Business Strategy: 2016 U.S. Consumer Channel Preference Survey — Mobile Banking Driving Digital Engagement, Particularly with Younger Demographics
This IDC Financial Insights report discusses the findings of our 2016 Consumer Channel Preference Survey of U.S. 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. This year has been a pivotal year in mobile banking as it truly has become a mainstream channel and is edging closer to matching adoption rates of more mature channels like ATM and online banking.IDC Financial Insights saw the slowing of mobile adoption over the past few survey cycles as simply a time for consumers to catch up with the technology. Over the next few years, we anticipate that we will continue to see the upward trajectory of mobile banking adoption."The benefits of mobile banking continue to evolve, and as consumers explore the full capacity of their mobile devices and life in a connected world, mobile banking will become even more engrained in the everyday behavior of the retail customer," said Marc DeCastro, research director of Consumer Banking Engagement Strategies at IDC Financial Insights. "We have seen that shift we anticipated, primarily driven by younger demographics and larger institutions when it comes to mobile banking. While many institutions will play a rapid game of catching up, some institutions will venture into the next-generation mobile offerings, including more cognitive solutions, better and fully integrated security, and frictionless ways to move money."
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