62% of the globe’s adult population has a bank account, while approximately 50% of the globe’s population owns a smartphone.[1] You do the math: It’s time for financial institutions to prioritize mobile banking.

Until now, a number of financial institutions have dismissed (or at least deferred) apps. However, the ubiquity of smartphones have made mobile access not just a perk, but a prerequisite for a business’s success. Financial institutions are faced with two choices: Bury their heads in the sand and lose business to mobile-first entrants or embrace the opportunity that is mobile and proactively build top quality apps. We suggest the latter.

To help pave the way for mobile pioneers in financial institutions, Apteligent conducted a global online survey to learn more about practices, concerns, and thoughts about mobile banking. We’re excited to share the results in our latest white paper, Inside the Vault – the Future of Mobile Banking. In the meantime, here are a few key takeaways:

  • Consumers are eager to embrace mobile, and if financial institutions have an app, they will use it with enthusiasm.
  • Financial institutions that aren’t mobile yet – which accounts for a large percentage of the industry – are cutting themselves off from a key user demographic and revenue potential.
  • To encourage the adoption of mobile banking, financial institutions must qualitatively and quantitatively understand the complete customer experience.
  • For many early mobile adopters usability issues, security concerns, and app latency plague both consumers and app developers.

But don’t take our word for it! In the past two years, Bank of America (the nation’s second largest bank and an Apteligent customer) has significantly cut back its physical footprint, with a 15% reduction in employees and a 10% reduction in branch locations. Instead, they’ve focused on ramping up their digital presence. In 2015, they reported over 18 million active mobile banking users and the biggest annual earnings in nearly a decade.[2] Surely, this success is no coincidence. Read our white paper and find out why mobile is an investment worth making.

[1] The World Bank: Massive Drop in Number of Unbanked, says New Report

[2] Bank of America Newsroom: Bank of America Trends in Consumer Mobility Report