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This article was originally published in PYMNTS.com on 4 April. In it, Jennifer Singh, Entersekt’s director of channel partnerships discusses how consumers’ digital migration to mobile banking has given banks and other financial institutions a tremendous opportunity to unlock a host of experiences across channels.
Consumers’ preferences are undeniably shifting digitally when it comes to banking and financial services. According to a recent study by Citibank, 31 percent of consumers use their mobile banking app more than any other — placing mobile banking behind only social media and weather for the most frequented mobile destinations. And by all accounts, this digital migration is driven by consumer preference — according to the same study, 91 percent of mobile banking users prefer accessing their app over going to a physical branch, and 68 percent of mobile banking millennials believe their smartphones will eventually replace their physical wallet.
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