In this digital age, mobile banking apps have become an essential part of banking for many customers. Apps allow customers to conveniently manage their finances on the go, avoiding visits to physical bank branches. For regional and community banks like Wilson Bank and Trust, developing a user-friendly mobile app can help retain existing customers and attract new ones. But has Wilson Bank and Trust invested in creating its own mobile app yet?
The Importance of Banking Apps for Regional Banks
According to a 2022 survey by the American Bankers Association, over 50% of U.S. consumers use mobile banking apps as their primary method for accessing their accounts. This percentage rises to over 70% for millennials. As smartphones and tablets become more ubiquitous, customers expect to be able to bank from their devices. Apps enable users to check balances, transfer funds, deposit checks, set up alerts, apply for loans, and more. For regional banks, failing to offer a mobile app can mean losing customers to national banks or fintech companies that provide sophisticated digital experiences.
Apps can also generate valuable data that provides insights into customer needs and behaviors. Banks can leverage this data to create customized, proactive services that drive engagement. By tracking features and services customers use most in the app, banks can continuously refine the digital experience. An app also allows a regional bank to stay competitive with national banks and build brand loyalty within the communities it serves.
The History of Wilson Bank & Trust’s Mobile Banking Services
Wilson Bank & Trust is a regional bank based in Tennessee with over 125 years of history serving the banking needs of its communities. Wilson Bank & Trust first offered mobile banking services to customers in 2010 through a mobile web platform optimized for smartphones. This allowed customers to access their accounts, check balances, transfer funds, and find ATMs from their phones or tablets.
In 2013, Wilson Bank & Trust launched smartphone apps for both iPhone and Android. These apps provided greater functionality than the mobile web platform, including remote check deposit, bill pay, and personal financial management tools. The apps received strong adoption among Wilson Bank & Trust’s tech-savvy customer base.
Wilson Bank & Trust focused on continuously improving and updating its mobile apps over the next few years. In 2020, the bank released a major redesign of its iPhone and Android apps to provide an updated look and feel and faster performance. Yet while the apps have received enhancements, Wilson Bank & Trust has not rebuilt them from the ground up since their initial launch.
Wilson Bank & Trust’s Current Mobile App Offerings
Wilson Bank & Trust currently provides mobile banking apps for iPhone and Android smartphones and tablets. The apps can be downloaded for free from the Apple App Store or Google Play Store. Customers can use a single username and password to access both the mobile app and online banking.
Key features of Wilson Bank & Trust’s current mobile banking apps include:
- Check balances and transaction history
- Transfer funds between accounts
- Pay bills and schedule payments
- Deposit checks via mobile deposit
- Send money to others using Zelle
- Set up account alerts
- Locate fee-free ATMs and branches
- Contact customer service
The apps also allow customers to temporarily disable a debit card if it becomes lost or stolen. While Wilson Bank & Trust’s apps cover the basics of mobile banking, they lack some of the more advanced features found in newer fintech apps. There are no automated financial insights, budgeting tools, or peer-to-peer payment options beyond Zelle.
How Wilson Bank & Trust’s Mobile Apps Compare to Competitors
While Wilson Bank & Trust was an early adopter of mobile banking, some competing regional and community banks have since surpassed its apps in depth of features. For example, FirstBank offers sophisticated budgeting and financial management capabilities within its mobile app. FirstBank customers can integrate external accounts, set savings rules, and receive personalized money advice. The app even provides bonuses when users reach savings milestones or financial goals.
Atlantic Union Bank, which serves Virginia and Maryland, recently launched a new mobile app in partnership with Malauzai Software. The app includes spending insights and analysis, aggregating transactions from the customer’s Atlantic Union accounts as well as external accounts at other institutions. Customers can get a holistic view of their finances in one place and receive tailored advice.
In contrast, Wilson Bank & Trust’s mobile offerings focus more on basic transactional capabilities. The lack of advanced digital features gives the apps a utilitarian feel compared to those of some competitors. While still functional, Wilson Bank & Trust’s apps have room for improvement when it comes to visual design and user experience as well.
