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- With a large majority of respondents to Insider Intelligence’s US Mobile Banking Competitive Edge survey indicating that mobile is their primary banking channel, strong built-in account management functionality is essential.
- Here are three essential features that banks should offer.
- Insider Intelligence publishes hundreds of banking industry research reports, charts and forecasts with the Banking Briefing. You can read more about the subscription here.
Account management tools are a basic but essential part of a strong
mobile banking
experience, as they give users control and peace of mind when using banking applications.
This is particularly important given the widespread reliance on mobile channels: 79.5% of mobile banking users overall and 92.8% of
neobank
Account holders surveyed for Insider Intelligence’s US Mobile Banking Competitive Edge survey said mobile is the primary means of accessing their bank account. Incumbents and neobanks therefore need to meet customers where they are and provide a full range of account management features in the app.
Insider Information
Here are the three most requested account management features by US respondents that banks can offer to improve the convenience and functionality of their mobile apps.
- Allowing customers to activate a new credit or debit card via mobile improves convenience by eliminating the need for a website visit or a call to customer service. Activating a new card is the last step in customer onboarding, and allowing new customers to do so in the app takes the friction out and gives a more positive first impression of the bank. Forty-one percent of respondents rate this feature as “extremely valuable” making it the most requested feature in the Account Management category. And the four largest American neobanks in terms of users offer it, compared to only 64% of the top 25 historical American financial institutions (FIs) in terms of assets.
- Offering the option of a temporary virtual card that can be used immediately allows for instant spending. New customers can start spending with their account as soon as they sign up, instead of having to wait for a physical card in the mail. And for existing customers with a lost or stolen card, a virtual card ensures continuity of service. In an age when the postal services in the United States are overwhelmed, these benefits are magnified. The feature is the second most requested in the category, considered “extremely valuable” by almost 36% of respondents. Varo is the only leading neobank not to offer this feature, but challengers still have an advantage over incumbents, as only 28% of FIs surveyed offer it.
- The ability to change an online banking password in the app gives customers more control over the security of their account. Making password preferences more accessible in the app could alleviate barriers preventing consumers from taking a more active role in securing their accounts. And with the pandemic increasing financial fraud, customers are likely to be looking more than ever for features that give them peace of mind. Thirty-five percent of respondents call it “extremely valuable”. Varo is once again the only neobank not to offer this feature, placing the first four neobanks slightly behind the 80% of FIs that support it.
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