Small FIs, like community banks and credit unions, don’t have the resources to compete with the largest banks in developing mobile banking features. Instead, they must counter strategically, with a focus on investing in those features customers use a lot, drive satisfaction, and attract promising young, mobile-savvy customers and future borrowers.
This Javelin Strategy & Research report charts how mobile banking preferences are shifting at smaller FIs and how those institutions can build strategies to stay in the game. In particular, enhancements should be focused on the areas of P2P payments, overhauling bill pay, and offering forward-looking financial fitness features. Smaller FIs must do this while also balancing the needs of core customers who remain entrenched with online banking, even as overall sentiment moves inexorably toward the mobile channel.
Key questions discussed in this report:
- What are smaller FIs’ most notable struggles in balancing the needs of their existing customers and cultivating new and younger customers?
- How are the mobile banking preferences shifting among small-FI customers?
- What should smaller FIs prioritize in enhancing their mobile banking offerings?
Cash App, Community Bank, Experian, FedNow, First Commonwealth Bank, PayPal, Venmo, Zelle,
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