The mobile channel is increasingly important to retail financial services firms. This is driven by a variety of factors, including the widespread adoption of smartphones, more powerful phone operating systems and, crucially, the rise of Millennial customers.
In our February 2016 survey of online investors, 71% of Millennials indicated that they had logged into their brokerage account using a mobile device in the past 12 months, compared to 44% of Baby Boomers. Further, 51% of Millennials said that their brokerage firm’s mobile capabilities were “very important” or “extremely important” to them, versus 23% of Baby Boomers. Our recent surveys of retirement plan participants and bank customers show similar generational differences. Collectively, these surveys suggest mobile will increasingly define the digital experience for financial services as Millennials become the industry’s core customer base.
To accommodate changing customer demographics and the growing significance of the mobile experience, we expect financial services firms to continue to enhance their apps this year. Developments may include 3D Touch and leveraging such cutting edge capabilities as artificial intelligence (AI), voice technology and expanded biometric authentication techniques. Some will likely introduce more personalized content and offer easier access to key account information (e.g., pre-login), making it simpler for clients to interact with them. In this annual mobile trends review, we explore these and other trends and innovations that are likely to shape the mobile experience this year and beyond.