Customers have been embracing smartphones in numbers that can only be accurately characterized as “droves.” With such mob mentality only further fueling the adoption rates of these high-tech devices, unprecedented numbers of businesses large and small are jumping on the bandwagon to cater to these consumers by offering them mobile app access to whatever business service they ordinarily provide through a conventional browser.
A fairly significant amount of internet traffic is used by customers logging into their online banking accounts, a necessity made simple by the ease of remote access and autonomous login, which has spurred the development of many online-only banks, and has led to many banks and other institutions scaling back their retail operations in favor of supporting cloud computing for this particular, as well as other, operations.
Given the explosive growth of mobile devices such as tablets and internet-capable phones, one could only conclude that given enough time the traffic would move from computers over to these devices, meaning mobile computing will eventually become a significant player in this sort of market.
While it remains unlikely that consumers will abandon their banks simply because they want to use a more convenient mobile app, the smartphone online banking market needs to be understood as part of a broader strategy of customer satisfaction, especially as the number of clients using such products will likely experience a significant rise in coming decades.
The mobile banking option also provides a number of advantages to the banks, in addition to the consumer advantages of convenience and flexibility. Mobile apps are designed to fit on a much smaller screen than a full-size webpage, and thus require far less data transfer than extensively detailed sites; at least, if the app is properly designed to take advantage of this opportunity, meaning mobile apps will be faster and cheaper to deliver to consumers.
Furthermore, online banking done through a phone has the potential to be more secure that certain computers; the iPhone, for example, requires apps to go through a review process, drastically reducing the likelihood of security breaches caused due to malicious software. The security of an internet-connected phone having such a vetting process will outmatch any standard computer, which could be infected with all sorts of dangerous software.
Android, on the other hand, lacks this safety capability, which could lead to a few possibilities; infected machines spur the development of anti-virus apps, or businesses recognize competing platforms as superior due to the security benefits of the review process. Regardless, it is an issue that needs to be addressed, just as banks take computer security rather seriously. This is not to say Android is a step down from regular computers; merely that the opportunity for a safety measure a step up is missed.
SunTrust mobile apps will enable more convenient account access for customers, whether at home, on vacation, or simply too lazy to get up off the couch to check their latest balances. And if anyone knows anything about human nature, laziness wins over and over again.
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A larger list of features can be found at SunTrust Online Banking, where a redirect to the bank homepage can also be found.
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