Three of the most in-demand features banks can offer to give users control over their information

  • Security is top of mind when it comes to mobile banking, per Insider Intelligence's US Mobile Banking Competitive Edge Study 2020.
  • Here are the three most in-demand features that banks can offer to give users control over their information.
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As consumers digitize their lives, it's more important than ever for banks to offer robust mobile tools that keep customers in control of their money and financial information.

Insider Intelligence's US Mobile Banking Competitive Edge Report 2020 found that Security and Control is the most-valued category of features, with 36% of US respondents who are mobile banking users on average rating each feature "extremely valuable," versus a 32% average for the second-place Account Management and Alerts categories.

Here are the three most in-demand security and card control features among US respondents that banks can offer to empower their growing mobile user bases against threats. Insider Intelligence also evaluated the availability of each feature at the top 25 US financial institutions (FIs) by assets, to gauge how well banks are currently meeting these needs.

  • Ordering a replacement credit or debit card through a bank's mobile app preempts a detour to an automated phone system—and it's the most highly demanded Security and Control feature. Card replacement requests via a call to an automated phone system often require time spent on hold before connecting with a customer service representative. But an in-app request can speed up the process and get a new card in customers' hands more quickly. With 46% of respondents calling it "extremely valuable," card replacement tops this category, and is the third-most demanded tool in the survey overall. Seventy-six percent of surveyed FIs offer it.
  • The ability to put a temporary hold on a card is a must-have, given high demand from consumers and strong support among banks. For customers who misplace a debit or credit card, temporary holds can provide a sense of security. It is both the most widely available Security and Control feature (offered by 88% of FIs) and the second most in-demand (called "extremely valuable" by 45% of respondents). That makes card on/off capabilities a table stakes mobile feature: Without it, an FI's digital experience is perilously behind the curve.
  • Banks can offer dispute filing capabilities to get a leg up on competitors while simplifying an otherwise tedious and stressful process for customers. The feature is rated "extremely valuable" by 39% of respondents, but only offered by 40% of FIs. Banks have an opportunity to save customers' time, effort, and anxiety by offering this feature: Users can take action in-app the moment they realize they need to dispute a transaction—such as due to potential fraud or a damaged item—rather than having to call customer service or send a secure message. And with less than half of FIs supporting the feature, the opportunity is ripe to not only meet a strategic necessity, but establish a competitive advantage.

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