Mobile Banking Trends

This year, the number of mobile banking users is expected to increase drastically. Almost all financial institutions, 90% of banks and credit unions, are taking advantage of the public's rising interest in this type of service by offering their own mobile banking applications. And for good reason --- users will switch banks to access the convenience of mobile apps.^[1] As mobile banking apps become more popular, studies and surveys reveal consumer concerns that financial institutions need to be mindful of in order to reassure customers that mobile banking is safe and convenient.

Upcoming Trends

The most important upcoming trends in mobile banking highlight the importance of customer experience and convenience.

1. Tablet Apps

Banks have realized that tablet use is increasing and that tablet users spend more time getting Read More »

With more and more consumers banking online, there’s hardly a need to visit your bank, or even the ATM, unless you want to withdraw cash. However, if you have received a paper check that you would like to deposit into your account, you have little choice but to make that trek to the bank. While the use of paper checks has declined substantially since the turn of the century, they are still used by a significant number of individuals and businesses.^[1]

To ease the pains of cashing paper checks, an increasing number of banks and credit unions are offering their customers the ability to make deposits with smart devices. By simply taking a picture of the check, and sending that image to the bank through Read More »

Years ago, bumping into a friend at a restaurant or coffee shop meant a chance to catch up. Now it means people can also settle an old debt or split the bill as well, thanks to a new phone application that allows customers to transfer money instantly. The app, called Bump Pay, was created by Bump Technologies. It uses the same technology created for the company's Bump application, which allows for the instant transfer of contact information and photos. With over 85 million downloads to date, Bump Technologies was looking to expand its reach.   In a recent interview, David Lieb, the CEO of Bump, explained the value simply: "The pain point we found ourselves saying is ‘I don't have any cash on me and I Read More »

JPMorgan Chase is calling it the "auto-alerting, custom-tagging, actually have time for lunch app."^[1] The financial giant rolled out a mobile banking application last June and one industry observer thinks it may be the banking app of the future.

Chase’s app is called Jot and it was released in June by the company’s credit card division. Jot is designed to cut down on paperwork for small business owners who use the bank’s Ink credit card. The app lets business people use their iPhone and Android mobile devices to track expenses in real-time, and then tag and categorize their receipts as soon as a transaction is complete.

The Advantages of Jot

 Jot has its share of advantages. These three stand out:

• The immediacy of the experience. Users receive a text Read More »

Two new studies from Oracle^[1] and Intuit Financial Services^[2] indicate growing consumer interest in mobile banking. According to Intuit's Fourth Annual Financial Management Survey^[2], 41% of respondents own smartphones, 23% use mobile banking, and another 17% plan to try it in 2012.

Oracle's study, which surveyed 3,000 mobile users from around the world, suggests that consumers are getting more comfortable downloading applications to their mobile devices. According to the study^[1], 55% of mobile users have downloaded a free app for their mobile phone in the past year (43% in the U.S.). And in the last three years, mobile users have downloaded more than 300,000 applications 10.9 billion times.^[1]    

Of the Intuit study^[2] respondents who use mobile and online solutions to manage their banking and finances, 65% access their Read More »