Financial institutions are investing in their mobile and digital experiences as consumers flock to online channels for self-service banking.  

“Consumers are really demanding more and more and expecting that the mobile banking experience at their fingertips is largely the gateway into the relationship now with the [financial institution],” Allison Cerra, chief marketing officer at Alkami Technology, which provides digital solutions to banks, told Bank Automation News. 

In fact, according to Alkami’s “Generational Trends in Digital Banking” study released this year, 80% of consumers say mobile banking is very important or essential to their primary financial institution relationship, Cerra said. The study surveyed 1,500 consumers from Gen Zers to baby boomers. 

In the second quarter, U.S. banks felt the demand for digital capabilities as adoption of mobile and digital platforms climbed.  

“We continue to have strong growth in mobile users with active mobile customers up 6% from a year ago,” Wells Fargo Chief Executive Charlie Scharf said during the bank’s Q2 earnings call on July 12. 

Investing in mobile banking

To keep up with client digital expectations, financial institutions must constantly update their user experience, Alkami’s Cerra said. 

Alkami is constantly improving its app, customizing the interface for its FI customers and listening to user feedback to ensure its systems are keeping up with client needs, she said. 

“As we’re iterating in the app itself, we’re testing constantly to get that feedback and to measure that feedback against an industry standard of user experience scientific principles,” she said.  

Alkami clients include Greylock Federal Credit Union, Liberty Bank and Mountain America Credit Union, according to the company. 

Traditional financial institutions like Wells Fargo are also investing in digital capabilities to meet clients where they want to be met, Scharf said, noting that the bank is investing in its AI-driven chatbot Fargo to “make further enhancements to offer our customers additional self-service features and value-added insights, including balanced trends and subscription spending.” 

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