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Mobile Banking - US - January 2015

Mobile Banking - US - January 2015

This report looks at the following areas:

  • How can mobile banking be relevant to consumers?
  • What are the benefits of mobile banking for FSI?
The significant increase in smartphone and tablet ownership is impacting consumers’ banking behaviors. However, while 50% of consumers do more than half of their banking online on a computer, only 13% do more than half of their banking on their smartphone, and 6% on their tablet. Knowing such devices provide convenience to consumers, this report will look into reasons for the low incidence of mobile banking, and factors influencing consumers’ lack of interest for banking apps. In addition, the mobile banking features most used will be discussed along with the tools consumers are interested in getting. As the banking industry becomes more competitive, traditional banks have to rely on the latest technology to provide premium customer service delivery. Mobile banking can be the digital channel helping traditional FS (financial services) firms maintain a relationship with current customers while attracting the age 18-35 group and multicultural segment who are already engaged with their handheld devices and more likely to incorporate them in their daily routines.


SCOPE AND THEMES
What you need to know
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms
EXECUTIVE SUMMARY
The market
The consumer
Desired banking app features
Age differences
Women need more information to consider mobile banking
Parents are users of mobile banking
Hispanics use mobile banking on their smartphone
Main challenges of mobile banking
What we think
ISSUES AND INSIGHTS
How can mobile banking be relevant to consumers?
The issues
The implications
What are the benefits of mobile banking for FSI?
The issues
The implications
TREND APPLICATIONS
Trend: Click and Connect
Trend: Experience is All
MARKET DRIVERS
Key points
Use of the internet in daily routines
Figure 1: Attitudes toward internet and technology, by age, August 2013-September 2014
Increasing ownership of handheld devices
Figure 2: US mobile phone sales and forecast, 2012-17
Figure 3: US tablet unit sales, 2012-17
Non-financial companies are entering the industry
LEADING COMPANIES
Key points
American Express
Capital One
USAA
INNOVATIONS AND INNOVATORS
Smartwatch
Google Glass
Photo bill pay
MARKETING STRATEGIES
Overview
Theme: Mobile banking features
SunTrust
Figure 4: SunTrust, online ad, 2014
TD Bank Financial Group
Figure 5: TD Bank Financial Group, online ad, 2014
ATTITUDES TOWARD MOBILE AND ONLINE BANKING
Key points
Online banking is used more than mobile banking
Figure 6: Attitudes toward mobile and online banking, by age, September 2014
Parents are more likely to use mobile banking than non-parents
Figure 7: Attitudes toward mobile and online banking, by presence of children in household, September
2014
Hispanics are more likely to do their banking on their smartphone
Figure 8: Attitudes toward mobile and online banking, by race/Hispanic origin, September 2014
USAGE OF FS MOBILE APPS
Key points
Young consumers use FS mobile apps the most
Figure 9: Usage of mobile banking apps, by age, October 2014
Parents use mobile apps on their smartphones
Figure 10: Usage of mobile banking apps, by presence of children in household, October 2014
Hispanic consumers use banking apps on their smartphones
Figure 11: Usage of mobile banking apps, by race/Hispanic origin, October 2014
COMFORT WITH MOBILE BANKING APPS
Key points
Women are less comfortable with mobile banking apps
Figure 12: Level of comfort using mobile banking apps, by gender and age, October 2014
Parents are comfortable with mobile banking apps
Figure 13: Level of comfort using mobile banking apps, by presence of children in household, October
2014
Hispanics are the most comfortable with FS mobile apps
Figure 14: Level of comfort using mobile banking apps, by race/Hispanic origin, October 2014
REASONS FOR NOT USING MOBILE BANKING APPS
Key points
Consumers don’t trust the security of mobile banking
Figure 15: Reasons for not using mobile banking apps, by gender and age, October 2014
Lack of awareness of the benefits of mobile banking
Figure 16: Reasons for not using mobile banking apps, by race/Hispanic origin, October 2014
POPULAR MOBILE BANKING FEATURES
Key points
