But, as digital banking becomes commonplace, consumers are factoring digital experiences more heavily when weighing who they do their banking with, says Williamson. In 2015, nearly 37% of consumers said the primary way they accessed their accounts was through online banking, while just under 10% said mobile banking was the primary way, as reported in a 2019 survey from the FDIC.

Only 21% of survey respondents said they didnt use their banks app.

Banks and credit unions have worked hard to improve this features experience, and the experience of other features, over the years. The banks have been investing in these platforms for a long time, so they were generally well poised to take advantage of the accelerated shift to digital that came in 2020, says Amit Aggarwal, managing director, digital solutions at market research company J.D. Fortunately, banks were able to adapt quickly to the demand for digital banking services.

This is something to keep in mind when shopping for a bank with a great digital banking experience. If youre like many consumers, you most value using your banks mobile app to check off typical banking to-dos that you may have traditionally reserved for banking at a branch, ATM or by phone. Merely having the capability to use these features increases satisfaction. The survey asked respondents to select their top three most valuable mobile banking features within the last year.

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Consumers are finding the same value in digital banking that they found before the pandemic, says Andrew Hovet, a director at financial services company Novantas. This compensation comes from two main sources. An easier-to-use mobile app and digital ID verification are among the digital experiences that would most likely get customers to switch banks. Check deposit has been around for over a decade, but the user experience has improved dramaticallyits just much easier to operate now, says Aggarwal. Only 5% of respondents in the 18 to the 34 age group said they dont use the app. Often now, its a banks mobile app that wins out in the user experience department.

We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities.

Y2P(K@'UnZtX\aqs@F'Spegfc&0[h~&^"^ . Power. 9?cASfR/- I?PNp^T:9+ -gDl[bRKRS Mhg9| |(z^:]_v 'kV.K0"D 4iKhVY|(1 DN+ Whether or not you switch banks for digital tools depends on your needs as a consumer. All Rights Reserved. Capital One Venture X Vs. Chase Sapphire Reserve, Pet Insurance For Pre-Existing Conditions, Private Wealth Manager Vs. Financial Advisor, How To Remove Collections From Your Credit Report, How Much Does A Home Warranty Cost In 2022, Digital Banking As The New Normal In 2022: What To Expect From Banks, Best Online Banks For Digital Banking 2022, Best Savings Accounts For Automated Saving, Best Savings Accounts For Digital Banking, Best Savings Accounts For Customer Experience, Fintech Trends Likely To Stick Around After The Pandemic, How To Protect Your Online Banking Information, Fintech Tools To Help You Master Money Mindfulness.

First, look for the essentialsthe core features that meet your everyday banking needs and help you manage your finances.

The other category contains features of conveniencetools that may be helpful yet you may not use as often, like peer-to-peer payment, finding nearby ATMs and budgeting and tracking tools. Make sure youre getting what you need out of your banks mobile and online experience, whether thats mobile check deposit or peer-to-peer payments.

If youre considering switching banks for a better digital experience, pay close attention to the reviews you find related to a banks digital tools, says Williamson.

The move to mobile banking (via smartphone app) and online banking (via a banks website) was well underway before the Covid-19 pandemic. Its like buying a Jeep when you live in the suburbs and you dont off-road, but you know that if you get 10 inches of snow in a day, you can still go wherever you want, says Aggarwal. Digital wallets, easier-to-use web portals and integration with voice assistants also made the list. For males, 36% said bill pay had been the most valuable feature, while 33% said mobile check deposit.

And the trend toward digital banking is likely to outlive the pandemic. These days, mobile banking apps make this process quick and easy. In a November 2020 Mobiquity survey, approximately 90% of respondents said theyll continue to use digital technology to make life easier once the pandemic has resolved. More than a third of respondents (35%) rated mobile check deposit (the ability to deposit a check via mobile app) as one of their top three most valuable features over the last year.

To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site.

Overall, the most valuable feature during the past year for female respondents has been viewing statements and account balances, with 39% rating it as their top pick.

During the past 12 months, many Americans turned to the convenience of mobile banking. Aggarwal says that while leading-edge digital banking featureshe cites features like financial advice, financial management and alertsmay be used less overall, the people who use them tend to be much more satisfied with the experience.

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Still, stay-at-home orders and bank branch closures certainly encouraged their use. Before joining Forbes Advisor, Mitch worked for several sites, including Bankrate, Investopedia, Interest, PrimeRates and FlexJobs. Generally, you snap a photo of the front and back of the check within the app to make a deposit. Until recently, like many people, you may have chosen online banking over mobile. While its not common for people to switch bank accountsonly around a tenth of current customers switched banks for a checking or savings account within the last year40% of respondents in Mobiquitys survey agreed that they are likely to switch accounts to get better digital tools and 37% agreed that they are more likely to switch than they were in the past. Data/Automation Editor for Forbes Advisor.

