Mobile customers demand mobile finance
Increasingly, American consumers turn to mobile devices when dealing with their personal finances. The Federal Reserve reports that 51% of U.S. smartphone owners have used mobile banking in the past year. From depositing checks to viewing account balances to tracking their portfolio’s performance to submitting an insurance claim, mobile applications are changing the face of the financial services industry. But account management is only the beginning. With enhanced security technology in place, and even more on the horizon, consumers are more comfortable turning to third-party apps to transfer money among friends and family. In addition, new technologies enabling mobile payments are revolutionizing how companies and consumers buy goods and services every day. Customers are demanding convenience, and self-service technology is viewed as a differentiator for banks, insurance companies, third-party lenders and other financial services companies.