Table of Contents
Executive Summary
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- 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
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- 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
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- Trend: Click and Connect
- Trend: Experience is All
Market Drivers
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- Key points
- Use of the internet in daily routines
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- Figure 1: Attitudes toward internet and technology, by age, August 2013-September 2014
- Increasing ownership of handheld devices
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- 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
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- Key points
- American Express
- Capital One
- USAA
Innovations and Innovators
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- Smartwatch
- Google Glass
- Photo bill pay
Marketing Strategies
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- Overview
- Theme: Mobile banking features
- SunTrust
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- Figure 4: SunTrust, online ad, 2014
- TD Bank Financial Group
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- Figure 5: TD Bank Financial Group, online ad, 2014
Attitudes toward Mobile and Online Banking
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- Key points
- Online banking is used more than mobile banking
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- Figure 6: Attitudes toward mobile and online banking, by age, September 2014
- Parents are more likely to use mobile banking than non-parents
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- 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
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- Figure 8: Attitudes toward mobile and online banking, by race/Hispanic origin, September 2014
Usage of FS Mobile Apps
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- Key points
- Young consumers use FS mobile apps the most
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- Figure 9: Usage of mobile banking apps, by age, October 2014
- Parents use mobile apps on their smartphones
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- Figure 10: Usage of mobile banking apps, by presence of children in household, October 2014
- Hispanic consumers use banking apps on their smartphones
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- Figure 11: Usage of mobile banking apps, by race/Hispanic origin, October 2014
Comfort with Mobile Banking Apps
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- Key points
- Women are less comfortable with mobile banking apps
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- Figure 12: Level of comfort using mobile banking apps, by gender and age, October 2014
- Parents are comfortable with mobile banking apps
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- 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
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- Figure 14: Level of comfort using mobile banking apps, by race/Hispanic origin, October 2014
Reasons for Not Using Mobile Banking Apps
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- Key points
- Consumers don’t trust the security of mobile banking
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- Figure 15: Reasons for not using mobile banking apps, by gender and age, October 2014
- Lack of awareness of the benefits of mobile banking
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- Figure 16: Reasons for not using mobile banking apps, by race/Hispanic origin, October 2014
Popular Mobile Banking Features
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- Key points
- Consumers use mobile banking to monitor their account
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- Figure 17: Mobile banking apps features already use, by age, October 2014
- Parents are utilizing key features of mobile banking
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- Figure 18: Mobile banking apps features already use, by presence of children under 18 in household, October 2014
- Hispanics are engaged mobile banking users
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- Figure 19: Mobile banking apps features already use, by race/Hispanic origin, October 2014
- No fees is preferred
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- Figure 20: Amount per transaction willing to pay for online and mobile transactions, October 2014
Mobile Banking App Features in Demand
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- Key points
- Consumers want a feature notifying them of rewards and discounts
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- Figure 21: Interest in mobile banking features, by age, October 2014
- Parents want tools to help them manage their finances
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- 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
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- Figure 23: Interest in mobile banking features, by race/Hispanic origin, October 2014
Appendix – Other Useful Consumer Tables
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- Technology attitudes
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- Figure 24: Technology attitudes, by gender, August 2013-September 2014
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- Figure 25: Technology attitudes, by age, August 2013-September 2014
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- Figure 26: Technology attitudes, by race/Hispanic origin, August 2013-September 2014
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- Figure 27: Technology attitudes, by presence of children in household, August 2013-September 2014
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- Figure 28: Technology attitudes, by moms with children in household, August 2013-September 2014
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- Figure 29: Technology attitudes, by gender and age, August 2013-September 2014
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- Figure 30: Technology attitudes, by race and age, August 2013-September 2014
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- Figure 31: Technology attitudes, by Hispanic origin and age, August 2013-September 2014
- Banking attitudes
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- Figure 32: Banking attitudes, by gender, August 2013-September 2014
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- Figure 33: Banking attitudes, by age, August 2013-September 2014
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- Figure 34: Banking attitudes, by race/Hispanic origin, August 2013-September 2014
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- Figure 35: Banking attitudes, by presence of children in household, August 2013-September 2014
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- Figure 36: Banking attitudes, by moms with children in household, August 2013-September 2014
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- Figure 37: Banking attitudes, by gender and age, August 2013-September 2014
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- Figure 38: Banking attitudes, by race and age, August 2013-September 2014
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- Figure 39: Banking attitudes, by Hispanic origin and age, August 2013-September 2014
- Primary banking relationship
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- Figure 40: Primary banking relationship, by gender, August 2013-September 2014
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- Figure 41: Primary banking relationship, by age, August 2013-September 2014
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- Figure 42: Primary banking relationship, by race/Hispanic origin, August 2013-September 2014
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- Figure 43: Primary banking relationship, by presence of children in household, August 2013-September 2014
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- Figure 44: Primary banking relationship, by moms with children in household, August 2013-September 2014
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- Figure 45: Primary banking relationship, by gender and age, August 2013-September 2014
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- Figure 46: Primary banking relationship, by race and age, August 2013-September 2014
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- Figure 47: Primary banking relationship, by Hispanic origin and age, August 2013-September 2014
- Usage of mobile banking apps
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- Figure 48: Usage of mobile apps, October 2014
