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The rising popularity of mobile banking has prompted a mass rush to release new features – but is the slow march to ‘ super-app ’ status the right approach ?
There ’ s little doubt that fintechs have prompted a revolution in mobile banking , with incumbents realising that they must keep pace with new features to remain competitive . After all , the days when a bank ’ s primary interface with a customer was through bricks-andmortar branches are long gone . Mobile banking has overtaken in-person transacting – a trend made more pronounced by the COVID-19 pandemic , when people were told to stay indoors .
According to Insider Intelligence ’ s UK Mobile Banking Competitive Edge report , 68 % of UK adults have used mobile banking in the past year ; research from Forbes , meanwhile , shows that over three-quarters ( 76 %) of Americans have used their primary bank ’ s mobile app over the same period . Mobile is the new battleground in which banks – both new and incumbent – will lose or retain customers , so much so that 40 % of people would now consider switching to a digital-only provider with no physical branches , according to research from Forrester .
“The super-app approach can be successful if executed correctly , but getting to that point is incredibly difficult ”