Segmented consumer experience, digital wallet capabilities are key for US mobile banking – research

According to the research, which was conducted US information technology provider Cognizant and UK-based mobile financial technology company Monitise, US consumers are increasingly expecting banks to help improve their mobile lifestyles by providing anytime / anywhere capabilities, customized user experiences, shopping and social features, as well as value-added services. This, the study indicates, represents a new opportunity for retail banks to drive customer loyalty, attract new business and generate more revenue.

The research has found that polled US consumers are looking for greater functionality as they seek more options. This strongly relates to segmentation of consumer interest and behaviour. Interest in remote cheque deposit and real-time alerts on unusual account activity were found to be important features across segments that could induce consumers to switch banks.

The study also indicates that tablets have emerged as a unique and valued user interface, with 41 percent of survey respondents wanting to use tablets compared with smartphones, and 60 percent of polled tablet owners preferring a tablet for mobile banking. Consumers are now using both devices for different purposes and want features optimized to suit each device’s form factor. Feature personalization like rearranging tabs and functions was also found to be important to more than 75 percent of surveyed consumers. Offering this flexibility can give banks a competitive edge and help retain customers.

Consumers also want their bank to offer better shopping and social experiences and prefer offers from banks rather than other mobile payment mediums, the study points out. By offering discounts and offers from retailers on consumers’ mobile devices, retail banks can increase mobile payment traffic. Consumers were also found to be open to using social networking features on mobile banking apps / websites for accessing information on new products and sharing opinions.

Finally, consumers were found to be seeking services that drive security, ease mobile payment use and provide insights on spending and bill payment patterns. More than one-third of consumers surveyed indicated they were willing to pay for advanced security features such as biometrics and nearly 30 percent of respondents indicated a willingness to pay for mobile payment capabilities.