A handful of banks now let customers use cell phones instead of ATM cards, making clear that the next frontier in financial services is digital. But as some banks pioneer new technologies, others continue to lag on more basic mobile features.
The brands launching the cell phone option already boast impressive digital savvy, according to L2’s Digital IQ Index®: Financial Services. Gifted brand JPMorgan Chase, which boasts the most ATMs in the U.S. with 18,000 machines, has already rolled out the technology on several hundred of them. Bank of America, the top brand in the ranking and the only one to achieve a rank of Genius, plans to launch the option on all its ATMs by the end of the year, as does Gifted brand Wells Fargo.
Time spent on mobile has increased 62% in the last three years, and mobile users now expect certain features to be available at their fingertips. However, most Financial Services brands have taken a reactive approach and lag in most of these features, according to L2’s study. For example, customer service options are hidden away in menus, and lead-generating tools such as Find An Advisor or Request a Quote can’t be found throughout the mobile site. As digital becomes an integral element of banking, brands that fail to catch up on mobile will be out of the loop.