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Consumers require mobile banking features

Rachel Wheeler Archive

As consumers become more familiar with the ins and outs of their smartphones, tablets and other gadgets, individuals demand the ability to use those devices for more sophisticated tasks. Mobile banking in particular has gained momentum during the past few years.

A recent FindABetterBank survey highlighted this occurrence, noting that more than 18 percent of consumers now believe mobile banking is a "must have" feature instead of something that is nice to have, up from 11 percent in 2011, according to The Financial Brand. This jump represents a 63 percent increase, suggesting that mobility will soon have a major contribution to the future of banking.

The study also revealed that fewer than one-third of financial institutions had mobile capabilities in 2010, The Financial Brand Reported. This figure has increased to more than 82 percent.

MarketsandMarkets noted that ongoing transformations in the telecommunications and mobile landscape will continue to impact the future of banking, as consumers continue to demand anytime, anywhere access to services. When financial firms support the use of innovative technologies via mobile platforms, they will likely generate more loyal customers.