According to the latest "Digital 2019" report, the number of unique mobile users exceeds 5 billion people. It means that for 67% of the global population the mobile phone is the main tool to access various types of digital services. Therefore, it’s not a surprise that even industries like banking perceived historically as lagging behind in terms of innovation invest more and more in mobile apps and mobile banking.
Although mobile banking is a rather new area in the financial market, it’s quickly gaining popularity. About 45% of Americans already use the mobile channel to access financial services. Among the younger generation (Millennials), this percentage is even higher and amounts to 69%.
The largest financial brands compete heavily with each other to offer their customers the best mobile banking experience possible. Here is our view of 5 reasons that make mobile banking so popular.
With a mobile banking app, you can check your current account’s balance or transaction history anytime anywhere. Thanks to analytical features included in many apps, you can easily control your expenses and get to know exactly how much you spend on food, entertainment, trips, etc. No wonder that according to the recent report by Entersekt, 20% of Americans use a mobile banking app every day. Keeping track of your money has never been easier. Pretty convenient, huh? (and a little bit addictive for that matter)
Are you still worried about paying all your bills on time? With most mobile banking apps, it’s not an issue anymore. They can send you a notification about the upcoming deadline to make a payment or even pay your bills for you automagically. Now, all you have to worry about is making sure your current account balance or credit card limit is high enough ;)
As banks and fintechs compete with each other to offer you the best mobile experience, they more and more often give you access to very attractive deals accessible exclusively through the mobile app. No matter if it means a higher interest rate on your savings account or a special discount to your favorite store, you can save a significant amount of money simply by using a mobile banking app.
Can you imagine that in order to send a simple money transfer you have to go to your bank’s branch and spend there one hour or more in the queue? Well, this was the sad reality of the financial industry no longer than 20-30 years ago... Thanks to mobile banking you no longer have to waste time waiting for your turn in your bank’s branch. Just take your smartphone, tap the screen a couple of times, and… that’s it.
Last but not least, using mobile banking apps may lead to a better understanding of financial products and services. This was one of the main conclusions of the Citi Mobile Banking Survey conducted in 2018 by Wakefield Research among the 2,000 U.S. adults. When asked about the benefits of mobile banking, 38% of Americans said that they feel more knowledgeable about the services offered by their banks.
All of the benefits mentioned above make the future of mobile banking look really bright. But how exactly will it look like? You can take a guess by learning more about the country that is one of the global leaders in terms of mobile banking and financial innovations: Poland. It's the home country for IKO mobile app, which was twice in a row named the best mobile banking app by British Retail Banker International magazine.
In order to learn more about what’s going on in the Polish mobile banking industry, you can take a look at one of our previous blog posts. Enjoy reading!