Our mobile phones can do almost anything-  From ordering your favorite meals on Seamless to depositing your checks in an online mobile app, E-Commerce is a force to be reckoned with, as it continues to disrupt nearly every industry, including banking.

When was the last time you stepped inside an actual brick-and-mortar bank location to deposit a check?  If you’re a millennial, you probably have no idea what the inside of a bank looks like.  Why is that?

Most millennials are “digital natives” and have grown up alongside the evolution of technology where depositing checks on a mobile app seems more natural than going to an actual bank.

E-Commerce enhances the customer experience by really focusing on the needs of their customers.  For the past several years, banks have toyed with this idea by either combining the app with their bank locations or by being solely online (or on an app).

While some have reached success, others have aggravated customers even further due to the lack of customer service.  It is not enough to build an app, one must be attentive to customers of all age groups– this is important!

From a banking perspective, building an app or online webpage destroys the bank’s branch experience.  Although many people are going online for their banking needs, there are still more people who avoid it at all costs due to security concerns.

It is a good idea to combine technology to enhance branch locations.  It is not a good idea to eliminate branches all together in order to be replaced by automated systems.  (I’ve seen this firsthand & it has turned away more customers than bringing new ones in)

Research indicates more than 50% of all age groups using the app or online banking are concerned with security & fraud, which are top concerns for banks.  Banks need to ensure their technology/systems are protected and up-to-date, so that customers like us can have confidence that our financial data and information are protected.

How do you prefer to bank? Through an app, online website, or by visiting a branch? Would love to hear your thoughts below!

Cover Photo & Article Source: https://www.bankrate.com/banking/mobile-banking-app-security-should-you-be-worried/