Brands Need To Focus On Mobile For Dominance In Online Banking (Chart)

It is evident without any fact-checking that banking industry has experienced massive shifts from time to time. While all of the measures or trends in banking aimed at creating more ease for people, especially when it comes to managing personal finances, a bigger role was played by mobile-native disrupters.

Throughout the years, we saw cards dominating our wallet but as soon as the world decided to move on from that, our mobiles became the wallet itself and seems like the future will remain the same. This has been possible because of the wish that Gen Z and Millennial audiences together had of doing banking at fingertips. Their preferences gave birth to high street innovative mobile finance brands that were introduced with new compliance and regulation policies. So, with that eventually, a competitive sector also came into existence.

However, the changing face of the industry to this point was never that simple. At the same time in different situations, the challenger and more established banks both were finding it hard to cope up with the ever-increasing demands regarding the personal finance services.

GlobalWebIndex decided to conduct a detailed analysis about the rise in mobile banking trends and looking at the statistics provided, one can see the overall potential of mobile banking and how it can also help companies identify the way forward for more secure, faster and innovative banking trends.

Mobile Banking Can Build Loyal Customer Base

According to the data collected through research, 44% of UK and USA millennials are planning to change their banks in the upcoming 12 months. The reason behind their move has been simple as they blame established banks or let’s say larger companies, are always too slow to respond towards digital innovation.

This gives way to smaller digital-only challenger banks and financial services to reach out to the mobile screens of people and fulfill their need for mobile banking in exclusive ways. So, once a user gets accustomed to the ease and time-saving ability of mobile banking, they then enjoy making transactions, paying bills, transferring money and monitoring the financial affairs right at a touch of their screen.

Another statistics to prove the importance of mobile in the era of internet banking showed that 73% of the consumers in Q4 2019 used the service in past one month and diving deep into it, mobile came out to be the absolute favorite of consumers with 59%, followed by a laptop with 32% and tablet 7%.

The rising mobile banking trend

If the data above feels a bit too much then the Global Mobile Payment Market report has also stated that mobile banking is projected to grow at an annual rate of 33% between 2019 and 2026, along with its worth reaching to $457 billion at the end of the period.

Computers or “traditional” devices are found to be comforting for older age groups. But since the majority in the online banking market fall into the age group of 25-34, therefore this gives rise to paying attention to the needs of the most important customers- the millennials for handling the financial affairs in the near future.

And the largest cohort of the global online population have high expectations from the banking sector.

So What Exactly Do Millennials Want From Digital Finance?

The chart above clearly illustrates that mobile banking trend mostly relies on the consumer behavior and right way the next wish of customers is that mobile banking should integrate with their lifestyles.

Today, online bankers have access to a wide range of media and hence it’s about time that they should try omnichannel strategies to provide a seamless customer experience that should go beyond shopping only.

To be precise, companies need to achieve a consistent cross-channel experience that brings in more value into the lives of people.

When people were asked about their expectations from online banking in 2020, 43% of the population said that they would like more customer-centric services or products that would help them make their life more simple. 35% were of the opinion that customized or personalized products will work.

As global banking is expected to rely a lot on mobile for times to come, therefore the requirement to meet customers’ expectations will keep on going high for as long as smartphones continue to bring possibilities and convenience in every aspect of a person’s life.

Expanding the online banking demographic

Read next: How Rich You'd Be If You'd Invested $1000 in These Companies
Previous Post Next Post