Consumers use mobile banking to monitor their account
Figure 17: Mobile banking apps features already use, by age, October 2014
Parents are utilizing key features of mobile banking
Figure 18: Mobile banking apps features already use, by presence of children under 18 in household,
October 2014
Hispanics are engaged mobile banking users
Figure 19: Mobile banking apps features already use, by race/Hispanic origin, October 2014
No fees is preferred
Figure 20: Amount per transaction willing to pay for online and mobile transactions, October 2014
MOBILE BANKING APP FEATURES IN DEMAND
Key points
Consumers want a feature notifying them of rewards and discounts
Figure 21: Interest in mobile banking features, by age, October 2014
Parents want tools to help them manage their finances
Figure 22: Interest in mobile banking features, by presence of children under 18 in household, October
2014
Hispanics and Blacks have different mobile banking needs
Figure 23: Interest in mobile banking features, by race/Hispanic origin, October 2014
APPENDIX – OTHER USEFUL CONSUMER TABLES
Technology attitudes
Figure 24: Technology attitudes, by gender, August 2013-September 2014
Figure 25: Technology attitudes, by age, August 2013-September 2014
Figure 26: Technology attitudes, by race/Hispanic origin, August 2013-September 2014
Figure 27: Technology attitudes, by presence of children in household, August 2013-September 2014
Figure 28: Technology attitudes, by moms with children in household, August 2013-September 2014
Figure 29: Technology attitudes, by gender and age, August 2013-September 2014
Figure 30: Technology attitudes, by race and age, August 2013-September 2014
Figure 31: Technology attitudes, by Hispanic origin and age, August 2013-September 2014
Banking attitudes
Figure 32: Banking attitudes, by gender, August 2013-September 2014
Figure 33: Banking attitudes, by age, August 2013-September 2014
Figure 34: Banking attitudes, by race/Hispanic origin, August 2013-September 2014
Figure 35: Banking attitudes, by presence of children in household, August 2013-September 2014
Figure 36: Banking attitudes, by moms with children in household, August 2013-September 2014
Figure 37: Banking attitudes, by gender and age, August 2013-September 2014
Figure 38: Banking attitudes, by race and age, August 2013-September 2014
Figure 39: Banking attitudes, by Hispanic origin and age, August 2013-September 2014
Primary banking relationship
Figure 40: Primary banking relationship, by gender, August 2013-September 2014
Figure 41: Primary banking relationship, by age, August 2013-September 2014
Figure 42: Primary banking relationship, by race/Hispanic origin, August 2013-September 2014
Figure 43: Primary banking relationship, by presence of children in household, August 2013-September
2014
Figure 44: Primary banking relationship, by moms with children in household, August 2013-September
2014
Figure 45: Primary banking relationship, by gender and age, August 2013-September 2014
Figure 46: Primary banking relationship, by race and age, August 2013-September 2014
Figure 47: Primary banking relationship, by Hispanic origin and age, August 2013-September 2014
Usage of mobile banking apps
Figure 48: Usage of mobile apps, October 2014
Figure 49: Usage of mobile apps, October 2014
Figure 50: Usage of mobile apps, by gender, October 2014
Figure 51: Usage of mobile apps, by age, October 2014
Figure 52: Usage of mobile apps, by gender and age, October 2014
Figure 53: Usage of mobile apps, by race/Hispanic origin, October 2014
Figure 54: Usage of mobile apps, by presence of children in household, October 2014
Figure 55: Usage of mobile apps, by presence of children and age in household, October 2014
Figure 56: Usage of mobile apps, by social media, October 2014
Figure 57: Usage of mobile apps, by gender, October 2014
Figure 58: Usage of mobile apps, by age, October 2014
Figure 59: Usage of mobile apps, by gender and age, October 2014
Figure 60: Usage of mobile apps, by race/Hispanic origin, October 2014
Figure 61: Usage of mobile apps, by presence of children in household, October 2014
Figure 62: Usage of mobile apps, by presence of children and age in household, October 2014
Figure 63: Usage of mobile apps, by social media, October 2014
Comfort with mobile banking apps
Figure 64: Level of comfort using mobile banking apps, October 2014
Figure 65: Level of comfort using mobile banking apps, by gender, October 2014
