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The Green Sheet

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Five Tips for Staying Ahead in Mobile Retail Banking

Friday, June 26, 2015 (ABA Banking Journal / Tina Orem)

This article written by Tina Orem and published by ABA Banking Journal reveals Americans relationships with their banks are changing with the mobile market. The use of mobile banking is not only expanding but becoming more entrenched. Now more than ever, having the right mobile offering to your customers is vital.
 
The following is an excerpt of the article published by Banking Journal:
 
Consider it a sign of the times: A tiny device that fits in your back pocket is fundamentally changing how bank customers behave, as well as how banks invest capital and even how they hire.

By 2014, seven in 10 U.S. adults had smartphones. They’re radically changing how people shop, communicate, consume news, get around, listen to music—and bank. They’re why 39 percent of mobile phone owners with bank accounts use mobile banking, up from 33 percent in 2013 and 29 percent in 2012.

And the mobile banking market’s not only getting bigger, it’s getting more entrenched. The number of people using mobile banking at least once a week climbed to 45 percent from 37 percent two years ago, according to RateWatch.

That’s why “convenience” is as much about technology as it is about branches.

“As this demand increases, it will become even more crucial for banks to offer mobile services, or risk losing customers to competitors,” RateWatch marketing manager Kimberly Myszkewicz says. “The more a person is engaged in the service, the more likely they are to stick with that institution for other services.”

With almost three-fourths of Americans now saying their relationships with banks are primarily transactional, according to Accenture, having the right mobile offering isn’t just trendy—it’s a survival strategy. Here’s what four experts say banks should do to stay relevant in mobile.

 
 Click here to read the post in its entirety.


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