Trends Report

P2P Transfers Should Enhance Your Mobile Banking App, Not The Other Way Around

Digital Feature Fix: Remove Barriers By Fitting Person-To-Person Transfers Into Holistic Design

July 23rd, 2018
Peter Wannemacher, Principal Analyst
Peter Wannemacher Principal Analyst
Gina Bhawalkar, Principal Analyst
Gina Bhawalkar Principal Analyst
August du Pont, null
August du Pont
With contributors:
Benjamin Ensor , Han Bao , Seles Sebastin , Piers Conway , Sam Bartlett

Summary

In our recent mobile banking Forrester Industry Waves™, we found that many banks have added new P2P transfer services to their apps without explaining how to use them, thinking through money movement from the customer perspective, or considering how P2P transfers change the experience. P2P transfers end up as a bolt-on feature, sometimes making mobile banking harder to use. This brief explains why digital banking teams must focus on quality and consistency of money movement to drive engagement and illustrates good practices from leading firms.

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