms, have gained widespread adoption in the past ten years, as bank branches become less and less utilized. However, a pertinent question arises: Are consumers still actively utilizing web banking services, or has mobile banking emerged as the dominant preference, rendering web banking obsolete? Should banking institutions favor, innovate and push one platform over the other?
In research exclusive to The Financial Brand conducted by Rivel in March 2024, among a national sample of banking consumers, mobile banking usage is a clear favorite with 58% using their phone to bank most or all the time. The numbers are even more stark when Rivel looks at the results by generation: 33% of Millennials use their mobile app exclusively and Gen Z comes in at 38% mobile app primary usage.
A crazy stat:
A shocking 14% of Baby Boomers do not use their bank’s digital tools at all.
How are banks preparing for the slow decline of the web interface and how can they effectively position their mobile solutions?
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