Consumers Demand Mobile Banking Apps When Opening New Checking Account
According to a new study of consumer banking behavior, 56% of bank customers look for mobile banking apps when creating a new checking account. Millennials are more likely to seek out mobile banking solutions than older consumers, but the demand is still high across all age groups.
Another factor consumers now use in selecting a bank is the option for mobile check deposit. 45% of consumers see a need for mobile check deposits at their banks, which is an increase of 6% compared to a year ago. The average bank charges a $0.25 to $1.00 transaction fee per deposited check, but most consumers are willing to pay that for the convenience of not having to go to the bank to make a deposit.
Fortunately, most banks now offer mobile applications for account management, money transfers and digital deposits. Nearly four in five banks on FindABetterBank.com offer mobile check deposits, and only six banks in the site’s entire database do not have mobile solutions.
With the spread of digital wallets such as Apple Pay, consumers are beginning to incorporate their smartphones into their financial transactions. As long as banks can keep up with the demand, the mobile banking platform has the potential to grow tremendously in the coming years.