Time for Mobility in the Financial Service Sector

Figures released in the US this week revealed that 8.5% of consumers expect to use mobiles as their preferred channel to open a financial service account in the coming year. And given the rapid and ever expanding demand for mobile this is hardly surprising to the team here at Jumio.

However it may come as more of a surprise to the financial services sector that has faced greater challenges than others in evolving to meet customer demands and purchase habits resulting from the rise of the internet. It is only fair here to point out that this can be attributed to the strict regulation, risk assessment and ID verification processes the sector is legally required to carry out but with the advent of new technology this is becoming less and less of a valid reason by the week.

It is an inconvenient truth for the financial service providers that its struggles in adapting to the digital age has had a negative impact on consumer experiences of account opening – and cost them custom, revenue and profit. And that isn’t a sweeping statement. Research shows that 66% of smartphone and tablet users that had attempted a financial service purchase on a mobile device then abandoned it, with 47% saying that they did so because the check-out took too long and 41% because it is was too difficult to use the check-out facility on the device.

These make for worrying reading for the financial sector and it cannot afford to ignore the facts for much longer. Mobile isn’t going away – it is only going to grow – and if the sector is to avoid further losses it must optimise, streamline and utilise new technologies to cater to the mobile platform sooner rather than later!

About Jumio Corp

Jumio delivers the next-generation in identity verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience.