McKinsey & Company research underscores why the mobile app is a crucial tool for cross-selling and relationship deepening: 68% of touchpoints that bank customers have today are with the mobile app, rather than branches, contact centers, ATMs or online banking. More than 40% of credit card and personal loan sales, which are typical cross-sell products, happen in digital channels, a number that is steadily increasing.
Javelin Strategy & Research does the same: In a May survey to more than 10,000 consumers, Javelin asked respondents why they don't turn to their primary bank instead of nonbank companies for some typical banking activities. Twenty-two percent said they didn't even consider their primary bank; 23% said they weren't sure if their primary bank offered this.