December 1, 2023—COVID-19 accelerated the adoption of digital banking, ushering in a radical transformation across payments channels and banking platforms. According to an FDIC press release published in 2022, the use of mobile banking increased sharply among banked households between 2017 (15.1%) and 2021 (43.5%), becoming the most prevalent primary method of account access. Use of a bank teller declined, except with certain segments of the population.
A November 2023 Mobile Deposit Benchmark Report published by Cornerstone Advisors highlights how important mobile banking capabilities have become to consumers. It states that “nearly nine in 10 smartphone owners accessed their checking account(s) using a smartphone or tablet in the past 12 months. Among the broad array of mobile banking capabilities available to consumers, turning off and on debit (and/or credit) cards was ranked as critical or important by 83% of mobile banking users, followed by mobile deposit, which was used by 44% of customers.”
Expectations of the customer experience, speed and efficiency of mobile banking platforms continue to accelerate, particularly as their use of the platform matures. Financial institutions must anticipate our customers’ changing needs for digital transformation, recognizing as the report states, “It takes a lot more to ‘wow’ digital savvy customers who are accustomed to a wide array of capabilities offered via mobile banking applications.”
Those financial institutions that find it difficult to evolve at the pace of technology are encouraged to leverage the experience, resources, and available innovations of trusted partners like Vertifi Software and their own digital banking provider.