When it comes to transactional features like checking balances and transferring funds, most banks and credit unions do a decent (if uninspiring) job with their mobile banking app. But these days mobile banking has essentially become a commodity — table stakes that won’t set you apart from your competitors. How should banking providers raise the bar?
Just adding features to your mobile app can make users happier. According to a study from Citi, 80% consumers with feature-rich mobile banking apps (defined as having five or more features) say they are more likely to remain loyal to their financial institution vs. 70% of consumers with apps with fewer than five features.
But which features will give you the most bang for your buck? When financial institutions evaluate their current mobile banking app to figure out what’s next, they typically approach the process the wrong way, focusing on features that are most likely to make the bank or credit union money.continue reading »