Use mobile for advanced banking services on the rise

U.S. consumers are using their mobile devices more often to fill out financial institution (FI) online account applications, according to a new report from Andera and Celent.

The report concluded that 24 percent of online bank account applications were completed with smartphones or tablets. That amounts to a 50-percent increase from last year, said Charlie Kroll, Andera’s CEO. He added, “When you consider that, according to Javelin Strategy & Research, tens of millions of Americans applied for checking and savings accounts online in 2013, 24 percent represents an enormous shift in consumer behavior in a short period of time.”

As Andera’s SVP of Product Management Ying Chen pointed out, entering data on smartphones and tablets can be inconvenient for consumers. To that end, Chen advises FIs leverage cameras and touchscreen abilities to maximize the potential of mobile devices in account opening.

While other consumer banking transactions, such as check deposits, are already shifting rapidly to the mobile channel, these statistics indicate account applications could soon follow suit. As consumers increasingly look to mobile to initiate relationships with FIs, it’s more important than ever for FIs to make a good first impression via the mobile channel. Now’s the time for FIs to offer a streamlined, convenient and user-friendly mobile account-opening process.