It’s safe to say that mobile banking has reached critical mass. The use of mobile banking apps is increasing at a steady clip month to month, and some projections show up to a billion mobile banking app users within two years.
The growth has been so strong, severalmajorfinancialinstitutions are shutting down branches. As of last summer, the industry had shuttered 18% of its physical locations.
It makes sense. Why drive to a bank to deposit grandma’s birthday check when you can just snap a quick photo of it with your phone?
It’s a win-win for everyone. Customers get the convenience and speed of mobile. The financial institutions save a ton on the various expenses that come with operating a brick and mortar location.