Your phone has probably been the bank teller you interacted with most this year, but banking analytics firm RateWatch’s 4th
Annual Mobile Banking Survey reveals that only 2 percent of the bank
customers/members surveyed considered mobile banking their primary
banking option. An overwhelming 62 percent considered the old-fashioned
banking at the branch as their primary banking option.
Mobile phones may not be the first place people go to for banking
needs, but it has become the most popular. More people perform bank
transactions through mobile phones than any other means in 2014,
according to a recent survey from global management consultancy
firm Bain & Co. The firm surveyed roughly 83,000 bank account owners
globally and uncovered 35 percent of all banking interactions occurred
on mobile phones.
Banks have begun restructuring the way they do business to adapt to
the growing number of people who want the bank to live in their pocket.
Chase Bank has over 18 million mobile banking customers and Gavin
Michael, head of digital at Chase informed The Washington Journal mobile
banking’s rise is “redefining how we think about banking.” The banking
industry as a whole seems to share this mentality as RateWatch’s survey
also revealed the percentage of financial institutions offering mobile
banking services has doubled from 41 percent in 2011 to 82 percent in
2014.
Mobile banking is as much about helping customers manage their funds
easier as it is about helping financial institutions save money. A 2012
report from business development firm Fiserv explained digital
transactions cost banks an average of 17 cents compared to 85 cents for
ATM transactions and a relatively gargantuan $4 for teller visits.
source: foxnews
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