The Mobile Banking Features Consumers Want
Find out what consumers really want from their mobile banking applications.
Mobile banking has changed the way consumers interact with their finances. This advancement in technology has appealed to every generation due to its convenience, and looks like it's here to stay.
The recent Mobile Banking Competitive Edge Study conducted by Business Insider found that 97% of millennial respondents indicated that they were already using mobile banking. If this number isn't compelling enough, 91% of Gen Xers and 79% of baby boomers also saw the benefits of these versatile services.
Mobile banking is no longer just for the big players in the finance field. Every bank can benefit from offering a mobile app to consumers, as long as it offers the features they most want.
Along with some of the basic tools that allow consumers to review their statements, pay bills and receive alerts, here are some of the other unique features that make a mobile banking application superior:
Encrypted, but simple login
The main reason consumers are so drawn to mobile banking is because it makes them feel like they are more in control of their finances. A major part of this control is also encrypted login, so individuals can feel that their money is more protected while using the app.
Offering a secured, but simple login method can help diminish the risk of hackers, but helps to ensure consumers can still easily access their banking information. Two factor authentication is a great way to accomplish this. As CSO Online explains, this method requires users to provide two different types of information to access an online account.
According to National Cash Systems®, the average ATM is used 300 times per month . Most consumers want to use their bank's ATM to avoid excess fees, so providing them with a handy locator can help.
Consumers will appreciate the help finding a local ATM if they're in a new area or looking to avoid extra fees.
Even Gen Z is interested in receiving help and advice for budgeting. A handy tool that allows users to budget based on their personal spending habits goes a step further than simply showing them their statement. Allowing consumers to set goals and stick to them further puts them in control of their finances.
Having constant support is important for users to feel like they interact with a mobile app. A major concern about online banking is losing the personal touch, but online chatbots can provide users with answers in a timely manner or direct them to the best source.
Mobile Banking with Vectra
All it takes is two easy steps to utilize Vectra Mobile Banking1 on the go. With Vectra Mobile Banking, users can check their account balance anywhere, anytime, as well as view and search their recent transactions. Additionally, helpful features can be used to transfer funds between accounts and easily locate Vectra Bank and ATM locations. This app has truly been created with the user experience in mind.(A division of Zions Bancorporation, N.A. Member FDIC)
For more information about this mobile application and help with personal budgeting, reach out to your local Vectra Bank representative today.
1Mobile banking is included at no cost from Vectra Bank. Requires dowload of Vectra Bank App from the Apple® App Store, Google Play®, or Samsung Galaxy® App Store. Message and date rates from your wireless provider may apply. Requires enrollment in Online banking. Subject to the terms and conditions of the Internet Banking Services Agreement. Some Online and Mobile feature, including Bill Pay, may not extend to minors.
Trademarks used are the property of their registered owner and Vectra Bank is niether affiliated with nor endorses these companies or their products/services.