Millions of Americans are Using Mobile Devices to Switch Banks
Published on: 21st Jan 2014
Note -- this news article is more than a year old.
Last year, its claimed that millions of Americans used smartphones and tablets to switch banks and to apply for additional accounts online, according to a new report released by Andera.
"Today, 24% of our customers' online applicants are using smartphones and tablets to apply for new bank accounts. That's a 50% increase compared to a year ago and it reflects a broader trend," said Andera's CEO, Charlie Kroll.
While it's widely known that consumers are choosing to perform routine banking transactions via their mobile devices, it's important to note that they're also using their mobile devices to establish new relationships and to apply for additional products.
"When you consider that, according to Javelin Strategy & Research, tens of millions of Americans applied for checking and savings accounts online in 2013, 24% represents an enormous shift in consumer behavior in just a short period of time," Kroll said.
"The data proves that Americans want to open accounts using their mobile devices but that doesn't mean that they're succeeding. It's critical that institutions streamline data entry requirements and leverage native mobile features like cameras and touchscreens to make things easy," said Ying Chen, Andera's SVP Product Management.