Dislike being asked for your name, account number, and password every time you call the bank? Well, times are a-changin’. Banks are turning to mobile technology for help more than ever before. Bank of America is leveraging thumbprint verification technology that enables customers to automatically be identified, as well as carry out their banking business. The North Carolina-headquartered bank, along with JPMorgan Chase, is also planning to roll out card-less ATMs that can be accessed via mobile phones, to help curb fraud.
According to Bank of America’s latest earnings report, 15% of its customers are already cashing their checks through the bank’s app, up from 4% when it launched in 2012. While the move from online to mobile can still be considered in its infancy, the adoption of mobile has been incredibly strong. A recent CNBC article indicated that JPMorgan grew its “active” mobile user base by 20% year-over-year, whereas Bank of America’s grew 13%. The banks’ online user bases grew only 8% and 2.5%, respectively. Wells Fargo ended 2015 with 16.2 million active mobile users, a 14% increase over the previous year.
Bank of America, JPMorgan, and Wells Fargo have also developed Spanish versions of their mobile apps.
Moving customers from online to mobile is a blessing, according to Dan Goldstein, senior director, Treliant Risk Advisors. “The opportunity for a hacker to get in via a browser is greater than for an app that has security built into it,” he said.
With mobile banking so widespread overseas, the adoption of mobile banking technology is bound to see significant growth in the coming years.