Results from a recent survey of financial services consumers show that only 64% of respondents have downloaded their bank's mobile app. Of those, just 42% and 9% use the apps to track balances and check transaction status, respectively.
In an article for AdWeek, journalist Christopher Heine referred to the digital landscape as a “harshly competitive climate,” noting that “hundreds of daily deals upstarts have fallen by the wayside.” He attributes the difficulty not only to the sheer quantity of players attempting to get a piece of deals but also to the nature of who’s getting involved. Financial institutions are seasoned competitors... adept at vying for transaction volume, skilled at wooing both consumers and merchants.