It’s no secret that consumers are more attached to their mobile phones and in turn, have adopted practices that take on the mundane, boring tasks – like banking.
Mobile banking usage has significantly increased within the past few years and even within the past year, with March 2017 having 43.4% of consumers using the service and March 2018 having 46.5% (Roy Morgan Research, 2018). Additionally, Roy Morgan also found that mobile banking also has higher customer satisfaction levels compared to that of a traditional physical branch.
An article from Rate City (2018) attributes the success and popularity of mobile banking to the features that banking applications have, like allowing immediate transfers between users, transferring between accounts, paying bills like your registration or even allowing individuals to budget.
But what does this mean for digital marketing?
It’s reported that among millenials aged 18-37, the average number of financial mobile apps is 3.6 while your average user has approximately 2.5 (Mobile Payments Today, 2018).
Additionally, the below infographic also demonstrates the projected rise in mobile banking users specifically around millennials.
Personally I haven’t seen any mobile applications advertised relating to banking, and rather just know that banks provide these services. The statistics demonstrate that millennials are interested in financial applications and I think this leaves a significant gap for digital marketers to occupy.
By creating campaigns on outlets where millennials frequent like Instagram or Facebook, banking and financial applications could see a surge in download rates and positive reviews.
Who’s to say Instagram advertisements just have to focus on your past shopping history or the most up to date fashion? I say bring on the banking!
Do any of you use banking applications and if so, how did you find out about them? Do you think advertising and marketing the concepts will help inform users who are unsure of it?
Let me know below.
Digital With Dee 
Great post Dee! Was really interesting to read about the popularity of banking apps and how you feel it should evolve over the years. I use the CommBank app however didn’t see this advertised anywhere, I purely wanted to download it so that I could track my spendings and account balance on the go. I feel like majority of banking app downloaders download the app purely because that’s the corporation they bank with – so it’ll be interesting but I’m not sure how marketing could draw in more downloads for those that are not customers.
LikeLiked by 1 person
Hey Sophie! Exactly, most of us have the banking apps because we’ve heard about them from others or are linked with that bank. I think it’s not so much about drawing more downloads from customers who are not aligned with the bank, but rather opening it up and promoting it more to the customers who are not as tech-savvy or use their phone for it’s general features like calling. It may even be interesting to see if banks can come up with applications that appeal to others no matter the bank like budget planning apps? We shall see!
LikeLiked by 1 person