The Quest for a One-Stop Shop Financial App

  • Share:
technology

The Quest for a One-Stop Shop Financial App

One result of the furious competition between financial institutions and their fintech rivals is the drive towards building a comprehensive, one-stop shop application for mobile. Rather than just offering consumers the opportunity to use a company’s products and services on mobile, there is a push to retain customer loyalty with bundled ecosystems that offer more than just traditional banking, including items that are not traditionally in the purview of financial institutions.

Who else is pursuing this quest?

Consumers are looking for apps that combine and clarify all their financial decisions, especially when it comes to handling banking needs, investing, shopping, financial education and even big purchasing decisions like home and auto. In October of 2018, Bank of America unveiled their one-stop-shop app that enables users to not only manage their bank account, but also quickly check investing services. Meanwhile, Square is reportedly considering adding additional features to its P2P payment app that would offer traditional banking services.

Fintech firms have been remarkably quick when it comes to identifying what functions consumers want on an app and deploying those apps into the marketplace. However, many analysts now say that with big tech companies poised to enter financial services, the threat to traditional financial institutions have heightened.

Banks and credit unions are now facing the reality that consumers are increasingly likely to buy financial products from tech companies. According to an international retail banking customer loyalty survey by Bain & Company, 73 percent of Americans aged 18 to 34 say they are willing to switch to a tech company for their financial needs. And millennials aren’t the only ones who are so inclined: 61 percent of those aged 35 to 54 also agree.

Meanwhile, consumer trust and confidence in tech companies is rising. Part of this can be attributed to the perception of “digital lag” in financial institutions by consumers, especially millennials. Fintech and bit tech companies are quicker to jump on integrating new technologies, such as voice assistants like Alexa. This could mean all the difference to financial institutions hoping to retain their customer base. The Bain survey found that 27 percent of US consumers already use voice assistance on their mobile phone, yet many banks and credit unions have yet to come around to utilizing the technology.

Where banking institutions fall short

Consumers believe the current digital channels offered by their financial institutions fall short. A recent survey of UK consumers found only 25 percent of respondents felt their banking app serviced all their needs, and only 34 percent considered it easy to use.

Financial institutions need to take a deep look at their websites and mobile apps and look for ways to make the customer experience easier. If given a choice, many consumers would prefer one convenient channel for everyday banking, not several.

To hone in on what their members are looking for in mobile banking capabilities, credit unions should pay attention to their behaviours at branches, on social media, and on the credit union website. What are their technology use habits? What are their pain points? If they use an existing mobile app, why and when do they visit a branch? Answering these questions will lead to insights and answers on how their mobile experience can be improved and their loyalty improved.

  • Share:


