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Mobile Transforming the Banking Industry

Mobile technology is becoming more prevalent in every industry, and one of the most heavily impacted has been the banking sector. Learn why smartphones have had such a radical change on the banking space.

· Mobile Zone

Visually compose APIs with easy-to-use tooling. Learn how IBM API Connect provides near-universal access to data and services both on-premises and in the cloud, brought to you in partnership with IBM.

Smartphones have become our constant companion. Today, 80% of all online adults own a smartphone. Experts predict that by 2020, that number will rise to 6.1 billion people. Mobile devices aren’t just this millennium’s hottest accessory; they’re redefining the way that we live our lives.

With the emergence of mobile comes myriad opportunities to revolutionize the way that people manage and spend their money. Mobile-obsessed consumers are pushing established institutions to provide new ways to make banking easier, more efficient, and available at the touch of a button. Forrester predicts that by 2017, 33% of the US population will be using mobile banking.

Interested in finding out more about the state of mobile banking, Crittercism surveyed a wide swath of people from every continent (except Antarctica; penguins aren’t using smartphones… yet). After collecting and analyzing the responses, we are excited to share the results of what was discovered across the mobile banking landscape in our 2015 Banking Survey: Hyper-Growth of the Mobile Consumer, but in the meantime, here are some key takeaways:

  • – Brick-and-mortar banking is officially passé. Over half of the surveyed do banking online, while over one-third also use mobile apps for their banking.
  • – Generation X is starting to dip their toes in mobile banking. Many have tried or are willing to try it, but they need to have their concerns allayed.
  • – Latency is a significant customer experience hurdle for developers. 48% of consumers would uninstall or stop using an app if it regularly runs slowly. (2015 Dimensional Research)
  • – Millennials are mobile trailblazers. Across every category, they show the most willingness to explore mobile frontiers.

Don’t take our word for it! Our findings matched those in Bank of America’s recent study, further confirming that millennials are the most active mobile bankers of any generation. In any given week, three out of four millennials will access their mobile banking app several times.

Read FinTech Trends in this paper!

Consumers of all ages are ready for the next generation of mobile banking. In fact, banking on smartphones and tablets is already displacing banking on PCs for routine interactions. Strike gold and give your customers the mobile banking app that they deserve.

Need some inspiration? Find out how our mobile app intelligence helped a large American bank reduce its app’s crash rate by 90% and helped a leading Spanish bank “create a seamless user experience for our customers.”

Forrester recently came out with a wealth of information about this growing area. Learn how to build a world-class mobile banking strategy in their new playbook and identify the mobile banking metrics that matter in their detailed report.

The Mobile Zone is brought to you in partnership with Strongloop and IBM.  Visually compose APIs with easy-to-use tooling. Learn how IBM API Connect provides near-universal access to data and services both on-premises and in the cloud.

mobile app development,mobile,banking

Published at DZone with permission of Chris Beauchamp, DZone MVB. See the original article here.

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