The Rise and Acceleration of Mobile Banking

“The growth of mobile has significant implications for banks. As mobile phones get equipped with more and better functionality, it will transform the traditional interaction model with the consumer.” 

-PWC

Mobile banking is a pervasive trend that was made only more so by the sudden outbreak of the COVID-19 epidemic. In the wake of the pandemic, financial institutions around the world were left scrambling to increase the scope of their digital offerings to better serve their customers’ unique and dynamic banking needs.

After all, if customers are unable to go to the bank, the bank must come to them. And for most banks, the easiest way to make banking more accessible is by providing a mobile-first banking experience. When it comes to providing mobile-first banking, customers expect an experience that resembles their favorite tech apps like Netflix or Uber.

Yet the banking customer’s journey is vastly different from other industries, forming a complex web of digital and in-person interactions. For banks to provide a superior mobile-first banking experience, they must carefully align changing consumer preferences and behaviors with the appropriate digital and human channels. To achieve these objectives, many financial institutions are turning to unified communications (UC) solutions to provide a secure end-to-end mobile experience using features such as SMS, video chat, and co-browsing.

Approximately half of the world’s population, some 3.8 billion people, are smartphone users. Americans spend an average of 5.4 hours a day on their phones, managing everything from their social lives to their careers. And they are increasingly using their mobile devices to bank. While the mobile banking trend was apparent before the unprecedented outbreak of COVID-19, the rate of mobile adoption has been greatly accelerated.

This excerpt is a part of our healthcare trends brief, Mobile-First Banking: Aligning Consumer Preferences with Digital and Human Channels to Provide a Superior Mobile-First Banking Experience.

You can download the full brief here, or view other webinars, e-Books, white papers and more in our resource center, including:

• Digitalizing Employee & Customer Experiences in Banking: Overcoming Unprecedented Challenges to Thrive in 2021
• Securing the Digital Banking Experience: Striking a Careful Balance Between Security & the Customer Experience
• Branch Transformation: Achieving Branch Transformation by Bringing Together Virtual and Physical Channels
• Consolidating Vendor Networks: Enhancing Digital Banking Capabilities with a UC Solution