Because online/direct banks don’t have any branches, consumers assume they must have better mobile Banking.
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%.
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