What's Next for Mobile Banking?

What's Next for Mobile Banking?

Big banks are moving up the ranking and overtaking smaller banks in terms of satisfaction. They simply have what the mobile services customers want, when they want it. And they effectively communicate what they have. What good is having services if your customers don't know about it? It's like having a giant diamond but never being able to wear it. It's [past] time to take the plunge and go beyond the basics. 

What Bankers Should Know About Consumer Checking Financial Performance

What Bankers Should Know About Consumer Checking Financial Performance

We actively track, quantify, rank and analyze nearly 4 million checking account relationships of community financial institutions nationwide. See our latest research that reveals the bottom line reality of checking.

Beneficial Bank Targets Millennials

Beneficial Bank Targets Millennials

When Beneficial Bank, well known as one of the oldest banks in Philadelphia, Pennsylvania, set out to revamp its brand in 2013, they also shifted their entire culture to be more relevant to the Millennial audience. By deeply defining this group of people through consumer research, introducing purposeful creative focused on serving Millennials’ financial needs and working to change the mindset of every employee from top to bottom, they created a brand that enhanced their most traditional values and gained the attention of this new, valuable audience. 

Accenture 2015 North America Consumer Digital Banking Survey

Recent report from Accenture shows customers want advice-driven banking, including 54% of customers interested in banks locating discounts. 

"Most consumers (79%) define their banking relationship as transactional... This trend is bad news for banks. It reflects a fundamental problem for the industry. When customers think about what the bank offers, most think about commodity banking products and services rather than unique value for their broader financial lives." 

The Battle is Back On for Checking Customers

The Battle is Back On for Checking Customers

By out-marketing and out-innovating retail products, larger banks know the battle is on to attract profitable or quick to be profitable customers, traditional ones right down to millennials, by offering an attractive “earned” incentive to move and providing better mobile products along with a wider variety of other retail products and services.

The Big Banks' Latest Trends in Mobile Banking

The Big Banks' Latest Trends in Mobile Banking

Big banks have been committed to working out their mobile strategies over the past two years and are now unveiling the dramatic results they’ve achieved. According to AlixPartners, big banks controlled 67 percent of the primary banking relationships by the second quarter of 2014, while credit unions had 14 percent. Mid-size banks controlled 11 percent, community banks 4 percent and all others at 4 percent.

Making Interest Checking More Interesting

For consumers, having an interest checking account these days is, well, uninteresting.

Financial institutions only pay a few basis points of an interest rate at most, which requires a significant balance to generate meaningful interest income to customers. Even high-yield checking accounts average just 1-2 percent, but with qualifying balances capped around $10,000, customers annually make barely enough to go out for a nice dinner for two.

Facebook is Hungry for Mobile Payments

Facebook is Hungry for Mobile Payments

Facebook isn’t just satisfied with having more users than any other social media in the world. They’re craving their piece of the future of mobile payments. With the recent announcement to offer peer-to-peer payments through its Messenger app, Facebook is seeking to establish a deeper connection to users’ finances and to take a bite out of traditional financial transactions. 

Why Credit Unions Need to Venture Beyond the 'Big 5' of Mobile Banking

Originally posted on CUBroadcast.com April 7, 2015

According to StrategyCorps Partner Dave DeFazio, there are five mobile banking "must haves" today:

  1. Mobile banking
  2. Mobile bill pay
  3. Mobile deposits
  4. ATM/branch locator
  5. P2P payments

If you have those, you are meeting the needs of today's increasingly mobile consumer. If not, you better get on the stick. But, as we all know, the FI market continues to evolve at a breakneck pace and CUs must be ready for it. So we asked Dave what's on the not-so-distant horizon when it comes to mobile services -- venturing beyond the big five, if you will, that keeps your members happy and loyal to your credit union.

Keep reading at CUBroadcast.com →

How Ally Bank Unified the Online, Mobile and Tablet Experience

How Ally Bank Unified the Online, Mobile and Tablet Experience

By researching what their customers wanted in an online and mobile banking platform, Ally Bank has delivered a unified experience that is purposeful to users, enhances their product strategy and has obvious competitive advantages, all while living true to the Ally brand.

Big Banks Deliver Mobile Shopping Features

The five biggest retail banks — recognized by the brand names U.S. Bank, Chase, Bank of America, Citi and Wells Fargo — control over 50 percent of total assets in the U.S. and are driving the mobile banking agenda. In a race to meet the mobile transaction needs of their customers, these banks have all conquered the most basic services that soon almost all banks will have—mobile banking, mobile bill pay, mobile deposit, ATM and branch locators and P2P payments. Now in phase two of mobile banking, these banks are in an arms race to further engage with customers’ mobile lifestyles, particularly by helping people save money when they shop.

What Birchbox and Uber Can Teach Financial Marketers

What Birchbox and Uber Can Teach Financial Marketers

Startup companies like Birchbox and Uber are winning the game of consumer marketing because of one single variable – they are marketing in the year that we actually live in. Unfortunately, too many financial marketers continue to promote messages in places where consumers are less likely to see it, hear it or feel it.