Given our experience of having implemented over 40 banks and credit unions’ mobile banking solutions, we continue to track the evolution of mobile banking and the latest innovations. The retail banking space is rapidly shifting to mobile because of changing customer needs and demands, and driven by the demands, particularly from Millenials, mobile banking is an industry that is embracing new technology albeit slowly because of regulations.
In 2015, as Millennials overtake Baby Boomers as the largest living generation in the United States, they are becoming one of the most influential — and challenging — consumer groups for the banking industry, said Robert Mulhall, managing director and North America lead for Accenture Distribution and Marketing Services, Banking.
Here are some of the ways that mobile banking is adapting to evolving customer demographics and new technologies:
Online-only banks Millennials are switching banks more than any other demographic and most are dumping traditional branches in favor of online-only banks. A majority of millennials prefer a banking experience that is mobile-driven giving them the flexibility they crave.
Apple Watch and other wearables As more millennials desire a mobile-friendly banking experience, wearables, like Apple Watch will become even more popular. This type of wearable will allow customers to multi-task when they bank.
Eye-scanning for mobile security The growth of mobile banking also comes with security risks. To secure customer data, Mountain America Credit Union is employing biometrics to ensure the safety of your account. Eye scanning technology will be used to ensure the rightful owner of the account is in control of all mobile transactions.
What’s the best strategy for your retail bank to embrace mobile? Contact us