With the majority of banking customers taking an apathetic stance to what they wish their FIs would debut, it’s important to take note of something the hard-to-please crowd would like. According to our upcoming Bank Innovation Monitor online banking issue, that “something” consumers care about is banks offering them text and email account alerts.
Already, more than 50% of consumers are aware of the “receive text or email alerts regarding your account” service, and our most recent Monitor data shows consumers also have a growing usage appetite for the service. Indeed, the percentage of customers who said they have ever used the service or plan to use the service in the next three months jumped. The “plan to use” percentage, for example, climbed to 66% from 58% quarter over quarter. Plus, Monitor data shows that consumers are receiving alerts once or twice a week on average. We expect these numbers to only grow with time. Account alerts, in our opinion, have the potential to be one of the most well-known and top used online banking services our research service queries.
Bank Innovation Monitor is a quarterly data and research service published by Bank Innovation that delves deeply in usage and want by consumers of the critical channels of banking innovation: online banking, mobile banking and alternative payments. The second installment of the Monitor will be released shortly.