mobile alerts

According to a new study, it is clear that customers are no longer satisfied with simply checking their account balance from a mobile banking app. They increasingly want—and expect—to be able to conduct more advanced functions like making bill payments, depositing checks and receiving real-time notifications on account activities.

Other key findings:

• Customers are likely to delete a mobile banking app if it isn’t useful. Of customers who have downloaded a mobile banking app, 40 percent say they have thought about deleting it.
• Nearly 2 in 3 (64 percent) believe that it’s their bank’s responsibility to immediately alert them when they have a low balance or insufficient funds to pay a bill. Moreover, the younger consumers are, the more strongly they believe that their banks should be proactive: 73 percent of 18-to-24-year-olds believe they should hear from their banks versus 56 percent of those over 55 years old.
• 68 percent of consumers also report that a banking application could have helped them avoid a financial problem such as an overdraft or bounced check. Among those under 35 years old, a remarkable 80 percent believe it could have helped.
• The top feature that survey respondents want from their banking app is notice of irregular account activity, yet 81 percent of those surveyed say they have never received such notices.

Learn more about Monitise’s “Bank Anywhere” products, which include proactive alerting, mobile remote deposit capture, bill payments and other useful account management features.