Competing with big banks in the mobile space
by. Brian Day
With 51 percent of U.S. adults and 61 percent of Internet users logging into online banking, community financial institutions (FIs) cannot afford to ignore the demand for online bill-pay, deposit capture and money transfers from anywhere, anytime.
However, the significant budgets larger FIs have to spend on technology can make it difficult for community FIs to compete with these offerings. In fact, according to a recently released report from Technology Business Research, the largest 200 banks in the U.S. will allocate an average of $1.5 million for mobile and online banking products and services in 2014.
Even so, Kevin Tynan, marketing VP at Chicago-based Liberty Bank for Savings, points out in a recent American Banker article that smaller FIs have options for remaining competitive with their mobile and online offerings.
Below is a synopsis of four of the seven strategies Tynan outlines in the article: