蘑菇AV

Mobile P2P payments are struggling to capture users in Canada. But banks and digital wallet providers can lean into their respective strengths to create a rosier outlook for growth.

Lakota Federal Credit Union introduced a mobile banking unit so remote tribal members can participate.

The number of online or desktop banking users will continue to decline through 2028, but the number of smartphone banking users will grow in the same period. To win over those users, banks should know which mobile app features banking customers in Canada want most鈥攁nd which would put them ahead of competitors.

High-quality user experiences are top of mind for millennials. Superior mobile banking capabilities are essential to converting millennial consumers. When asked about which factors ultimately led them to buy their banking products and services, 42.7% of millennials cited mobile banking capabilities.

According to FICO鈥檚 survey, user-friendly mobile apps and websites are what customers want most, followed by empathetic customer support, personalized content and services, seamless transitions between channels, and relevant and timely offers.

For instance, if users rely on their banking app for ride-hailing services or financial information, they鈥檒l naturally use it more often. Take the next step: To understand the value of building out these functionalities on your mobile banking app, read our data drop 鈥�3 Charts on the Value of Mobile Banking Apps鈥� next.

Participating banks will issue the digital cards and let consumers pick their payment preferences in their mobile banking app. For example, users can set it so they pay with debit for transactions under $100 and credit for more expensive purchases. Issuers can handle the configuration preferences internally or use Visa鈥檚 API service. The product is already live in Asia.

Remember: 蘑菇AV has studied the mobile banking features banking customers want most. Learn which ones to prioritize by reading our report 鈥淯S Mobile Banking Emerging Features Benchmark 2024.鈥�. Personalization shows investment in customer relationships: Trust in FIs is increasingly built through personalized digital engagement, particularly when it feels intelligent and timely, according to Alkami.

Poor customer reviews: Milli users have been quiet since the bank鈥檚 closure, which could indicate a limited customer base. But shortly after its launch, Reddit users had voiced strong criticisms of the digital-only bank, which could offer insight into what went wrong:.

During that time, digital banking has grown massively, and reaching users via digital ad channels has become more effective. The number of digital-only bank account holders will reach 6.0 million in 2023 and will grow to 7.8 million by 2027, according to Insider Intelligence鈥檚 digital-only bank account holders forecast. Mobile banking app usage is heavy.

As of 2024, 67.3% of US consumers ages 65 and older are digital banking users鈥攁 28.8-percentage-point increase since 2018, slightly outpacing every other age group over the same period.

To understand which mobile features would set FIs apart from the competition, read our report 鈥淯S Mobile Banking Emerging Features Benchmark 2024鈥� next.

In Brazil, 63.2% of consumers use mobile banking at least once a week鈥攆ar outweighing the 49.7% of US consumers who do so, per a 2023 PYMNTS survey. Even lower-income consumers are frequent digital banking users. For example, Brazilians in the low-income bracket were more engaged with financial apps than their counterparts in the US, per PYMNTS.

Gen Zers are more likely than other generations to value mobile alerts that notify them when they go over budget, per our September 2024 US Mobile Banking Emerging Features survey.

Over 60% of US consumers say mobile banking features that support key life stages鈥攔etirement, taxes, college, and homeownership鈥攁re valuable, per our September 2024 US Mobile Banking Emerging Features survey. These journeys are a core component of customer-centric banking: delivering timely, personalized support that aligns with real-life financial needs.

Mobile banking increases the risk of hasty financial decisions. There will be 170.0 million US mobile phone banking users in 2023 and 201.0 million adult social network users. That suggests that millions of consumers will be able to make hasty, on-the-go financial decisions after hearing bad news on social about their bank. Messaging must be rapid in response to pressing concerns.