11Onze App Test: mobile banking is evolving
With the start of the 11Onze app tests, which will open the doors to the bank’s first financial services, we take the opportunity to review the progress of mobile banking in recent years.
Last week, 11Onze began testing its application, which will offer state-of-the-art banking services in our country. The first users who have the privilege of testing it have been chosen from among the active members of La Plaça and you can still apply to participate by sending an email to [email protected]
11Onze will offer its financial services in line with the growing demand for mobile banking applications by customers, which are increasingly used to the detriment of traditional, face-to-face operations. The evolution of mobile banking confirms that applications are increasingly becoming the preferred option.
New technology with a global reach
Today, 35% of banking customers worldwide use mobile applications to conduct their daily banking business. Countries as diverse as Poland, South Africa, New Zealand, South Korea, Sweden, and Thailand have more than 50% of mobile banking users, which speaks to the global reach of mobile banking. Major markets such as the United States already have 57 million customers using it.
Mobile banking has been around longer than we remember, starting to develop in the United Kingdom. In Spain, it did so in 1983, although the first telephone systems did not arrive until a decade later, in 1995. Today, it is used by 44% of Spanish customers on a regular basis, ranking 21st in the world.
User satisfaction endorses mobile banking
Until now, banks had made a commitment to provide a combined service in several channels, but there is an increase in customer satisfaction when they have good digital banking services. In this sense, they increasingly value having a good mobile application: agile, intuitive, and secure. This usefulness, appreciated by the user of the mobile application, is reflected in how it remains a stable tool on our device, keeping it 6% longer than any other application in any other sector.
Mobile banking applications have received a logical boost from the younger generations, who are more familiar with new technologies and less wary of using them. The so-called millennials are ahead of any other age group in making the switch from online banking to mobile banking, due to the convenience it represents for them. This young profile is increasing the number of customers with accounts in fintech companies by almost 20% a month.
More operations at a lower cost
The ease of working with 24-hour availability, lower fees and costs, no physical paper documentation, and simplified procedures are the attractions that customers value most when choosing mobile banking. The most frequent uses are also simple: payments, transaction enquiries, and transfers.
However, innovation goes hand in hand with the evolution of these apps. From systems to guarantee the user’s security, to tools that facilitate savings or provide balance sheets and advice on earnings and expenses for a given period, as well as comprehensive management of subscriptions. Customer demands are expanding to include all possible services within the applications, such as, for example, the request and formalisation of credit. A demand acknowledged by the entities which, in turn, are increasingly opening up the range of functionalities.
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