Mobile is no longer an option (and banks aren’t just competing with banks)
Mobile is no longer optional for banks, a recent article by SNL article reports. Customers have become conditioned to mobile and omni-channel experiences from other industries and expect the same seamless, frictionless mobile and online experiences from their banks. In this way, banks are no longer just competing with credit unions and other banks – the pressure is being put on by user-experience-focused fintech companies, retailers who introduced customers to the omni-channel experience, and other players such as Apple Pay.
This was a headlining topic at the recent American Bankers Association Conference for Community Bankers. CCG Catalyst Consulting Group CEO Paul Schaus spoke about how millennials are not the only demographics who demand mobile banking; older generations are adopting it as well. “Nobody is going to object to convenience…people want convenience,” the SNL article reports he stated.