Across all age groups, there are some slight differences between the features that females and males value most. Fewer survey respondents listed features of convenience as being among their most valuable within the last year. A 2020 J.D.

The Forbes Advisor editorial team is independent and objective. These include peer-to-peer payment (11% of respondents), finding nearby ATMs (8%), cardless ATM withdrawal (6%) and budgeting and tracking tools (5%).

You can think of mobile banking features as being in two categories: One category includes essential featuresthis is the set of things you do often, like checking balances, paying bills and depositing checks. Its now nearly a point and capture experience, he says.

Other mobile app features that users have valued most within the last year include the ability to view statements and account balances (33%), transfer funds (31%) and pay bills (28%). Are you sure you want to rest your choices? In 2019, according to that same survey, 34% of consumers said that mobile banking was the primary way they accessed their bank account, beating out online banking (22.8%), bank tellers (21%), ATMs (19.5%) and telephone banking (2.4%). Remember to vet both the banks website and mobile app for the features you want most.

Perhaps unsurprisingly, essential mobile banking features are the most valuable, according to the Ipsos-Forbes Advisor data. Your banks current mobile app and website may be enough.

In the 35 to 54 age group, 19% said they dont use their banks mobile app.

He says a website may still have more functionality because its a lot easier to fit new things into that large real estate. Mobile check deposit was a close second (38%).

You can find ratings and reviews for bank and credit union mobile apps on the App Store and Google Play. The 55 and older age group used their banks mobile app the least: 41% said they dont use it. Mobile banking and online banking combined make up the digital banking landscape, but theres a difference in mobile and online banking experience. You can give me all sorts of financial tools, but what I really need to know is when my balance is low or when theres a large purchase made, because that gives me control over my financial life, says Aggarwal.

The banks have very clearly put far more effort into their mobile apps than they have into their websites over the last five years, says Aggarwal. Here we look at some of the most and least valuable mobile banking features over the past year, the groups using those features and how digital banking as a wholeboth mobile and onlineinfluences how we bank in 2022.

We'd love to hear from you, please enter your comments. You might be using an unsupported or outdated browser. It may not come as a surprise that younger generations reported using their primary banks mobile app the most. Performance information may have changed since the time of publication. This doesnt imply that these features arent being used or that they arent useful. If using a mobile app is now one of the ways you bank, youre in very good company.

Mi8KZXH1^e0 d% 2022 Forbes Media LLC. Survey methodology: Ipsos surveyed 951 respondents aged 18 to 74 online on Feb. 9 and 10, 2021, providing the results exclusively to Forbes Advisor. One example: Theres typically no way to deposit a check on a website, but you can do it quickly with your app. Digital identification verification allows you to complete tasks, like opening an account, without physically going to a bank location.

Roughly three in four Americans (76%) have used their primary banks mobile app within the last year for everyday banking tasks like depositing checks or viewing statements and account balances, according to the Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey.

Since then, the number of people choosing online banking over mobile has steadily declined.

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To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. While some additional customers found that value when forced to evaluate different ways to interact with their bank, a majority of consumers were already using digital tools at some frequency, he says.

Thats in large part because the capture feature is more reliable.

According to Mobiquitys 2021 digital banking report, more than a quarter of those aged 55 and older and nearly a fifth under the age of 55 listed a better in-person experience as one of the top three things that would cause them to switch banks.

Then, move on to the nonessential yet convenient features. But, The mobile app gives you native functionality thats not available on a website, he says. Information provided on Forbes Advisor is for educational purposes only.

Power study found that digital banking satisfaction is considerably higher among customers who have their bank account linked to peer-to-peer payment apps (like Zelle, Apple Pay, PayPal and Venmo). Commissions do not affect our editors' opinions or evaluations.

But mobile check deposit hasnt always been as intuitive. And, like many others, you may still find value in the in-person banking experience. Mitch has more than a decade of experience as personal finance editor, writer and content strategist. Think about how much effort it used to take to position the camera, hit the shutter and then maybe have to redo because the app couldnt read the account or routing numbers, notes Aggarwal. Here are some of the most and least valuable mobile app banking features, according to respondents in the Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey. Editorial Note: We earn a commission from partner links on Forbes Advisor. Although, without question, the pandemic accelerated the adoption of digital banking across all segments of customers, the foundation had already been set, and the journey had begun in various guises, says Matthew Williamson, global vice president, financial services, for digital consultancy Mobiquity.