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New data shows that mobile features have become a key factor that customers weigh when choosing a bank.
In Business Insider Intelligence’s second annual Mobile Banking Competitive Edge study, 64% of mobile banking users said that they would research a bank’s mobile banking capabilities before opening an account with them. And 61% said that they would switch banks if their bank offered a poor mobile banking experience.
For channel strategists, the challenge in attracting mobile-minded customers is knowing when to bet budgets and political capital on developing emerging features. It’s complicated by most flashy features — such as voice assistants, smartwatch banking, and bank-offered mobile wallets — being deemed a “must” by analysts, media, and rival banking executives.
The Mobile Banking Competitive Edge Report uses data to inform channel investment decisions by highlighting which mobile banking features are most valuable to customers. Our study has data on consumer demand for 33 in-demand mobile capabilities across six key categories.
Using that consumer data, the study benchmarks the largest 20 banks and credit unions in the US by whether they offer the cutting-edge mobile features that customers say they care about most. What sets our benchmark apart is that it weights every feature according to customer demand data — not subjective analyst opinion.
Channel strategists within financial institutions use our report to see which innovative features they should prioritize in development pipelines and to find out how they compare with rival banks and …read more
Source:: Business Insider