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The mobile revolution helps bring a positive future for FI brands

November 6, 2013 by Rebecca Hellmann — Marketing and Sales Coordinator, Welch ATM

A recent study from Pew Research shows that 91 percent of U.S. citizens owned a mobile phone as of May. This finding officially makes the mobile phone the most quickly adopted consumer technology in history.

Of these mobile phone owners, 56 percent are smartphone users. Clearly, the "mobile revolution" is no joke.

People are switching to mobile phones, and smartphones in particular, because the devices can help them stay connected, in addition to offering them a multitude of new conveniences. This rapid reliance on mobile technology is not only unprecedented, it can also be a huge benefit for brands — including those of financial institutions.

Constant connection

Mobile technology allows the FI to maintain a continuous connection to customers, helping to ensure that it stays top-of-mind.

What's more, text or in-app alert features can keep customers informed of account balances, cleared checks, charges that exceed predetermined amounts and ATM withdrawals. Most consumers who are concerned about fraudulent account activity would jump at the chance to monitor their funds so closely.

Customer convenience

Smartphone adoption allows FIs to offer more convenience to customers by providing anytime access. Many institutions have taken advantage of this by developing applications that can provide news updates, account access, bill pay and much more. This convenience can reduce the customer's branch visits and increase the FI's cost efficiency.

Future-proofing

Due to the proliferation of smartphone technology, many industries are migrating their business models to the online and native app space. This evolution includes payment technologies, which are already being launched via mobile wallets, NFC, tokenization and other innovations.

These advances are targeted at integrating mobile and finance, and forecast a future in which a trip to the store, an evening out at a restaurant, and even a trip to the ATM will no longer require a card.

FIs can become "the bank in customers' pockets" — within easy reach for every aspect of their financial needs.

The mobile revolution might be changing the way FIs look and function as more and more people place technology and convenience above the personal interaction of a branch visit.

And if used correctly, mobile technology provides innumerable opportunities for brands to stay relevant, connected and top-of-mind.

Read more about mobile banking.

About Rebecca Hellmann

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