« Return to "Trends"
TrendScan logo
<< Back to Articles

Latest Trends

  1. Identifying Marijuana-Related Businesses
  2. Cut Through the Noise and Deliver Value Members Want
  3. 3 Key Factors for Creating Good Content
  4. Preparing a Transparency Communication Plan
  5. A Content Management System Will Make Your Life Easier
  6. You Know You Need an LMS — Now What?
  7. Opportunities and Risks of Banking for Marijuana-Related Businesses
  8. Why You Need ERM in Your Strategic Planning
  9. Enterprise Risk Management — Where to Start
  10. Just How Distracted Are Consumers?
  11. Credit Unions Could Replace Predatory Lenders
  12. Are You Properly Rewarding Your CEO?
  13. The Quickest Way to Understand Enterprise Risk Management (ERM)
  14. Omnichannel Delivery: Banking Based On Members
  15. The Easiest Way to Deliver Content for Employee Development
  16. What Borrowers Wished Credit Unions Knew
  17. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  18. Bankers associations’ opposition to mergers does a disservice to member banks and to consumers
  19. Consumer Attitudes Toward Digital Advertising
  20. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  21. Three ways to up your social media game
  22. Are You Ready to Adopt a Continuous Performance Management System?
  23. Keep content relevant, short, iterative and engaging
  24. The Quest for a One-Stop Shop Financial App
  25. 5 Things Credit Unions Can Learn from Cyber Attacks
  26. Credit Unions Have an Opportunity to Help Their Members Through Tax Season
  27. Preparing for Compensation Transparency
  28. 2 Big FinTech Goals for Credit Unions
  29. The Quickest Way to Find the Right (and Safest) CMS
  30. Learning Management Systems: What Credit Unions Should Consider
  31. How Useful Are Member Personas for Credit Union Marketing Teams?
  32. Popular DDoS Mitigation Methods in 2019
  33. Americans Trust Their Financial Institutions for Tax Advice
  34. Experience Company Growth and Discovery with Employee-Driven Communication
  35. Should You Still Be Concerned about ADA Website Compliance?
  36. The Process of Crafting a Relatable, Moving Brand Story
  37. Three Ways to Enhance Compensation Strategy for an Age-diverse Workforce
  38. Achieving the Golden “Narrative Transport” in Brand Storytelling
  39. What's Hot in Performance Management Technology
  40. Common Mistakes in Compliance
  41. Predict the Future of Mortgage Lending with Analytics
  42. Identify how chatbots will help you
  43. Become a Tax Resource for Members
  44. Remaining a Player in the New Home-Buying Experience
  45. Volunteer and Young Board Members Need Development
  46. Leverage the Resources of Trusted Experts for Tax Season 2019
  47. The Member Service Experience
  48. 6 Factors for Choosing the Right ESS System
  49. The Secret to Future-Proofing Your Organization
  50. You Might Already Have the Solution to Your Current Talent Competency Gap
  51. Conversational Commerce and the Rise of the Chatbot
  52. Don't Get Snagged on ADA Compliance Requirements
  53. Credit Union Compensation: Philosophy or Strategy?
  54. Americans' Lack of Financial Literacy Is an Opportunity for Credit Unions
  55. Building a Website with the User in Mind
  56. The Planning Process - Improved
  57. Do you need a new compensation strategy for multigenerational staff?
  58. Prepare for integration
  59. What others are doing
  60. Do You Know Why Payday Loans Are Used so Much?
  61. The Role of HR and Hiring Managers in the Candidate Experience
  62. Why HR Should Take Advantage of Employee Self Service
  63. Continuous Performance Management is Disrupting HR
  64. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  65. 7 Tax Changes Your Members Need to Know About
  66. Content Marketing: Well Worth the Effort
  67. Anticipating Change with a Succession Plan
  68. People Analytics: Bringing HR and Data Together
  69. 3 Succession Plans Your Credit Union Needs
  70. The Performance Management Conundrum: Structure vs. Creativity
  71. Your Social Media Accounts Deserve Quality Content
  72. Consumer Appetites in Mobile Innovation
  73. The Best Compliance Training with New Topics You Will Need
  74. The Win-Win Results of Prize-Linked Savings for Credit Unions and Members
  75. 3 Website Design Trends for 2019
  76. Content, Tools, and Channels to Capture Consumer Attention
  77. Shifts and Trends to Know About in E-Learning
  78. 5 Guideposts to Measure Your Brand Promise Against
  79. The Website Audit Your Credit Union Needs
  80. The Importance of Creating Quality Content
  81. Prioritizing the Credit Union Employee Experience
  82. What Credit Unions Should Do with Ambiguous ADA Standards
  83. Are You Missing Out on the Power of Video?
  84. Is Your Executive Compensation Still Appealing?
  85. Why You Should Invest in an Applicant Tracking System
  86. Empowering Employees and HR with the Latest Technology
  87. Making Sure You Have the Right Leaders in the Right Seats
  88. How to Identify What You Want in an ESS
  89. Build Up Membership Through Supportive Savings Programs
  90. 4 Steps to Increased Social Media ROI
  91. Selling Payments and Wealth Management Services
  92. Serving the Underbanked and Millennials
  93. The Credit Union Advantage for the Digital Customer
  94. Optimizing Websites for Voice: What You Need to Know
  95. Wanted: Apps for Clarification and Simplification
  96. A Simple Way to Unify Your Marketing Efforts
  97. Don't Undervalue Your Brand Promise
  98. Are Your Landing Pages up to Snuff?
  99. Is Your CMS the Right Fit?
  100. The Dream Team for Successful Online Customer Interactions
  101. Caution: Customers Don't Always Ask for What They Want
  102. Credit Unions Can Compete with Shadow Banks
  103. How Credit Unions Can Formalize the Branding Process
  104. What the C-Suite Wants out of Social Media
  105. Keeping Up with Digital Lending Convenience
  106. 3 Brand Promises Credit Unions Can Learn From
  107. How Credit Unions Can Embrace Storytelling in Marketing
  108. Protect Your Credit Union with a Website Accessibility Response Plan
  109. Don't Underestimate the Power of Financial Education
  110. How to Generate Content with Fewer Resources
  111. Underestimate the Onboarding Process at Your Peril
  112. 3 Factors Impacting Credit Union Compensation Plans
  113. Leveraging Social Media for Member Engagement
  114. If Your Site Isn't Mobile Optimized, You're Losing Out
  115. Finding the Best Platform for HR Technology

Related Trends

  1. Conversational Commerce and the Rise of the Chatbot
  2. Identify how chatbots will help you
  3. Prepare for integration
  4. Remaining a Player in the New Home-Buying Experience
  5. Predict the Future of Mortgage Lending with Analytics
  6. Is Your Credit Union Supported by the Four Pillars of Digital Banking?
  7. Omnichannel Delivery: Banking Based On Members
  8. The Quickest Way to Find the Right (and Safest) CMS
  9. A Content Management System Will Make Your Life Easier
  10. Credit Unions Could Replace Predatory Lenders
  11. 5 Things Credit Unions Can Learn from Cyber Attacks
  12. Do You Know Why Payday Loans Are Used so Much?
  13. What Borrowers Wished Credit Unions Knew
  14. Serving the Underbanked and Millennials
  15. Should You Still Be Concerned about ADA Website Compliance?
  16. Don't Get Snagged on ADA Compliance Requirements
  17. Consumer Appetites in Mobile Innovation
  18. The Quest for a One-Stop Shop Financial App
  19. Wanted: Apps for Clarification and Simplification
  20. What Credit Unions Should Do with Ambiguous ADA Standards
  21. What Is a DDoS Attack and Why Should Credit Unions Be Concerned?
  22. Building a Website with the User in Mind
  23. 3 Ways Credit Unions Can Prepare for a Cyber Extortion
  24. 3 Website Design Trends for 2019
  25. The Credit Union Advantage for the Digital Customer
  26. Optimizing Websites for Voice: What You Need to Know
  27. Is Your CMS the Right Fit?
  28. 2 Big FinTech Goals for Credit Unions
  29. Caution: Customers Don't Always Ask for What They Want
  30. The Website Audit Your Credit Union Needs
  31. Keeping Up with Digital Lending Convenience
  32. Protect Your Credit Union with a Website Accessibility Response Plan
  33. Credit Unions Can Compete with Shadow Banks
  34. Popular DDoS Mitigation Methods in 2019

Industry insights
to your inbox!

Subscribe