Reinventing Mobile Banking to Meet the Needs of a Changing World

Mobile banking is evolving to meet the changing needs of users. According to a recent survey, 75% of mobile banking users prefer to use mobile apps for their banking needs.

The rise of mobile-first banking has led to a significant increase in online transactions. In 2020, mobile banking transactions accounted for 40% of all banking transactions.

To stay ahead of the competition, banks are investing in digital transformation. By 2025, it's estimated that 90% of banks will have implemented digital-only channels.

This shift towards mobile banking has also led to a decrease in branch visits. In the past year, branch visits have decreased by 30% among mobile banking users.

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Reinventing mobile banking has led to some amazing benefits and outcomes. Faster data pipelines have been achieved through automation, reducing complex analytics from 6 hours to a mere 6 seconds.

This significant improvement has empowered mobile banking providers to deploy predictive models, feeding various use cases and delivering richer business insights. A unified data analytics platform has centralized all aspects of their analytics process.

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The switch from 14 databases to a single Delta Lake has streamlined operations, making it easier to manage data. This change has resulted in a 4.5x improvement in engagement levels with mobile banking apps.

Here are some key statistics that illustrate the impact of reinventing mobile banking:

One notable example is the PayMe app, which has become the #1 app in Hong Kong, holding a 60% market share. This achievement is a testament to the power of reinventing mobile banking.

Mobile banking has been around for decades, but its evolution has been slow, with many traditional banks struggling to adapt to changing consumer behavior.

The current mobile banking landscape is characterized by a lack of innovation, with most banks offering similar services that don't meet the evolving needs of their customers.

The COVID-19 pandemic accelerated the shift to digital banking, with many consumers turning to mobile banking apps for their financial needs.

BBVA achieved remarkable growth in digital sales, with a 100% increase over the last four years. This significant boost is a testament to the bank's forward-thinking approach to innovation.

The bank's focus on cloud, data, and AI investments has led to a staggering 117% growth in new customers in the last five years. This is a remarkable achievement, especially considering the bank's long history dating back to 1857.

BBVA's digital transformation has also resulted in a significant increase in new customers acquired through digital channels, with 65% of new customers coming from these channels. This shift towards digital is a clear indication of the bank's commitment to meeting the changing needs of its customers.

The bank's client onboarding process is now incredibly efficient, taking just minutes to complete. This is a far cry from the few days it would take at most other banks, and is a direct result of the bank's use of AI-based facial recognition and text analytics to verify account applicants.

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The client in question is one of the largest international banks, working to revolutionize digital payments across mobile devices. They have a massive customer base, with over 39 million customers.

Their goal is to make cashless transactions between consumers and their networks instantly and securely, which they achieved with the development of PayMe, a social app.

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The organization's customer base is growing rapidly, with over 39 million customers in need of better service through data and analytics.

Their mobile payments app, PayMe, has become the #1 app in Hong Kong with 1.8+ million users, but they're struggling to keep up with the demand.

Legacy systems are causing slow data pipelines, resulting in old data that's weeks old by the time it reaches the data science team.

Data scientists are working in silos, limiting their ability to explore raw data and train models at scale.

Manual data exporting and masking are time-consuming and don't adhere to strict data quality and protection rules.

Data analysts are struggling to leverage data due to the lack of access to subsets of structured data for business intelligence and reporting.

Here are some of the key challenges they're facing:

To gain a deeper understanding of customers, banks need to invest in their digital core, harnessing the power of cloud, data, and AI to develop new capabilities and insights.

Having a holistic view of customers is crucial, and banks can achieve this by using bank-wide data, predictive analytics, and business intelligence to deliver a view of current and lifetime profitability, and likely behavior.

BBVA's use of Amazon Web Services to create a global data platform provides a unified view of data and access to more efficient data processing, analysis, and insights.

By combining first-party data with new data sources, banks can deliver a step-by-step view of the customer journey, helping them prioritize sales initiatives and cross-sell to existing customers.

BBVA's new digital sales model incorporates strategy and planning, paid media, search engine optimization, marketing automation, analytics, and content production to reach individuals in hyper-personalized ways.

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Mobile banking has come a long way, and with Pathward, N.A. and Republic Bank & Trust Company, Members FDIC, you can access a full-featured mobile banking experience.

Having banking services provided by these reputable institutions gives you peace of mind, knowing your money is safe and secure.

Mobile banking apps often offer a range of features, including account management, transaction history, and mobile deposit capabilities.

I've personally used mobile banking apps to deposit checks remotely, and it's been a game-changer for me, saving time and effort.

Digital banking is all about convenience and flexibility, allowing you to manage your finances on your own terms.