Figure 66: Level of comfort using mobile banking apps, by age, October 2014
Figure 67: Level of comfort using mobile banking apps, by gender and age, October 2014
Figure 68: Level of comfort using mobile banking apps, by race/Hispanic origin, October 2014
Figure 69: Level of comfort using mobile banking apps, by presence of children in household, October
2014
Figure 70: Level of comfort using mobile banking apps, by presence of children and age in household,
October 2014
Figure 71: Level of comfort using mobile banking apps, by social media, October 2014
Figure 72: Level of comfort using mobile banking apps, by mobile device ownership, October 2014
Figure 73: Level of comfort using mobile banking apps, by usage of mobile apps, October 2014
Reasons for not using mobile banking apps
Figure 74: Reasons for not using mobile apps, October 2014
Figure 75: Reasons for not using mobile apps, by gender, October 2014
Figure 76: Reasons for not using mobile apps, by age, October 2014
Figure 77: Reasons for not using mobile apps, by gender and age, October 2014
Figure 78: Reasons for not using mobile apps, by race/Hispanic origin, October 2014
Figure 79: Reasons for not using mobile apps, by presence of children in household, October 2014
Figure 80: Reasons for not using mobile apps, by presence of children and age in household, October
2014
Figure 81: Reasons for not using mobile apps, by social media, October 2014
Mobile apps features
Figure 82: Mobile apps features, October 2014
Figure 83: Mobile apps features already use, by gender, October 2014
Figure 84: Mobile apps features already use, by age, October 2014
Figure 85: Mobile apps features already use, by gender and age, October 2014
Figure 86: Mobile apps features already use, by race/Hispanic origin, October 2014
Figure 87: Mobile apps features already use, by presence of children under 18 in household, October
2014
Figure 88: Mobile apps features already use, by presence of children under and age in household,
October 2014
Figure 89: Mobile apps features already use, by social media, October 2014
Figure 90: Mobile apps features interested in, by gender, October 2014
Figure 91: Mobile apps features interested in, by age, October 2014
Figure 92: Mobile apps features interested in, by gender and age, October 2014
Figure 93: Mobile apps features interested in, by race/Hispanic origin, October 2014
Figure 94: Mobile apps features interested in, by presence of children under 18 in household, October
2014
Figure 95: Mobile apps features interested in, by presence of children and age in household, October
2014
Figure 96: Mobile apps features interested in, by social media, October 2014
Mobile and online fees
Figure 97: Willingness to pay, October 2014
Satisfaction with financial services
Figure 98: Satisfaction with financial services, October 2014
Figure 99: Satisfaction with financial services, October 2014
Figure 100: Satisfied with services, by gender, October 2014
Figure 101: Satisfied with services, by age, October 2014
Figure 102: Satisfied with services, by gender and age, October 2014
Figure 103: Satisfied with services, by race/Hispanic origin, October 2014
Figure 104: Satisfied with services, by presence of children in household, October 2014
Figure 105: Satisfied with services, by presence of children and age in household, October 2014
Figure 106: Satisfied with services, by social media, October 2014
Figure 107: Satisfaction with services, by gender, October 2014
Figure 108: Satisfaction with services, by age, October 2014
Figure 109: Satisfaction with services, by gender and age, October 2014
Figure 110: Satisfaction with services, by race/Hispanic origin, October 2014
Figure 111: Satisfaction with services, by presence of children in household, October 2014
Figure 112: Satisfaction with services, by presence of children and age in household, October 2014
Figure 113: Satisfaction with services, by social media, October 2014
APPENDIX – TRADE ASSOCIATIONS
American Bankers Association
American Financial Services Association (AFSA)
Consumer Bankers Association (CBA)
Independent Community Bankers of America (ICBA)
National Credit Union Association (NCUA)
US METHODOLOGY
CONSUMER RESEARCH
Primary Data Analysis
Secondary Data Analysis
Qualitative Research
Further Analysis
Social Media Research
TRADE RESEARCH
STATISTICAL FORECASTING

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