Direct Banks Are Winning Mobile-Centric Consumers

"Just a few years ago, mobile banking apps were a key differentiator for banks and credit unions. Nowadays, mobile banking apps are table stakes. Over 90% of the institutions listed on FindABetterBank have mobile banking apps, and 44% also offer mobile remote deposit capture. As more consumers adopt mobile banking, more will insist that any institution they switch to also provide this service.

In Q1 2011, under 12% of shoppers on FindABetterBank indicated they “must have” mobile banking. Today, that number is 23%. Direct banks like Ally Bank and Capital One 360 are winning the battle for these mobile-centric shoppers. In Q3 2013, direct banks were 38% more likely to be selected when a shopper indicated mobile banking was a must-have feature than when a shopper indicated they “don’t care” about mobile banking." Continue Reading