Customer Experience and Design

3 Ways To Bank On Your Phone (And How They Compare)

mobile-text-banking

There are many ways to bank. You can call your financial institution on the phone, go to the nearest brick-and-mortar branch, or hop online. While these are the most traditional ways of banking, there’s another option that’s quickly growing in popularity: mobile apps.

As we mention in one of our guides, mobile banking raked in some impressive stats in 2015:

  • 15% of Bank of America’s customers began depositing their checks through the bank’s mobile app
  • JPMorgan’s active mobile user base grew 20%
  • Bank of America’s mobile user base grew 13%
  • Wells Fargo ended the year with 16.2 million active mobile users, a 14% increase over 2014

To put this in perspective, for the fourth quarter of 2015, JPMorgan’s online user base grew only 8% and Bank of America’s grew only 2.5%.

The popularity of mobile banking is clear and the trend is not slowing down. In fact, mobile banking is actually expanding into several different mobile channels. I came across a nice comparison chart from Wells Fargo that defines the tasks you can actually perform with each type of mobile banking channel, along with some of their features and benefits.

Mobile-Services-Comparisson-Chart

If you’re looking to innovate the way your customers bank with you, or if you’re thinking about applying similar concepts to other areas of financial services, Perficient’s your partner. We have the industry experience, technical know-how, and even a digital agency all under one roof.

If you’re interested in giving your customers a beautiful and reliable digital experience, fill out the contact form below and we’ll get back to you with some ideas.

About the Author

Sr. Marketing Manager, Industries, Perficient

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