The Benefits of Developing an Updated Mobile Banking App
Wilson Bank & Trust faces a choice between continuing to refine its existing mobile apps or rebuilding them from the ground up. Developing a new flagship mobile app could provide the following benefits:
- Attract new digitally savvy customers in Wilson Bank & Trust’s local markets
- Retain existing customers who expect the most up-to-date mobile features
- Provide a better user experience through modern interface design
- Support increased engagement and mobile transaction volume
- Gain useful customer insights from app analytics and data
- Enable innovative new services through advanced app capabilities
- Potentially expand into new geographic markets or demographics
A new mobile app would allow Wilson Bank & Trust to compete head-to-head with both national and regional banks providing digital-first experiences. The bank could incorporate popular features like automated savings, spending trackers, and personalized financial advice. Developing the app in-house with internal resources or partnering with a fintech provider are both viable options.
Key Considerations for a New Mobile Banking App
However, developing a next-generation mobile app from scratch represents a major initiative requiring substantial investment. Wilson Bank & Trust’s management would need to weigh several factors when deciding whether to fully commit to a new app, including:
- Development costs, which can easily run over $1 million
- Ongoing costs for maintenance and future enhancements
- Required technical resources and expertise, potentially needing to hire dedicated mobile developers
- Timeline for completing development and stringent testing
- Business goals and target customers for enhanced mobile features
- Monitoring usage and metrics to quantify the value and ROI of the app
- Promotional campaigns to boost downloads and new customer acquisition
Wilson Bank & Trust already has established mobile banking user base that may resist transitioning to a wholly new app. The bank would need a migration strategy to smoothly shift customers over while avoiding disruptions in service.
The Bottom Line: Wilson Bank & Trust Could Benefit from App Upgrade
In summary, Wilson Bank & Trust currently offers basic mobile banking apps that enable customers to complete routine transactions and account management. But the apps’ functionality has not kept pace with some competing community banks that are leading the way in mobile experiences.
Developing a brand new, feature-rich mobile app could help Wilson Bank & Trust attract new digitally oriented customers. It may also improve retention by better meeting the mobile needs of existing customers through advanced capabilities and improved design. However, pursuing a new app requires extensive strategic planning and a considerable investment of resources. Wilson Bank & Trust will need to perform cost-benefit analysis and assess customer needs to determine if now is the time to revamp its mobile presence.
While keeping its current apps is certainly an option, developing a more competitive mobile experience could be a smart play for Wilson Bank & Trust to drive more engagement. Mobile banking is only growing in popularity year over year. Wilson Bank & Trust should strongly consider joining the ranks of regional banks providing cutting-edge, highly functional mobile apps to account holders.
Frequently Asked Questions
Does Wilson Bank & Trust have a mobile app?
Yes, Wilson Bank & Trust currently offers mobile banking apps for iPhone and Android. The apps enable customers to check balances, transfer funds, deposit checks, pay bills and more. However, they have not been rebuilt in recent years and lack some of the advanced features found in newer banking apps.
What can you do on the Wilson Bank & Trust mobile app?
Key features include checking balances, reviewing transaction history, transferring money, mobile check deposit, bill pay, setting up alerts, locating ATMs/branches, and contacting customer service. The app covers basic mobile banking but does not have more sophisticated capabilities like budgeting or financial insights.
Is the Wilson Bank & Trust app easy to use?
The Wilson Bank & Trust mobile app has a reasonably user-friendly interface and provides smooth performance for basic tasks like checking a balance. However, the visual design and navigability are dated compared to the latest apps. An updated, modern interface could improve overall user experience.
Does the Wilson Bank & Trust app have good reviews?
Currently the Wilson Bank & Trust mobile app has a 3.5 out of 5 star rating on the Google Play Store based on over 500 reviews. Many users say it covers the essentials well but needs an interface overhaul. iOS App Store ratings are similar. So reviews indicate customers find the app functional but lacking in certain areas.
Does Wilson Bank & Trust need a new mobile app?
While not immediately necessary, developing a new, more advanced mobile app could benefit Wilson Bank & Trust by providing features today’s digital-first customers expect. This could boost retention, acquisition and engagement. But the bank would need to strategically weigh the costs and benefits before commencing development of a brand new app.
