An S&P Global Market Intelligence report indicated while the rate of digital lending growth may begin to slow in the next few years, albeit still growing overall, banks need to emphasize their digital and mobile capabilities more than ever. Specifically, mobile apps have moved from a luxurious perk to an absolute necessity for banks as demanded by their customers.
While some banks have taken after the latest developments in cell phone technology and now offer fingerprint login or even face authentication, the most sought-after app feature in the Midwest is the inclusion of credit score information. Next are the abilities to disable credit or debit cards and to display account balances without having to log in.
More generic preferences include speed, reliability and a quickly-understood user interface.
Developing these apps could pay off for banks in the long run. S&P’s survey results showed 40 percent of Midwestern respondents are already willing to pay $1 per month to use their bank apps, and 20 percent would go so high as $3 per month. Those in the eastern half of the region — Indiana, Illinois, Michigan, Ohio and Wisconsin — were generally more accepting of a fee.