By: Joe Gillen
Many customers rely on mobile banking applications to transfer money, review balance details and deposit checks, but banks and credit unions that don't offer supplemental apps may be missing out on the chance to draw more customers and members.
Some financial services firms are now offering additional apps, such as budgeting tools, calculators, in-network ATM locators and other management tools to help their customers gain a more comprehensive banking experience, according to Mobile Payments Today. This is largely because mobile banking has slowed down the rate of its evolution as most institutions now offer the same baseline level of services. While a handful of banks are developing or offering PicturePay apps, most banks and credit unions on the whole continue to offer the same technologies.
As a result, bank consultants say that unveiling new supplemental money management tools may be helpful in differentiating mobile products until PicturePay becomes ubiquitous among all financial institutions.
A recent study from the Federal Reserve reveals that mobile banking is on the rise. However, consumers may soon demand more from their institutions as some banks and credit unions roll out new innovations at a faster rate than others. In the meantime, developing technologies that help individuals take control of their income can demonstrate to customers that banks are continuing to evolve their mobile platforms, which may prompt them to remain loyal.