Three mobile banking account management features that put customers in the driver's seat

Account management tools are a basic but essential building block of a strong mobile banking experience, as they give users control and peace of mind when using banking apps.

Robust in-app account management functionality is essential.Insider Intelligence

  • With a vast majority of respondents to Insider Intelligence's US Mobile Banking Competitive Edge survey indicating mobile as their primary banking channel, robust in-app account management functionality is essential.
  • Here are three critical features banks should offer.
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That's especially important given widespread reliance on mobile channels: 79.5% of mobile banking users overall and a whopping 92.8% of neobank account holders surveyed in Insider Intelligence's US Mobile Banking Competitive Edge survey said that mobile is the primary way they access their bank account. Incumbents and neobanks thus need to meet customers where they are, and provide a full range of account management features in-app.

Here are the three most in-demand account management features among US respondents that banks can offer to boost convenience and functionality in their mobile apps.

  • Allowing customers to activate a new credit or debit card via mobile boosts convenience by sparing them a visit to the website or a call to customer service. Activating a new card is the final stage of customer onboarding—and enabling new customers to do so in-app removes friction and makes for a more positive first impression of the bank. Forty-one percent of respondents call the feature "extremely valuable," making it the most in-demand capability in the Account Management category. And all four of the largest US neobanks by users offer it, versus only 64% of the top 25 US incumbent financial institutions (FIs) by assets.
  • Offering the option of a temporary virtual card that can be used immediately enables instant spending. New customers can begin spending with their account as soon as they sign up, instead of having to wait for a physical card in the mail. And for existing customers with a lost or stolen card, a virtual card ensures service continuity. At a time when postal services in the US are overwhelmed, these benefits are magnified. The feature is the second-most in-demand of the category, considered "extremely valuable" by nearly 36% of respondents. Varo is the only leading neobank to not offer the feature—but challengers still have an edge over incumbents, as only 28% of surveyed FIs offer it.
  • The option to change an online banking password in-app gives customers greater control of their account's security. Making password preferences more accessible in-app could ease barriers to consumers playing a more active role in securing their accounts. And with the pandemic driving up financial fraud, customers will likely seek out features that give them peace of mind now more than ever. Thirty-five percent of respondents call it "extremely valuable." Varo is once again the only neobank not to offer the feature, putting the top four neobanks slightly behind the 80% of FIs that support it.

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