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Mobile payments 20 Aug 2018

The evolution of mobile banking: Five quick facts

Mobile banking in 2018 contains a vast amount of components and resources, from real-time personal loans, starting your own account, and money transfers to other easy functions that fit perfectly with today’s on-the-go lifestyle.

In addition to today’s Mobile Monday found on BBVA.com, here are five quick facts that you might not have known about the evolution of mobile banking, including some tidbits on a specific mobile app:

  1. Mobile bank like it’s 1999: Some European banks starting using mobile banking as early as 1999, although it was mostly through SMS channels. High data rates and slower speeds were some obstacles consumers faced in the early days.
  2. A pivot in 2007: With the introduction of smartphones, many of the mobile banking features we see today were introduced in 2007, as new product launches from U.S. banks were announced regularly by major financial institutions.
  3. Number of mobile users reach new heights: According to a survey done by the Federal Reserve in 2012, nearly 21 percent of mobile phone users in the survey reported that they used mobile banking in the previous 12 months. Most of those were between the ages of 18-29.
  4. BBVA Compass wins top mobile app award: Money magazine named BBVA Compass the best regional bank in the South and West and also gave it the top nod for best mobile app in its annual Best Banks in America feature released in October of 2015.
  5. New features released: Fast forward to 2018, BBVA Compass found a new way to give customers the ability to take control of their finances with its latest Mobile Banking App release which integrates BBVA Compass Financial Tools. Already available in online banking, BBVA Compass Financial Tools for mobile helps clients track spending and manage budgets. Clients are also encouraged to add outside accounts for an accurate and full picture of their financial health.

For more information on BBVA Compass’ latest mobile app updates, click here. For more information on the app in general, click here.

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