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In the past year, the pandemic has accelerated the transition to digital services. At the same time, the number of mobile banking users has increased.
Young people 21-40 years old are almost 100% mobile banking users.
There are more people who want to conduct financial transactions on their smartphones in 2020, in the year of self-isolation and distancing. This is indicated by a number of studies. Thus, according to a report by mobile measurement company Adjust, the number of sessions in mobile banking and payment applications in the first half of 2020 increased by 26% compared to the same period in 2019. According to research by Mastercard, the number of Britons who have installed banking software on their phones exceeds the number of those who downloaded social media applications.
At the same time, a new study by Cornerstone Advisors showed that more than three quarters of Americans with a smartphone use mobile banking services. At the same time, young people aged 21 to 40 are almost 100% mobile banking users who access their accounts mainly from a smartphone. The level of use of mobile banking in the 41 - 55 age group is slightly lower - 78%, and even lower - 57% - at the age of 55+.
Fraud alert is the most valuable feature of mobile banking.
The second most highly rated feature was the ability to enable / disable payment cards (74%). The functions of checking the balance on the deposit account (71%), making P2P payments (51%), checking the balance on the credit account (50%), calling the support service (44%) were rated a little lower.
Banks do not need the bloated functionality of the application, which is quite logical, since this will slow down the application. On the other hand, it is risky to ditch some of the options, since they can be critical for a key segment of customers.
Financial institutions considering which features to add should first define their target audience. After all, the gradation of the importance of functions is very different depending on age groups.
The value of mobile banking features varies by age group.
Therefore, it makes sense to consider introducing personalized mobile banking applications. If the revenue generated from offering personalized packages in multiple apps exceeds the cost of providing those programs, then banks should definitely try it.
According to experts, in 2021, the fraudulent practice of opening bank accounts using identity theft will spread. Fortunately for banks, impersonating someone else using stolen personal information is becoming nearly impossible thanks to continuous authentication technology and behavioral biometrics.
In 2021, scammers will be more likely to open bank accounts using stolen personal data.
Those who are not confident in their ability to avoid fraud, as a rule, turn to friends and family for help, trusting them with passwords and logins. This reduces the security of their bank accounts. Behavioral biometrics allows you to recognize users based on their unique behavior and indicate abnormal sessions. At the same time, it is fraught with permanent blocking of access to customer accounts.
Fraud risks will be especially relevant in Ukraine after the transfer of pensioners to bank cards. Banks will have to educate newcomers in the basics of security in the world of digital finance, which, on the other hand, will allow them to win the favor of a larger number of customers.
Young people 21-40 years old are almost 100% mobile banking users.
There are more people who want to conduct financial transactions on their smartphones in 2020, in the year of self-isolation and distancing. This is indicated by a number of studies. Thus, according to a report by mobile measurement company Adjust, the number of sessions in mobile banking and payment applications in the first half of 2020 increased by 26% compared to the same period in 2019. According to research by Mastercard, the number of Britons who have installed banking software on their phones exceeds the number of those who downloaded social media applications.
At the same time, a new study by Cornerstone Advisors showed that more than three quarters of Americans with a smartphone use mobile banking services. At the same time, young people aged 21 to 40 are almost 100% mobile banking users who access their accounts mainly from a smartphone. The level of use of mobile banking in the 41 - 55 age group is slightly lower - 78%, and even lower - 57% - at the age of 55+.
What mobile banking features are most commonly used by consumers?
According to Cornerstone Advisors, the vast majority of those surveyed use the app to check account balances. Almost two thirds are for remittances and bill payments. In addition, the consulting agency asked mobile banking clients to rate the features on a scale of importance, from critical to non-critical. Nearly eight in 10 people identified balance or fraud alert management as “critical” or “important” (79% of those surveyed).Fraud alert is the most valuable feature of mobile banking.
The second most highly rated feature was the ability to enable / disable payment cards (74%). The functions of checking the balance on the deposit account (71%), making P2P payments (51%), checking the balance on the credit account (50%), calling the support service (44%) were rated a little lower.
Banks do not need the bloated functionality of the application, which is quite logical, since this will slow down the application. On the other hand, it is risky to ditch some of the options, since they can be critical for a key segment of customers.
Financial institutions considering which features to add should first define their target audience. After all, the gradation of the importance of functions is very different depending on age groups.
The value of mobile banking features varies by age group.
Therefore, it makes sense to consider introducing personalized mobile banking applications. If the revenue generated from offering personalized packages in multiple apps exceeds the cost of providing those programs, then banks should definitely try it.
Fear # 1 - Fraud
The survey results show that users of banking services are very afraid of fraud. Interestingly, this is true for all ages. Financial institutions, as a rule, spend colossal sums on combating fraud. After all, a banking program is not an account on social networks, where for access it is enough to enter a username and password. More data is required to enter mobile banking. Multi-factor authentication is often required using a phone number, mailing address, sometimes even a fingerprint and a face scan.According to experts, in 2021, the fraudulent practice of opening bank accounts using identity theft will spread. Fortunately for banks, impersonating someone else using stolen personal information is becoming nearly impossible thanks to continuous authentication technology and behavioral biometrics.
In 2021, scammers will be more likely to open bank accounts using stolen personal data.
Those who are not confident in their ability to avoid fraud, as a rule, turn to friends and family for help, trusting them with passwords and logins. This reduces the security of their bank accounts. Behavioral biometrics allows you to recognize users based on their unique behavior and indicate abnormal sessions. At the same time, it is fraught with permanent blocking of access to customer accounts.
Fraud risks will be especially relevant in Ukraine after the transfer of pensioners to bank cards. Banks will have to educate newcomers in the basics of security in the world of digital finance, which, on the other hand, will allow them to win the favor of a larger number of customers.