Business Strategy: 2014 U.S. Consumer Channel Preference Survey — Mobile Banking Achieves Steady Progress; Looking for the Next Big Thing
This IDC Financial Insights report discusses the findings of our 2014 Consumer Channel Preference Survey of global banking and credit union customers. Mobile banking continues its progression toward becoming the integral part of the consumers interaction with their bank or credit union. However, despite all the attention of mobile banking, the reality is that the conveniences offered by mobile banking must continue to innovate or we may continue to see weak adoption.
IDC Financial Insights did not anticipate such an abrupt slowing of mobile adoption. In fact, IDC Financial Insights predicted that by 2015, there will be more penetration in mobile banking than online banking. While this may still come to fruition as online banking usage continues to mature and shrink, unless there is a new hook, mobile banking may have also peaked.
"Mobile banking has historically had a few false starts. The first wave of growth came with the large growth of smartphones. The next wave came with a new service of depositing checks using the mobile phone camera," according to Marc DeCastro, research director of Customer-Centric Bank Strategies at IDC Financial Insights. "The challenge will be to determine what will create the next wave of expansion and position your organization to be able to properly time and launch whatever product or service comes next from mobile banking."