Online and mobile banking interfaces have become must-have features for financial institutions in the digital age. Fifty-five percent of Americans have a full-service banking app on their phone, and 16 percent check these apps at least once per day.
Customers think of these digital offerings as crucial to their banking decisions. More than 50 percent reportedly believe it’s important for banks to provide mobile deposits, P2P services and account openings. But even as more consumers use mobile and online banking apps than ever before, they are frustrated by the experience when they log on, and still prefer visiting a bank branch for more involved transactions.
In the March edition of the Digital Banking Tracker™, PYMNTS examines why consumers are dissatisfied with their online banking experience, and what banks are doing to win back their attention.
Around the Digital Banking World
Americans are increasingly banking via mobile apps, with 70 percent checking those apps once every week.
But while they are logging onto these apps more frequently, they aren’t necessarily relishing in the experience. According to recent research, 68 percent of Americans say they are frustrated with the experience provided by their banks’ digital capabilities.
It’s no wonder banks are doubling down on digital, investing in tech development and launching new features and initiatives.
That includes Standard Chartered, which recently announced it would further invest in its digital offerings this year after making a $400 million investment in 2017. So far, the bank has introduced several new features, including online loan and credit card applications, and plans to expand the capability to savings accounts by the second quarter of 2018.
Similarly, Lloyds Banking Group is laying out a three-year plan to invest more than £3 billion in an effort to create “simple” and “low-risk” digital banking options. It’s an ambitious plan, as the U.K. Fintech sector as a whole brought in just £1.7 billion in investment last year.
To find the rest of the latest headlines from around the digital banking world, check out the Tracker’s News and Trends section.
How Wells Fargo Works to Meet Evolving Expectations
Wells Fargo has a different strategy when it comes to keeping fickle financial consumers happy.
In a recent interview with PYMNTS for this month’s Digital Banking feature story, Katherine McGee, head of digital product management for Wells Fargo virtual channels, told PYMNTS that a one-size-fits-all solution isn’t the solution to meet the needs of a diverse group of customers.
Instead, McGee said, the company is looking to combine new technology, such as artificial intelligence, with legacy brick-and-mortar branches to work with customers wherever, and however, they prefer to do their business with a bank.
“We want to be where our customers are. If they want to come into a branch, we want to be there for them,” she said. “But we also want to make sure that if they come to digital and want to do a certain transaction online or on their phones, that we offer that feature for those customers as well.”
To read the full story, download this month’s edition of the Digital Banking Tracker.
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About the Tracker
The Digital Banking Tracker™ brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with rankings of more than 300 companies serving or powering the digital banking sector.