US Online/Mobile Banking Trends

Goals

To understand the current key trends and competitors in the US online/mobile banking space in order to facilitate a research deck.

Early Findings

  • Open banking will enable banks to keep unbundling their services, with new entrants in the space looking to dominate a lucrative niche with the help of digital solutions.
  • The focus on mobile banking will increase as banks continue to invest in ways that will make mobile banking even easier for customers. Services such as text-to-save and mobile pay are expected to be more widespread.
  • Adoption of the latest digital solutions such as machine learning, robotic process automation, and AI is a huge priority for online banks to remain competitive and efficient. However, adopting these technologies are not always straight-forward as existing systems may be incompatible or too archaic, posing security risks.
  • Traditional banks such as Goldman Sachs, Standard Chartered are now launching their own digital-only banks and the trend is expected to continue as more banks get in on the act.
  • Traditional banks are also looking to increase their mobile and digital banking offerings by strengthening their Fintech solutions in areas where new Fintech entrants and digital-only banks are gaining ground. This also suggests that digital-only banks and other Fintech companies offering traditional banking services will face stiffer competition from well-resourced banks.
  • The environment for merger and acquisition is currently favorable and traditional banks are likely to be looking at popular digital solutions they can either acquire or partner with to boost their online banking offerings and solutions.

Proposed next steps:

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