Banks and Mobile, What’s Missing?

Read most any financial services news publication and or website and chances are you’ll come across an article about mobile banking (i.e., payments, lending, deposits, currency exchange, wallets, etc.). But go to a major bank’s corporate website and the utterance of mobile banking is virtually nonexistent. Why?

When I had the need to visit the corporate websites for Chase and Citi, I noticed there was no real promotion, offer and or discussion about either bank’s mobile banking products and or services. Are these banks not interested in this product segment? Do these banks believe their clients or prospective clients are not interested in these products? What’s going on here?

Take a look at Chase’s home page (see below and sorry for the multiple screen shots) and there’s no mention of a mobile product until the very bottom of the page (see “Mobile Banking”).

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While I question a few things on Chase’s home page from a marketing perspective (e.g., general interest news stories, an Instagram and Pinterest link, etc.), the real question I have is, why isn’t mobile more prominently displayed? When you click on “Mobile Banking,” you can see the bank offers a great deal of mobile-based product information, so why is it hidden?

While the design for Citi’s home page is much different than Chase’s (see below), here too, there is hardly a mention of mobile banking products and or services. In the product slide show in the center of the page, hidden on the fourth slide there is a blurb about the bank’s new Android app, but that’s about it.  Here again, I ask, why is mobile being marginalized? When you click on the link for the app, you are brought a page similar to Chase’s in that it talks a great deal about mobile products and services. Is Citi trying to be secretive about its mobile products for a reason?

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As smartphone usage continues to increase across demographic market segments, personas, what have you, as well as the use of mobile banking products and services, one might think that these two leading banks would be more upfront with their mobile-based product offering, but they are not. Is it me, or am I missing something? Yes, I realize the sites that I am looking at are on the desktop, but isn’t it from here that a company would drive interest in a mobile product or service?

From a product perspective, sure there are products which generate a great deal of revenue for a bank, and the bank can’t take its eye off the ball, but if the competition is heating up in regard to mobile-based products (i.e., FinTech start-ups, etc.) don’t these two banks, and others, have to focus on this and address this head on (i.e., greater marketing and awareness)?

Stepping back from Chase and Citi’s websites for a moment, when I did a general search on the term “mobile banking,” neither Chase or Citi appeared in the search results. Sure this has to do with SEO strategy, etc., but neither of these banks have a presence on the result’s first page (see below).

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Out of curiosity, I went to the bank that ranked at the top of the search result, Bank of America, and found on their website that there is a mention, fairly well displayed, for its mobile product (in first screen shot below, see the “Stay in the Know” section, and in the second screen shot below, see the link “Get the Mobile Banking app”).

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Of course, each bank will treat the marketing of product differently, but with so much market and consumer focus on all things mobile, it just strikes me as strange that these traditional banks would be so laid back about the product segment. And, on top of that, with the competition (i.e., FinTechs) gunning for more share, wouldn’t this be cause enough for a traditional bank to take a greater stance?

(If anyone from Chase, Citi, or any other traditional bank, cares to comment I’d welcome the insight.)


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