Last month Tim Cook told the world that the next-generation will not know what cash money is 1. Beyond that bold statement, what he talked about was the power of mobile and the way it already has, and is going to continue to change money, banking and finance forever.
Mobile technology has already changed the way we pay for consumer goods. Barclaycard talks about its mobile payments doubling within a year 2 and, The Telegraph reports that the majority of UK consumers believe the end is in sight for cash 3. Aside from what has already changed due to mobile technology, it continues to change the way consumers interact with their bank, paving the way for digital-only providers such as Atom and Starling.
By 2019, almost a quarter of the world’s population will use mobile banking 4 and by 2020, customers will use mobile to manage their accounts more than internet, in-branch, and telephone banking put together 5.
Already accustomed to using apps in every other key area of their lives, customers want to track their spending, budgeting and saving via mobile, and they want to transact, transfer money, file their taxes, buy insurance, trade stocks, take out mortgages, and store their documents this way too. According to UX Magazine, financial apps are among the most popular, overtaken only by gaming, social media, and news/reading apps.6
With in-branch banking fast losing its relevance, banks are racing to deliver great mobile experiences. One in six people looking to switch banks already take mobile capability into account 7, and McKinsey found that in 2015, over half of bank customers would switch banks if a fully digital provider made an attractive offer 8.
All this means that mobile is crucial to both customer acquisition and retention.
To help address the changing landscape, we’ve released a new white paper, Style and substance in mobile retail banking; charting in mobile apps – available to download here. Backed by substantial research and case studies, we’ll explain how to improve your own mobile strategy so you can attract, engage and retain your users.