An interesting report out from FICO... For Banks the most requested functionality from a smart phone was the ability to check account balances (75%), more than half of respondents wanted to receive notifications of potential fraudulent activity (59%), make payments from their account (53%), and transfer money between their accounts (50%) using their smartphone.
The demographic breakdown shows that across all categories, young people expressed the most interest in banking services delivered by smartphone. When it came to specific product services such as receiving credit card bill payment reminders and credit card limit warnings, people aged 25 to 39 were the most interested in delivery by smartphone.
The way that consumers interact with banks has already dramatically changed in recent years. Consumers have shifted from physically visiting a branch towards managing their bank accounts online. Over two-thirds of consumers now consider online to be their preferred channel for checking their accounts, transferring money and making payments. All signs suggest that as mobile technology develops, it will also become a central part of banking for consumers. Of smartphone users, 13% already consider using apps as their favored means of checking their account balance, with a further 5% favoring the use of a website on their mobile device. Many banks have already adopted mobile technology solutions and have capitalized on a surge in take-up. However, there are further opportunities to exploit.