Banks have started to push a lot more of their technology investment into mobile; banks like Capital Bank in North Carolina has seen a jump in mobile usage from 17 percent three years ago to 43 percent today; while most banks have a mobile app experience they do not offer all the features that are found online; while banks are making progress there is still significant innovation ahead. Source.
Citi recently announced an upgrade to their mobile app to help add features and streamline the app offering; the new app features more financial management tools, you can open an account on your device and pay bills; they also added a 360 Financial View tool to give the customer a full understanding and view into all their accounts, Citi and non Citi accounts; the app is part of a broader digital strategy the bank has been pushing in recent weeks. Source.
Big banks like J.P. Morgan Chase and Wells Fargo have developed new mobile only banking apps in an effort to attract younger customers; “It’s about helping people start in banking and doing it in the way that fits their lifestyle,” said Steve Ellis, executive vice president and head of the Wells Fargo Innovation Group, to Business Insider; the banks are looking to get users at a younger age then keep them over the lifetime with additional product offerings; focusing on the consumer experience and new technology will help the banks to claw back some of the market that fintech companies have taken. Source.
Citi’s mobile app users grew by 21 percent the past year to reach 9 million users; this adoption is a lot slower than peers at Chase, Bank of America and Wells Fargo who see mobile app users over 20 million; Citi’s growth for the past year is higher and their adoption is beginning to increase; Citi was slower to the game of adopting the new digital features but has since started to catch up by launching Citi FinTech; the new unit has helped the company to launch over 800 digital increases in the past year, a 300 percent increase; the company is planning to keep investing heavily in fintech and is optimistic about their future adoption trends. Source.
JPMorgan Chase and Wells Fargo announced their earnings late last week and digital channels continue to be a growing force at the banks; JPMorgan Chase saw a 13 percent jump in active mobile customers to over 30 million; Wells Fargo’s growth was not as pronounced at 3 percent to over 21 million active mobile customers; this points to a broader industry trend where according to Business Insider’s Mobile Banking Competitive Edge study 83 percent of respondents use mobile banking; some recent trends the study has also seen include more attention to security, mobile transfers and users asking for more advanced features. Source.