Mobile-first banking is quickly gaining steam as big names such as Citibank and now Walmart jump onboard with offerings that combine on-the-go technology with low fees to appeal to younger and lower-income consumers.
Articles Tagged ‘mobile banking’
With digital bill paying now more popular than paper checks, Citibank has launched a new type of banking account designed specifically for online and mobile bankers.
According to Javelin Strategy and Research, by switching just one customer’s in-branch deposit per month to the mobile channel, the average bank stands to save almost $50 per year per customer, adding up to $1.5 billion in cost savings for the industry.
Historically, augmented reality’s utilitarian use case in banking disappeared once consumers reached a branch, but Westpac New Zealand has extended the technology to support account management within its mobile app.
Further expanding its suite of mobile services for customers, Ally Bank, the direct banking subsidiary of Ally Financial Inc., has launched a mobile app designed specifically for the iPad tablet in response to findings that nearly one-third of its customers are using mobile devices for their banking needs.
Bank of America is innovating the mobile banking application with several new self-service features and easier accessibility to frequently used information.
On the heels of rapid user growth in 2013, Fidelity has launched new versions of its mobile applications that allow for greater personalization and feature optimized contextual content for easier investing on the go.
Chase earned the highest score of 69 out of 100 in an evaluation by Forrester Research of the five largest retail banks in the U.S., and was cited for its strong transactional and cross-channel features in mobile.
While consumers love the convenience of mobile remote deposit capture, the service has not been universally adopted by financial institutions because of perceived potential risks but this could change, with virtually all financial institutions expected to soon offer such capabilities, according to a new report.
Following a successful beta test, Citi is launching a new opt-in feature nationwide which enables customers to view sensitive account information in their Citi mobile banking app without log-in friction, making it the first major U.S. bank to offer such a preference.