Even Traditional Banks Are Considering Mobile-Only Options

It seems like even in the smallest of towns, there are certain businesses that can always be found. A gas station, a restaurant of some kind, and a bank commonly top the list.

Banks are fairly universal creatures, but with the growth of mobile banking, even the traditional brick-and-mortar bank is starting to look a lot more closely at the mobile option.

The concept is reasonable enough; as more people—particularly millennials—want less of what a bank branch normally offers and more of what an app can offer, why continue to offer what fewer people want?

People want deposits accepted and protected, released as needed to address payments or transfers, minimal waiting for clearing of either, and the ability to do everything from a smartphone, complete with a few extra special offers, is front of mind.

Some banks, like Spain’s CaixaBank, are making the move to much heavier mobile involvement. With its imaginBank service, launched a few months ago, the end result is providing more of that mobile focus that customers want.

Several other online-only banks have emerged in the last several months, and are delivering the value of mobile payments systems with the full power of a bank behind them.

Things like checking account balances, making credit card payments and the like without having to go to a branch office can be useful.

That’s an interesting new development, but given that Generation Z—the generation following the millennials—seems to prefer cash by some reports, it may be a good idea to split the difference here. Indeed, we’re not seeing a whole lot of formerly brick-and-mortar banks close up shop and go online-only.

Rather, we’re seeing banks looking to provide more services via mobile app, a development that should prove welcome not only for those who want quick touchscreen convenience and access to a bank that never really closes but also to those who still want to fill their wallets with cash and put a paycheck in an account.

That combination of services should help ensure the banks get the largest pool of customers available. With the new and the old intermingled, keeping customers—no matter their interests—on hand should proceed fairly well, and give banks the ability to survive the changes coming from ecommerce and mobile payments.