Financial technology need to meet consumers’ ‘digital needs’, says IT vendor

4 November 2011

Banks need to use mobile and online technologies to meet the ‘digital needs’ of consumers, an IT vendor has said.

A study by Intuit revealed that consumers tend to interact with their banks an average of 45 per cent more often when using a combination of mobile and online solutions than when just using online alone.

Consumers who bank with both online and mobile tend to hold an average of nine per cent more funds in their accounts than those who do not, the survey showed.

CeCe Morken, president and general manager of Intuit Financial Services, said that the survey shows that technology solutions financial institutions offer and the experience they provide need to be defined by the consumer.

“Whether it is online, mobile or most likely both, financial institutions must provide the right technologies if they are to truly engage their customers. Our data shows improving engagement can naturally increase retention and cross-sell opportunities, and that's increasingly important as financial institutions adjust to the current regulatory environment.”

Further findings from the report revealed that almost one in four US residents currently uses their mobile device to bank.

The study found that an additional 17 per cent are expecting to try this technology in 2012.

By Jim Ottewill

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