People Want More Smartphone Banking Options

A new survey of consumers finds that people are hungry for increased functionality and banking options via Smartphones.

The survey, from predictive analytics firm FICO, found that people across demographic categories would like to do more with mobile banking than most Smartphone banking apps are capable of.

Overall, more than half the people surveyed wanted to use their Smartphones to make payments from their account, transfer money between their accounts and receive notifications of potential fraudulent activity.

In more demographic-specific terms, people aged 25 to 39 wanted credit card bill payment reminders and credit card limit warnings. Men were more likely than women to want advanced Smartphone banking features, and older folks showed almost no interest in receiving information about new products and services via their phones.

What’s clear is that credit unions and banks need to ensure that they rapidly adopt the latest mobile banking technologies, as they become available. Doing so will be a competitive advantage for some, while lagging behind could lose financial institutions an increasing number of customers.