With the convenience of online and mobile banking, more customers are utilizing these services, while banks are responding by reducing the number of physical branches.
The study found that 63 percent of U.S. adults who have a bank account indicate they stay with their current bank because of convenience.
Correspondingly, 1 in 3 of those who use mobile banking see their mobile banking experience as a reason why they stay with their banks.
“Customer loyalty is a primary concern for banks,” says Yodlee Interactive Chief Strategy & Development Officer Joseph Polverari. “Our findings suggest a corollary between one of banks’ biggest priorities – customer loyalty – and consumers’ usage patterns for mobile banking. With the anticipated growth of mobile banking in the next four years, banks that want to boost customer loyalty should strongly consider developing apps that increase the convenience of consumer banking.”
To learn more, check out the following infographic which was produced from the data compiled in this new report.