ath Power research reveals next generation capabilities would motivate customers to use mobile banking.
— Revenue potential for banks increases as more customers are willing to pay for mobile services —
Boston, MA, [June 20, 2013] — ath Power Consulting, a leading financial services research and strategy firm, today published its third edition of The ath Power Mobile Banking Study™ following the recent presentation of initial findings at CBA Live and SourceMedia’s Mobile Banking Summit. Results revealed that Remote Deposit Capture continues to be the most sought-after mobile banking feature, and next generation capabilities such as Voice Authentication and Mobile Photo Bill Pay would encourage more customers to adopt mobile banking.
“Retail customers are becoming less resistant to monthly fees for mobile, with 1 in 3 now saying they would be willing to pay for mobile banking, up from 1 in 5 in last year’s study,” said Michael McEvoy, Managing Director, ath Power. “With more banking capabilities available to users and its obvious convenience, mobile is quickly becoming the preferred channel for many, with 1 in 2 customers logging into their accounts at least twice weekly. This is a clear opportunity for banks to build customer loyalty and potentially drive revenue.”
Matt Wilcox, SVP and Director, Interactive Services and Marketing at Zions Bank, notes that, “Mobile banking is the fastest-growing channel in bank history. Banks simply cannot afford to not leverage this medium and its power to serve their clients and connect with them on a greater level. The challenge will be to innovate and provide the functionality that meets customer demand.”
The ath Power study found that ‘voice recognition’ would motivate 1 in 3 mobile customers to use mobile banking services more, while ‘voice authentication’ would encourage non-users to adopt mobile banking in the first place.
USAA, who has rolled out innovative features including a voice-based virtual agent and whose app downloads have exceeded 5 million, received the highest rating for customer satisfaction in both this and last year’s study.
Other Key Findings:
About The Study
Through a combination of survey research and hands-on usage audits of mobile banking apps, The ath Power Mobile Banking Study™ was conducted to determine what factors make up an “ideal mobile banking experience” as well as to understand how banking institutions can increase overall usage and adoption of their mobile offerings.
For more information, please visit https://www.athpowersolutions.com/expertise/mobile-banking.php.