Mobile Trends to Watch in the Financial Services Industry

Filed in Mobile Marketing by on December 3, 2015 2 Comments


With the rapid pace of change in today’s mobile world, keeping a finger on the pulse of the latest mobile trends is more vital than ever. For starters, people are now spending around 177 minutes a day on their mobile devices. What’s more, of the over 7 billion people on the planet, 4 billion now have mobile phones, according to eMarketer, and more than 90 percent of adult smartphone users have their devices within arm’s reach at all times, says research from Morgan Stanley.

As this mobile use only continues to grow, it’s critical that brands hone their mobile strategies so they can reach consumers at their precise moments of need with relevant and useful messages. If companies don’t stay on top of the latest trends in today’s fast-moving mobile market, they risk using messaging that is no longer relevant, promoting technologies that have lost favor, or offering products and services that aren’t useful.

In my role at Syniverse, I have a rare vantage point to stay on top of these trends, and in this post I would like to share a couple.

One market in particular we’ve been focusing on is the financial services industry, and this space is revealing some interesting mobile trends. In just the past few years, new technologies have unleashed a range of capabilities for financial services. Having the ability to check an account balance or arrange a payment transfer is a daily need for consumers. The shift to mobile, however, is raising the bar even higher for service delivery expansion in these areas, and financial services companies must adapt.

To this end, here are two key trends we’ve uncovered recently on trends related to mobile financial services:

  1. Mobile offers value in multiple ways for financial services. In a recent study by the U.S. Federal Reserve, the question was asked, “Have you done any of the following activities in the past 12 months on your mobile phone?,” and the responses were enlightening. Broken out in the image below, they reveal that 94 percent of mobile banking consumers have checked their financial account balances or transactions on their mobile devices during the past 12 months. Moreover, 71 percent have downloaded their bank’s app, and 57 percent have received an alert from their financial institution through a text message, push notification, or e-mail. These numbers point to the rising use of mobile banking services and the growing importance of providing cross-channel tools and communications to reduce friction along a consumer’s banking journey. Accordingly, Syniverse frequently serves as a strategic mobile adviser for our clients, and our conversations with financial services companies regularly involve brainstorming new mobile use cases, such as incorporating mobile videos, interactive promotions, and personalized alerts, that can continue to make the mobile banking experience more dynamic and convenient for their customers.Mobile_Financial_Services_Survey_Results
  2. Mobile offers significant cost savings. Mobile not only can offer quicker and more convenient financial services, it also can provide big savings. A recent study released by Javelin Research reveals that, compared with mobile, transaction costs can be up to 43 times as great at a bank branch, up to 13 times as great through a call center, up to 13 times as great at an ATM, and up to two times as great through an online channel. In our discussions with customers, we’ve been focusing on proving the return on investment that mobile can bring, and when financial services companies see numbers like these, it captures their attention. Financial companies now have an unprecedented opportunity to serve customers through mobile, and the new efficiencies mobile offers can help to reshape their cost structure.

In summary, our two takeaways from the trends above are, first, that consumers are increasingly looking for mobile banking tools that make banking tasks quicker and more convenient. Second, financial companies not only stand to deliver improved customer satisfaction through mobile offerings, they stand to benefit from major cost savings as well. I look forward to seeing how these trends open new opportunities for financial services companies in 2016.

What trends do you see taking place with mobile financial services? Which ones do you think will be the most important and why? I would love to get your thoughts in the comment section.

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About the Author ()

Elizabeth Carbone joined Syniverse in 2013 and is focused on developing both content and messaging strategies for Syniverse’s Mobile Engagement, Cross-Channel Messaging and Phone Number Verification solutions. Among her responsibilities, she helps manage market research and analysis for customers to provide perspective on where mobile is heading and how companies can use research data to foster stronger mobile engagement with their customers. She also uses this data to create a variety of research and marketing materials – such as infographics, how-to guides, and presentations – to help companies in the vertical markets that Syniverse focuses on. Prior to joining Syniverse, Elizabeth worked as a Graduate Assistant at the University of South Florida and a Sales and Marketing Manager for her family’s commercial landscaping business. She holds a Master of Science degree in marketing and a Bachelor of Science degree in marketing and management from the University of South Florida.

Comments (2)

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  1. avatar Senaka Balasuriya says:

    Great article. Mobile money deposit are very convenient for me, even though people use paper checks less and less these days.

    In terms of trends, I see P2P money transfers as having significant potential.

  2. avatar Elizabeth Halenkamp says:

    Thank you, Senaka. I agree with you completely. I’ve seen a number of different articles recently published on P2P money transfers, specifically through the use of OTT messaging applications for payment. I look forward to seeing what’s next in the mobile payments market!

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