Leverage Cookiebot Technology for Enhanced Online Engagement

Back to ABBYY Blog

Mobile Is the Magic Word for Banks. Isn’t it?

Dr. Marlene Wolfgruber

July 23, 2019

Smartphones are smarting up the banking business. Nearly half of mobile users in the US use mobile banking, as stated bythe market research company eMarketer . And this large audience is only becoming broader by the day. If in 2017, the number of US mobile banking users stood at 108.5 million, last year it climbed to 115.6 million, which represents 49.2% of mobile users in the US and indicates a 6.6% year-over-year growth rate.Moreover, mobile banking is especially popular amongst the younger generations aged between 18 and 34 (51%). eMarketer estimates that the number of millennial mobile banking users in the US reached 50.3 million in 2018.

The increasing popularity of mobile banking app usage amongst US consumers was also confirmed by Citi’s 2018 Mobile Banking Study of 2,000 American adults, which revealed that banking apps are the third most popular apps among consumers after social media and weather apps. “Visiting a bank branch is so 90s” claims one of the latest mobile banking start-ups in one of their campaigns. This receives definitely confirmation by the 91% of Citi’s study participants who prefer to use a mobile banking app over visiting a bank branch. Furthermore, the average mobile banking app usage increased from seven days a month in 2017 to nine days a month in 2018.

A smooth mobile account opening process does not only enable banks to speed up customer onboarding, but also increases the operational efficiency, reduces costs, and leads to greater customer satisfaction and with that to higher customer loyalty. Despite these enormous benefits, many banks today are still only offering clients and prospects remote deposit capture (RDC) and mobile bill payment. A recent study by Signicat revealed that 40% of consumers abandon bank applications after initiating the process, citing ‘length of time taken’ and ‘needing too much personal information’ as main reasons for not completing the process.

Key reasons for drop-outs during customer conversions in the early stages:

• Complex registration forms require too much manual typing.
• Inconsistent digital experience on mobile devices compared to the website.
• Requirement to download a native app to complete the process.

Recipe for success

• Banks need to reduce the number of manual interactions of their mobile-based customer touch points and increase the ease of use in the very early stages of the relation. Offering an intuitive and convenient way of exchanging all necessary data within a mobile-based onboarding process will help to lower abandonment rates, lay the foundation for a strong long-term relationship and increase the overall customer satisfaction.
• In order to meet the expectations of todays tech-savvy generation, which is highly influenced by the experience standards of giants like Amazon and Google, banks definitely are facing a new level of competition and need to simplify their digital registration processes. By leveraging AI-enabled web-based mobile technology, they can reduce user interactions to a minimum and create seamless experiences.

Digital Transformation Artificial Intelligence (AI) Financial Services Customer Experience Mobile

Dr. Marlene Wolfgruber

Like, share or repost

Share

Subscribe for blog updates

First name*

E-mail*

Сountry*

СountryAfghanistanAland IslandsAlbaniaAlgeriaAmerican SamoaAndorraAngolaAnguillaAntarcticaAntigua and BarbudaArgentinaArmeniaArubaAustraliaAustriaAzerbaijanBahamasBahrainBangladeshBarbadosBelgiumBelizeBeninBermudaBhutanBoliviaBonaire, Sint Eustatius and SabaBosnia and HerzegovinaBotswanaBouvet IslandBrazilBritish Indian Ocean TerritoryBritish Virgin IslandsBrunei DarussalamBulgariaBurkina FasoBurundiCambodiaCameroonCanadaCape VerdeCayman IslandsCentral African RepublicChadChileChinaChristmas IslandCocos (Keeling) IslandsColombiaComorosCongo (Brazzaville)Congo, (Kinshasa)Cook IslandsCosta RicaCroatiaCuraçaoCyprusCzech RepublicCôte d’IvoireDenmarkDjiboutiDominicaDominican RepublicEcuadorEgyptEl SalvadorEquatorial GuineaEritreaEstoniaEthiopiaFalkland Islands (Malvinas)Faroe IslandsFijiFinlandFranceFrench GuianaFrench PolynesiaFrench Southern TerritoriesGabonGambiaGeorgiaGermanyGhanaGibraltarGreeceGreenlandGrenadaGuadeloupeGuamGuatemalaGuernseyGuineaGuinea-BissauGuyanaHaitiHeard and Mcdonald IslandsHoly See (Vatican City State)HondurasHong Kong, SAR ChinaHungaryIcelandIndiaIndonesiaIraqIrelandIsle of ManIsraelITJamaicaJapanJerseyJordanKazakhstanKenyaKiribatiKorea (South)KuwaitKyrgyzstanLao PDRLatviaLebanonLesothoLiberiaLibyaLiechtensteinLithuaniaLuxembourgMacao, SAR ChinaMacedonia, Republic ofMadagascarMalawiMalaysiaMaldivesMaliMaltaMarshall IslandsMartiniqueMauritaniaMauritiusMayotteMexicoMicronesia, Federated States ofMoldovaMonacoMongoliaMontenegroMontserratMoroccoMozambiqueMyanmarNamibiaNauruNepalNetherlandsNetherlands AntillesNew CaledoniaNew ZealandNicaraguaNigerNigeriaNiueNorfolk IslandNorthern Mariana IslandsNorwayOmanPakistanPalauPalestinian TerritoryPanamaPapua New GuineaParaguayPeruPhilippinesPitcairnPolandPortugalPuerto RicoQatarRomaniaRwandaRéunionSaint HelenaSaint Kitts and NevisSaint LuciaSaint Pierre and MiquelonSaint Vincent and GrenadinesSaint-BarthélemySaint-Martin (French part)SamoaSan MarinoSao Tome and PrincipeSaudi ArabiaSenegalSerbiaSeychellesSierra LeoneSingaporeSint Maarten (Dutch part)SlovakiaSloveniaSolomon IslandsSouth AfricaSouth Georgia and the South Sandwich IslandsSouth SudanSpainSri LankaSurinameSvalbard and Jan Mayen IslandsSwazilandSwedenSwitzerlandTaiwan, Republic of ChinaTajikistanTanzania, United Republic ofThailandTimor-LesteTogoTokelauTongaTrinidad and TobagoTunisiaTurkeyTurks and Caicos IslandsTuvaluUgandaUkraineUnited Arab EmiratesUnited KingdomUnited States of AmericaUruguayUS Minor Outlying IslandsUzbekistanVanuatuVenezuela (Bolivarian Republic)Viet NamVirgin Islands, USWallis and Futuna IslandsWestern SaharaZambiaZimbabwe

• I have read and agree with the Privacy policy and the Cookie policy .

• I agree to receive email updates from ABBYY Solutions Ltd. such as news related to ABBYY Solutions Ltd. products and technologies, invitations to events and webinars, and information about whitepapers and content related to ABBYY Solutions Ltd. products and services.

I am aware that my consent could be revoked at any time by clicking the unsubscribe link inside any email received from ABBYY Solutions Ltd. or via ABBYY Data Subject Access Rights Form .

Referrer

Last name

Query string

Product Interest Temp

UTM Campaign Name

UTM Medium

UTM Source

ITM Source

GA Client ID

UTM Content

GDPR Consent Note

Captcha Score

Page URL

Connect with us

Also read: