How mobile technology is transforming the financial sector

A decade after Apple’s famous “There’s an app for that” campaign debuted, it can be said literally that the world runs on smartphone apps. Apps help us navigate traffic (Waze), order dinner delivery to our front door (DoorDash), get a ride in the blink of an eye (Lyft) and even manage our vacations (Orbitz). With smartphone apps so prevalent in our society, it’s natural that mobile technology is changing the financial sector.

How mobile technology is changing the financial sector

If you don’t think so, consider this: a 2018 study found that of all adults in the United States who have a smartphone, 63% have at least one financial app. Gen X users tend to have two financial apps and millennials have on average more than three. Also, a Business Insider mobile technology study found that a large majority (89%) of Gen X users regularly use banking apps, and nearly all millennials surveyed (97%) use them as well.

And why wouldn’t they? Transferring money between accounts (especially external accounts), conducting transactions with your voice and depositing checks by simply taking a picture are powerful conveniences that draw new customers of all ages. Perhaps the most sought-after feature of mobile technology involves peer-to-peer (P2P) transactions. Real-time P2P transactions allow consumers and small businesses to send and receive payments without being subject to traditional processing times.

Instead of waiting days for a transaction to be completed, P2P functions allow consumers to send money instantly with a simple touch of a button. Imagine paying a valet at your favorite restaurant or buying lunch at a food truck without reaching for your wallet. A growing number of consumers are using mobile technology to save time in all facets of their lives, and banking is no different. You can bet your account holders are represented in this key group, already saving an average of 45 minutes per month.

Mobile technology also brings consumers closer to financial literacy apps that help them manage their money. With financial information at their fingertips, consumers are better positioned to use tools that enable them to spend smarter. At the same time, security protocols have become more sophisticated yet increasingly user friendly. As account holders trust that mobile apps will keep their money safe from hackers, they are more likely to use them to make responsible financial choices.

The benefits of mobile technology to the financial sector were unavailable as little as five years ago. These advances signal to banking leaders that success in mobile technology is essential to a financial institution’s growth strategy.

For community banks and credit unions, committed fintech partnerships are the key to leveraging mobile technology to achieve their goals of increasing the number of products purchased per account holder and strengthening overall account-holder engagement.

This is where Larky comes in.

The benefits of working with Larky

Larky partners with developers of mobile banking apps. The team built a compelling geo-targeted mobile engagement platform that helps community banks and credit unions connect with targeted audiences at the right place and time. Larky’s years of experience, encompassing thousands of conversations with clients, prospects and industry thought leaders, have deeply influenced its product offerings. The leaders of financial institutions should be particularly excited about how its new SaaS platform nudge® enables financial industry marketers to quickly set up geo-targeted advertising campaigns aimed toward select account holders to deliver quick and easy follow-up on new leads to their marketing teams.

Mobile technology is everywhere, which means you can reach your account holders at the places that matter to them. However, community banks and credit unions may not have the bandwidth or resources to handle large-scale marketing campaigns akin to those of the big banks. Larky’s knowledgeable approach is a welcome marketing solution in a noisy marketplace.

Get to know more about Larky

The future of mobile technology in the financial sector is bright. To be a part of it, experience the benefits of working with a nimble, knowledgeable team committed to building the next generation of engagement and geo-location advertising software for the financial industry. When considering a partner in mobile technology, the choice is Larky.