Whether it’s checking account balances online, making mobile deposits through smartphone applications or transferring money instantly between accounts, your customers are hungry for online banking services. And as a banker, you know that to edge out the competition, your bank should offer a growing suite of online and mobile services.
To help banks like yours determine what digital services are most lucrative, CSI recently engaged Harris Poll to conduct an online survey of more than 2,000 consumers, age 18 and above, nationwide.
A Standout Among Digital Banking Offerings
In addition to asking questions about banking security and technology, we gathered feedback on current consumer attitudes toward numerous online services, including mobile wallets and online-only banks. While our findings indicate consumers are overwhelmingly satisfied with the number and quality of digital banking solutions being offered by financial institutions, there are significant opportunities for growth in certain key areas.
For example, nearly 3 in 10 consumers expressed a willingness to use a mobile wallet application in the next six months. Considering the newness of this technology, this is a surprisingly high level of acceptance and bodes well for financial institutions that focus efforts on this new payment method.
Despite these encouraging statistics, financial institutions still have a major opportunity to increase mobile wallet adoption among consumers. Your bank can facilitate digital wallet adoption by:
- Ensuring your customers know that mobile wallets are available
- Educating customers on the inherent security advantages and convenience mobile wallets offer
- Encouraging customers to authorize their debit and credit cards for use in such mobile wallet applications as Apple Pay, Samsung Pay and Android Pay
One Big Reason to Expand Your Digital Banking Strategy
When consumers were asked about online-only banks, like Ally Bank or Bank of Internet USA, 49 percent said they strongly or somewhat agree that they would be willing to bank with an online-only or “direct banking” financial institution.
Such likelihood was even higher among younger consumers—58 percent of both millennials and Gen Xers surveyed indicated that they would be willing to bank with online-only institutions. So, as younger, more digitally savvy consumers enter the market, online-only banks are poised to increase their share in the industry. And how “traditional” banks respond will be crucial.
The threat of online-only banks is one big reason for financial institutions to consider a well-rounded digital banking strategy. To compete with emerging online-only banks, it’s imperative your bank continues to attract consumers and satisfy consumer demand for online services by providing both the mobile technology and the personal experience they expect from financial providers. One way to accomplish this is to deploy fully integrated solutions that make customer data and experiences seamless across various channels.
Get the Full Report
Based on survey feedback, mobile wallet technology may provide one of the largest opportunities for bank growth. And, while consumer interest in new technologies continues to grow, consumers will expect their banks to continually add new services that are innovative, regularly updated and consumer-friendly across all age groups.
And for those banks that don’t, the threat from competitors—like online-only banks—will continue to close in on them. To discover more insight from our consumer survey and learn more about the digital banking services your customers are craving, download a free copy of our 2016 Consumer Survey Report.
As product manager, Ashley Miller is responsible for the overall product direction of the digital channel for CSI, including Mobile and Internet Banking, from the standpoint of the banking consumer. During her more than 10-year tenure with the company, she has managed CSI’s mobile banking solutions and supported CSI’s deposit platform. Ashley holds an MBA from Murray State University and a bachelor’s degree in business administration from the University of Kentucky.