The Future of Mobile Banking: Enhancements in Predictive Assistants and Cross-Selling Strategies

Introduction

Recent findings from the Keynova Group reveal compelling insights into the state of mobile banking. While predictive virtual assistant capabilities still lag, the increased emphasis on omnichannel account opening and cross-selling through apps is making waves in the financial services sector. This article unpacks those insights and discusses the implications for banks and customers alike.

Key Insights from the Mobile Banker Scorecard

In its semi-annual Mobile Banker Scorecard for Q1 2025, Keynova Group evaluated various banks, concluding that U.S. Bank emerged as the overall champion, excelling in both mobile app and web performance. However, a significant finding was the limited advancement in predictive virtual assistant capabilities, prompting questions about how banks can better utilize technology to enhance customer service.

Proactive and Predictive Assistants: Room for Improvement

With only 35% of banks currently offering eBill reminders, and a mere 12% providing proactive alerts for low balances, it is evident that there is ample room for enhancement. Virtual assistants should evolve to provide real-time insights and alerts that anticipate customer needs. Notably, 53% of banks are gradually adopting real-time notifications for negative balances, indicating a shift towards more proactive banking services.

Despite these advancements, no banks were found to notify customers of pending credit limits with the virtual assistant’s assistance. This gap highlights the significant opportunities remaining for banks to enrich the customer experience.

Omnichannel Account Opening: Expanding Access for New Customers

As more customers engage through mobile devices, the need for seamless account opening options has never been more critical. Keynova's findings show that while all scorecard banks allow opening checking accounts via mobile web, only 35% support account creation through unauthenticated apps. This trend hints at a growing expectation among customers to initiate account openings from any device without barrier.

Moreover, only 18% of apps provide a customer service contact for applicants to seek assistance, versus 65% for mobile web experiences. In contrast, 76% of banks enable customers to start their application on mobile web and finish elsewhere, showcasing a promising development in omnichannel functionality.

Advancing Cross-Selling Opportunities in Mobile Apps

The potential for banks to leverage their mobile apps for cross-selling has seen a noticeable evolution. With 29% of banks showcasing mortgage rates and 41% enabling credit card applications for existing customers through their apps, it suggests banks are increasingly focusing on integrating tailored product offers within the mobile experience.

Nevertheless, there is still a disconnect; only 18% of banks initiate funding options at the start of account openings, risking application abandonment. A more streamlined approach could enhance the customer journey significantly and uplift conversion rates for new accounts.

Conclusion

As the mobile banking landscape continues to evolve, it presents an exciting array of opportunities for financial institutions willing to harness technology innovatively. The advancements in predictive capabilities and cross-selling through mobile apps are just the beginning. Banks that prioritize customer experience, ease of access, and proactive support will likely lead the charge in this competitive sector. Staying ahead of the curve will require vigilance and an unwavering commitment to customer-centric innovation.

For further exploration of the findings and methodologies of Keynova's Mobile Banker Scorecard, interested parties can visit Keynova Group.