Mobile Banking Controls: The Key to Customer Engagement

What do your customers want?

Mobile Controls.

When do they want them?


Consumers’ appetite for everything mobile is evolving rapidly. Not only do 87 percent of U.S. adults have a mobile phone, but 71 percent of those mobile phones are Internet-enabled smartphones, a 10 percent increase from the previous year.*

More importantly for you, 52 percent of smartphone owners surveyed, who have bank accounts at institutions offering mobile services, used mobile banking in the past 12 months.*

However, another study showed that while 81.47 percent of financial institutions are offering some form of mobile banking functionality, 39 percent of their customers are not taking advantage of that capability.#

Why the disparity? And how do you encourage more of your customers who own smartphones to adapt and adopt your mobile offerings?

Simple. Give them more control.

Mobile Banking Customers Want More Mobile Control

The most-common task mobile bankers perform is checking their account balances or recent transactions, perhaps the most basic form of mobile service your institution can provide, according to a recent Federal Reserve study. It’s also the most passive service. The ability to transfer money between accounts came in second, followed by receiving alerts from financial institutions via text message, push notification or e-mail, which came in third in the survey.*

So alerts and notifications are clearly popular. In fact, according to a 2015 Bank of America survey, the majority (or 81 percent) of mobile banking app users are using banking notifications and alerts.†

Now take this a step further. What if you could actually give your customers the ability to act on their fears, or better yet, protect a loved one?

What if they were not only notified that their college-student son was making purchases with a card issued by your institution, but you enabled them to limit the types of establishments where he could use that card (university book store vs. college town sports bar).

Or, let’s say your customer not only received an alert of a questionable card purchase, but had the ability to instantly shut down that card.

When your customer reaches for a card in their wallet, what will you offer to ensure they pull out your card and not one from a competitor?

And, at a time when 60 percent of smartphone owners who switched banks reported mobile as “important” or "extremely important" in their decision, will you give them more mobile reasons to pick your institution?

Something to think about.

Want to learn more about this topic and explore your options? Submit your questions and comments today!

* "Consumers & Mobile Financial Services 2015," The Board of Governors of the Federal Reserve System, March 2015.

# "Mobile Banking, Mobile Payments Survey," RateWatch, a banking data and analytics service owned by TheStreet, Inc., April, 2015.

† "Trends in Consumer Mobility Report," Bank of America, 2015.

‡ "AlixPartners Mobile Financial Services Tracking Study," 2014.