As people broaden their technological knowledge and continue to rely on mobile devices, such as smartphones and iPads, organizations within the banking and payments industries may have to modernize their services if they are to retain their customers.
According to Mercatus, a financial services strategy consulting and research firm, smartphones are changing the ways in which consumers select their primary banks and evaluate other financial institutions.
These are the findings of Mercatus' semi-annual Mobile Financial Services Tracking Study, which was based off of responses from more than 3,000 consumers. Results reveal that more smartphone users are relying on the devices for the purposes of lifestyle management, which extends to their interactions with the financial services industry.
In addition, 35 percent of the participating consumers said that mobile compatibility was an "extremely important" or "important" consideration when it comes to selecting a new bank.
"With mobile emerging as a critical bank selection criteria, mobile capabilities become extremely important to a bank's new customer acquisition and growth strategies," said Teresa Epperson, a partner at Mercatus. "Our survey results indicate that mobile is a major game changer for banks."