This past month, American Banker noted that many banks have found their online and mobile banking services are not providing a great user experience. The banks discussed have begun experimenting with different features and different pricing options for those features. As the article outlines, 8 of the top banks in the US are each spending approximately $100 million on these new web and mobile offerings.
New web and mobile services are great opportunities to improve customer satisfaction and retention and could even provide opportunities to increase fee revenue. Most web offerings currently allow for little more than routine tasks, but many banks are realizing that customers are looking for new types of tools and additional flexibility in how they manage their accounts. In light of this, banks are considering innovative features, such as: (more…)