By Mike Branton
Originally posted on CBInsight.com November 3, 2014
Nearly every financial institution (FI) has the Big 5 of Mobile Banking or is planning to have it in the next 12 months. What’s the Big 5?
Balance inquiry / funds transfer
Mobile bill pay
ATM / branch locator
If you’re a small community FI and don’t have the Big 5 yet, but you’re planning on it, the more time you wait brings more risk of customers moving to an FI that does have these features. The top five largest banks in the country, which collectively own a majority of the checking account customers in the U.S. and represent the major competition for most community FIs, have had the Big 5 for quite some time.
So getting the Big 5 is really just “table stakes” to play in the mobile banking game — a game which continues to occupy the hearts and minds of retail bankers as consumers are now more actively figuring mobile banking functionality into their decisions about where to bank.