Cell Phones Replacing ATM Cards

According to L2’s Digital IQ Index Financial Services, written by Elisabeth Rosen, 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, says the study.

A handful of banks now let customers use cell phones instead of ATM cards, says the report, 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.

Financial Services, Mobil Brand Site Investments (70 Brands)

  • 6% Brand.Com/Mobilt
  • 6%
  • 85% Responsive design

The brands launching the cell phone option already boast impressive digital savvy, according to the L2 report. 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, says the report. Bank of America, the top brand in the ranking, plans to launch the option on all its ATMs by the end of the year, as does Wells Fargo.

However, customer service options are hidden away in menus by many banks, 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, concludes the study.

Features and Functionality of Installations (% of Respondents)

  • Space efficient menus… 84%
  • Click to call… 79%
  • iOs App promotion… 29%
  • 1-800 number on first page… 23%
  • Branch locator geolocates… 16%
  • Branch locator on first frame…13%

Source: L2 Inc. Digital IQ index, Financial Services Nov 2016

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