Apps for mobile banking are being used by more individuals than ever. As a result of the pandemic, the percentage of customers who said they utilized mobile banking applications to the bank the most frequently increased from 33% before the epidemic to 44% after it began.
It is anticipated that this change will last for a very long time after the pandemic has passed. Customer Expectations for Mobile Banking Apps NCR estimates that in September 2022 Find out the benefits of using mobile banking applications for purposes other than just banking.
70% of customers believe that their growing use of digital banking channels is here to stay, according to a Citizens Bank survey.
This issue of the “Digital-First Banking Tracker®” looks at current consumer usage patterns for mobile banking apps, highlighting the rising demand for banking apps that can do more complex activities beyond basic banking operations.
The Digital-First Banking Sector
First Federal Bank of Kansas has released a redesigned online banking platform and mobile app for both its corporate and consumer clients in response to the rising need for more powerful banking app experiences. The bank developed the app to make handling a range of financial demands user-friendly. The program features a window that enables users to link accounts to various financial institutions. By checking account balances and spending patterns as well as creating personalized budgets, users may better manage their finances.
Visit the Tracker’s Companies To Watch area for additional information on this and other articles, including which bank was named the best consumer digital bank in Africa.
Atomic’s Head of Markets On Paying Employees Using Digital First
FIs and FinTechs are stepping up to accommodate this need as the percentage of customers interested in adopting digital tools to handle their financial concerns increases. Payroll is one industry that is ready for innovation, according to Lindsay Davis, Atomic’s head of marketing. She recently discussed how Atomic overcome payroll challenges by utilizing digital technologies to improve and optimize the customer experience.
Read the Insider POV section of the Tracker to discover more about Atomic’s approach to revolutionizing employee payments.
Customer Expectations for Mobile Banking Apps
It is not surprising that customers are adopting these apps to manage their fundamental banking requirements at a time when they are using mobile banking apps in record numbers. These consist of Consumers Want More From Mobile Banking Apps, According to NCR, September 2022 Learn why users want to be able to do more with their mobile banking applications than only see statements and account balances, send money, and make payments.
