The numbers are in. And they show that when technology is available, customers are using it:
- Bank of America reports 85% of deposit transactions are made through the mobile app.
- JPMorgan reported active mobile users were up 11% YoY.
- Wells Fargo reported gaining 4% growth in active mobile users YoY.
- Citi reported active mobile users were up 17 million in Q2, increasing 14% YoY. Active digital users were up 8%.
Consumer sentiment in financial services
Mobile banking may seem like the new normal. But turns out, few financial services institutions are meeting client expectations.
Ninety-three percent of consumers report wanting a more personalized mobile banking experience. And one in three under age 40 reported switching banks to get a better mobile experience, according to a recent survey by Sinch.
Most notably, the research also found that a positive technology experience correlates with securing consumer trust.
Action for advisors
It’s clear the shift to mobile is working for larger banking institutions. And those who are managing to provide solid mobile experiences are the ones winning.
So how can financial advisors follow the same path?
Here’s a key takeaway: We’re no longer living in a mobile-friendly financial services environment, but a mobile-first environment.
Customers don’t want PDF sheets mailed or emailed anymore. They want it turned into actionable insights, readily available for access at any time at their fingertips.
Rather than just reporting data, advisors need to provide it as automatically, in real-time as possible through online and mobile devices. And there are ways to do it.
AltExchange is dedicated to giving advisors a way to provide clients a world-class online experience for alternative investments. Book a call or schedule a demo today to learn more.