The mobile channel has become a strategic priority for financial services firms looking to attract and retain younger clients. Nearly all large and mid-sized financial intuitions allocate sizeable budgets devoted to improving their mobile properties, focusing on mobile app enhancements. In 2018, Corporate Insight’s Mobile Monitor service saw banks, card providers, brokerages and asset management firms update their app capabilities at a rapid pace.
In our August 2018 survey of consumer bank customers, 92% of Millennials who downloaded their bank’s mobile app indicated that they logged into their accounts at least once a week using the app, with 25% logging in daily. Further, 83% of people who use their firm’s banking app said that mobile capabilities were Very Important or Extremely Important. Our recent surveys of retail investors and retirement plan participants show similar mobile preferences. Collectively, these surveys suggest mobile will continue to play an expanding role in shaping how users interact with their financial services providers this year and beyond.
To accommodate changing customer preferences and the growing significance of the mobile experience, we expect financial services firms to continue to enhance their apps in 2019. Developments may include leveraging such cutting edge capabilities as artificial intelligence (AI) to provide predictive banking, expanded biometric authentication techniques and offering increased access to live CSRs from the mobile channel. Integration and aggregation of accounts is likely to continue to expand in order to provide clients with a holistic view of their financial situations from their mobile phones. 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.
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