Nearly every financial institution (FI) has or will quickly have the “Big 5” that defines basic mobile banking: account balance inquiries and funds transfers; mobile deposit; mobile bill pay; ATM/branch locator; and P2P payments.
Various studies have estimated that 54% to 75% of FIs have the Big 5 already with almost all of the remaining FIs “planning” to have them within 12 months. And consumers like the Big 5 as the percentage of customers using these services in the last 12 months is at least 24%.
This prompts two questions: One, if nearly every FI will have basic mobile banking, how does a FI stand out from the crowd? And, two, what must mobile banking deliver to be considered “fee-worthy” and monetized by revenue instead of just cost savings?