Online and mobile platforms are the leading focus of technology investments for retail banks as they move to increase the functionality of their digital offerings, according to a BAI survey.
Of nearly 400 FS professionals quizzed ahead next month's BAI Retail Delivery conference in Chicago, 95% say that their bank lets customers check balances through mobile phones. More than three quarter offer mobile balance transfers, and 70% bill payments.
With the basics well established, banks are now looking to roll out additional mobile features. Over the next three years, 34% plan to implement P2P payments, 25% balance transfers between accounts at different banks, and 25% the ability to open deposit accounts through mobile apps.
Fraud and security continue to be the biggest challenge, cited by 44% as the main barriers to mobile payments adoption.
Banks are also trying to embrace the digital world by using social media. More than 80% of those quizzed have some presence on various platforms, using them to address customer questions, support community initiatives and advertise services.
The most popular network by far is Facebook, used as the primary social media tool by 67% of survey respondents. Twitter trails on 24%, while LinkedIn is the preferred option for just four per cent.
Debbie Bianucci, CEO, BAI, says: "As consumers increasingly adopt digital channels to make purchases and conduct financial transactions, it's important for financial services companies to use a strong customer-centric approach to understand evolving customer needs."