Retail banks are upping their investment in online and mobile platforms as they realise the importance of increased functionality in their digital offerings.
Out of nearly 400 FS professionals surveyed ahead of next month’s BAI Delivery conference in Chicago, 95 per cent said that their bank lets customers check their balances on their mobile. More than three quarters offer mobile transfers, and 70 per cent allow customers to pay bills via their mobile.
Now that they have established the basics, however, banks see the need to roll out extra features on the mobile platform. Over the next three years, 34 per cent plan to implement P2P payments, 25 per cent will offer balance transfers between accounts at different banks, and 25 per cent plan to include the ability to open deposit accounts through mobile apps.
Fraud and security continue to be the biggest challenge, cited by 44 per cent as the main barriers to mobile payments adoption.
Banks are also trying to embrace the digital world by using social media. More than 80 per cent of those quizzed have some presence on various platforms, using them to address customer questions, support community initiatives and advertise services.
The most popular network by far is Facebook, used as the primary social media tool by 67 per cent of survey respondents. Twitter trails on 24 per cent, while LinkedIn is the preferred option for just four per cent.
Debbie Bianucci, CEO, BAI, says: “As consumers increasingly adopt digital channels to make purchases and conduct financial transactions, it’s important for financial services companies to use a strong customer-centric approach to understand evolving customer needs.”
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