The speed of change within the banking and financial services industry is exponential. To remain competitive, financial technology organisations continue to innovate and deliver software solutions to meet changing consumer demands and expectations.
Consumer industry research has found some interesting facts and trend predictions for further innovation investment considerations;
- Mobile banking (via a mobile or tablet app) proved to be the banking channel with the highest customer satisfaction, with an average rating among the big four banks of 89.4%.
- Nearly two-thirds of Australians, 63.6%, now use mobile banking apps on a mobile phone or tablet to access their bank accounts up 7% points on a year ago.
- 71% of smartphone users now use their digital wallet weekly in place of physical cards or cash, compared to 40% in 2019.
- Consumers, especially Gen Z and Millennials, want a variety of money management resources and tools to help them make more informed decisions around how they spend, save and earn. These two groups overwhelmingly (99% Gen Z and 98% Millennial) use apps for budget tracking, viewing monthly spend forecasts and tracking progress.
- An easier-to-use mobile app and digital ID verification are among the digital experiences that would most likely get customers to switch banks.
- Consumers have become very tech savvy and simply having a mobile app is no longer enough for banks to attract and keep customers. Additional tools and features such as the ability to put temporary hold on cards, view recurring charges, or scanning a fingerprint to log into an account, are becoming increasingly necessary.
