5 data showing the best investment for financial institutions for 2017

FinTech industry worldwide has advanced rapidly in 2016. This presents a challenge for established financial institutions, it forces them to update and adapt to the increasingly demanding customers.

The Fintech companies found a need in society, which demanded a great innovation from the financial area. Recent studies have shown that over a third of people would leave their bank, if it does not offer the latest technology available.

That is why, investing in technology is something that can not be delayed in this sector, as it will cost dearly later. Within this investment required, is important to consider mobile devices; they are an essential part of our lives, because they are no longer just an accessory, and turned into the main device through which we learn, communicate and more.

To understand a little more about the importance of smartphones and how to use them for financial institutions, see the following statistics:

• People spend more time on their mobile devices (51%) than on their computers (42%) KPCB, 2015 Internet Trends.
• Users of mobile devices have greater loyalty to apps and spend 18 more time on these than mobile websites. ComScore
• 87% of Millennials (people between 18 and 34 years old) said they never separated from their mobile devices. KPCB Internet Trends 2015
• Users make purchases 3 times more through apps than mobile websites. InternetRetailer
• Is expected an increase of 50% in mobile wallets users by 2020 American Banker

As seen in these studies, mobile devices are central to people’s lives. For those financial institutions that must update to catch up with the new scenario, developing a mobile app is a recommended way to do it.

An app can be a great way to communicate effectively with customers and sell them new products. There are apps that are only communicative and others that are also transactional.

Being present in the pockets of consumers most of the time (we think that while sleeping they leave the smartphone on the light table), an app saves in institutional communication. Adding new information to an app does not imply any costs, but to send bulk mails has their associated costs or other offline methods, like email correspondence and phone calls, are markedly higher.