Usage of mobile-friendly banking and financial tech continues to increase
At the time of a 2015 study by the Pew Research Center, 68% of adults in the US owned a smartphone. This figure was a steep rise from the 35% of adults that had a smartphone in 2011, just four years earlier. Tablet computer ownership has also been rising during this time period, with 45% of adults in the US owning a tablet as of the 2015 study. It is clear in the data that ownership of “smart” phones and tablets is only going to continue to rise, especially as we consider the generational changing of the guard that is on-going with Millennials continuing to ascend (86% of the 18-29 demographic own a smartphone).
Beyond just ownership of these devices, one of the most interesting changes in recent years is the way that individuals are utilizing them to access information. A recent report by the Board of Governors of the Federal Reserve found that 53% of smartphone users with bank accounts utilized mobile banking. This was up from 43% in 2011 and has increased gradually in every year this survey has been conducted. Moving past smartphone owners, the same study found that of all consumers that have a bank account, 38% used mobile banking, which was up from 35% the previous year.
Why is this important? Because these data trends very clearly show an increase in the popularity of mobile smartphone and tablet devices and a growing desire from the public to have faster, easier access to their banking and financial services. As consumer confidence in the security of these mobile-friendly services continues to grow, so to will the need for businesses to provide them, as consumers will demand the ability to transact how they want, when they want.
Introducing a mobile-friendly mortgage platform
In response to the shift in consumer preferences to a more digital and mobile based process, Floify has released our mobile mortgage app, designed to give borrowers the ability to complete entire stages of the loan process on their phone or smart device if they desire. These new capabilities give loan officers yet another way to engage and empower their borrowers to make for a smooth lending experience.