mobile-bankingAs mobile banking continues to grow, so must the technologies that serve it. The retail legacy banking infrastructure may have been conceived in the 1970s, but today’s consumers are demanding more ways to bank, including on mobile and digital platforms.  Features like photo-check deposit are so hot, that consumers are switching banks in order to take advantage of these new services.  Providing capabilities which didn’t exist a few years ago is suddenly considered the table stakes for survival and financial institutions that can innovate and differentiate find themselves with a competitive advantage.  As a result, major banks are re-launching their digital services with enhanced apps and online banking sites, geared primarily toward smartphone and tablet usage.

US Bank Rolls Out New Applications
In an attempt to keep up with customer demands, US Bank has unveiled a new app with more functionality. The recently revamped app has plenty of room for growth and that’s what US Bank predicts as more customers are using mobile to bank. The most significant change to the new app is a more streamlined process to deposit a check. US Bank has made it easier for customers to snap a picture of their check and have it deposited instantaneously into their preferred account. These new updates to the app also allow for more innovations in the future such as Touch ID so that customers can sign in more effortlessly and also geolocation-based tools that share local events and financial advice.

Capital One Debuts CreditWise to Check Your Credit Score
Capital One has always been an innovative organization when it comes to mobile banking and their latest app is no different. CreditWise allows users to check their credit score through their new mobile-first app. Users can not only check their credit score, but they will also have access to tips and tools and even a credit simulator that tells them how their credit would be affected by certain purchases. As a larger marketing tool, CreditWise will be available to everyone – not solely Capital One customers.

Chase Redesigns Its Mobile Site
While other banking institutions and organizations are focusing on developing or improving existing apps, Chase redesigned their mobile site. Chase leads banks in having 23 million mobile users. This new site revamp aims to make banking even easier for those users. With an expanded search function as well as the option to personalize the look, Chase’s mobile site streamlines the banking experience across mobile and desktops. They’ve also simplified the online bill-paying section putting it all in one central location. This mobile redesign gives users the opportunity to use either the site or the app, which both have almost the same capabilities.

What’s the best strategy for your retail bank to embrace mobile? Contact us.