ath Power president and CEO Frank Aloi said the revenue potential for banks who add compelling features to their mobile offerings could be significant.
"However, it is alarming that only 10 percent of users were prompted to first use their bank’s mobile channel by their actual bank. This indicates a clear lack of customer education, yet an obvious opportunity for banks to take initiative to promote their offerings," Aloi said.
An online survey was conducted over 1,527 mobile banking users to assess their current banking behaviors and present mobile banking experiences.
Another audit conducted by the same firm reveals that 350 mobile banking users wanted certain features and performed specific tasks using their mobile banking applications.
The research highlights that the banks are not attentive about their mobile banking offerings, and that Remote Deposit Capture is the missing feature most sought by the users.
Banks can attract more consumers as well as retain their present consumers by providing prompt mobile banking offerings, which in turn will be profitable in long race, said ath Power.
Customer support is the main impediment in the way of fostering mobile banking as 1 out of 5 users were offered any option to customize their user interface and 40% failed to find links for technical support, claims the research firm.
According to the survey mobile customers are more loyal, as nearly 1 in 8 mobile banking customers say they’ll change banks within 2 years compared to 1 in 5 among the general customer base.
The resercher said that more than 240 banks and credit unions were represented in the survey and 63 institutions were represented in the audit.