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- Figure 49: Usage of mobile apps, October 2014
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- Figure 50: Usage of mobile apps, by gender, October 2014
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- Figure 51: Usage of mobile apps, by age, October 2014
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- Figure 52: Usage of mobile apps, by gender and age, October 2014
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- Figure 53: Usage of mobile apps, by race/Hispanic origin, October 2014
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- Figure 54: Usage of mobile apps, by presence of children in household, October 2014
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- Figure 55: Usage of mobile apps, by presence of children and age in household, October 2014
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- Figure 56: Usage of mobile apps, by social media, October 2014
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- Figure 57: Usage of mobile apps, by gender, October 2014
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- Figure 58: Usage of mobile apps, by age, October 2014
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- Figure 59: Usage of mobile apps, by gender and age, October 2014
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- Figure 60: Usage of mobile apps, by race/Hispanic origin, October 2014
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- Figure 61: Usage of mobile apps, by presence of children in household, October 2014
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- Figure 62: Usage of mobile apps, by presence of children and age in household, October 2014
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- Figure 63: Usage of mobile apps, by social media, October 2014
- Comfort with mobile banking apps
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- Figure 64: Level of comfort using mobile banking apps, October 2014
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- Figure 65: Level of comfort using mobile banking apps, by gender, October 2014
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- Figure 66: Level of comfort using mobile banking apps, by age, October 2014
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- Figure 67: Level of comfort using mobile banking apps, by gender and age, October 2014
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- Figure 68: Level of comfort using mobile banking apps, by race/Hispanic origin, October 2014
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- Figure 69: Level of comfort using mobile banking apps, by presence of children in household, October 2014
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- Figure 70: Level of comfort using mobile banking apps, by presence of children and age in household, October 2014
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- Figure 71: Level of comfort using mobile banking apps, by social media, October 2014
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- Figure 72: Level of comfort using mobile banking apps, by mobile device ownership, October 2014
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- Figure 73: Level of comfort using mobile banking apps, by usage of mobile apps, October 2014
- Reasons for not using mobile banking apps
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- Figure 74: Reasons for not using mobile apps, October 2014
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- Figure 75: Reasons for not using mobile apps, by gender, October 2014
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- Figure 76: Reasons for not using mobile apps, by age, October 2014
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- Figure 77: Reasons for not using mobile apps, by gender and age, October 2014
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- Figure 78: Reasons for not using mobile apps, by race/Hispanic origin, October 2014
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- Figure 79: Reasons for not using mobile apps, by presence of children in household, October 2014
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- Figure 80: Reasons for not using mobile apps, by presence of children and age in household, October 2014
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- Figure 81: Reasons for not using mobile apps, by social media, October 2014
- Mobile apps features
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- Figure 82: Mobile apps features, October 2014
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- Figure 83: Mobile apps features already use, by gender, October 2014
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- Figure 84: Mobile apps features already use, by age, October 2014
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- Figure 85: Mobile apps features already use, by gender and age, October 2014
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- Figure 86: Mobile apps features already use, by race/Hispanic origin, October 2014
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- Figure 87: Mobile apps features already use, by presence of children under 18 in household, October 2014
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- Figure 88: Mobile apps features already use, by presence of children under and age in household, October 2014
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- Figure 89: Mobile apps features already use, by social media, October 2014
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- Figure 90: Mobile apps features interested in, by gender, October 2014
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- Figure 91: Mobile apps features interested in, by age, October 2014
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- Figure 92: Mobile apps features interested in, by gender and age, October 2014
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- Figure 93: Mobile apps features interested in, by race/Hispanic origin, October 2014
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- Figure 94: Mobile apps features interested in, by presence of children under 18 in household, October 2014
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- Figure 95: Mobile apps features interested in, by presence of children and age in household, October 2014
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- Figure 96: Mobile apps features interested in, by social media, October 2014
- Mobile and online fees
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- Figure 97: Willingness to pay, October 2014
- Satisfaction with financial services
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- Figure 98: Satisfaction with financial services, October 2014
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- Figure 99: Satisfaction with financial services, October 2014
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- Figure 100: Satisfied with services, by gender, October 2014
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- Figure 101: Satisfied with services, by age, October 2014
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- Figure 102: Satisfied with services, by gender and age, October 2014
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- Figure 103: Satisfied with services, by race/Hispanic origin, October 2014
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- Figure 104: Satisfied with services, by presence of children in household, October 2014
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- Figure 105: Satisfied with services, by presence of children and age in household, October 2014
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- Figure 106: Satisfied with services, by social media, October 2014
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- Figure 107: Satisfaction with services, by gender, October 2014
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- Figure 108: Satisfaction with services, by age, October 2014
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- Figure 109: Satisfaction with services, by gender and age, October 2014
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- Figure 110: Satisfaction with services, by race/Hispanic origin, October 2014
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- Figure 111: Satisfaction with services, by presence of children in household, October 2014
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- Figure 112: Satisfaction with services, by presence of children and age in household, October 2014
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- Figure 113: Satisfaction with services, by social media, October 2014
Appendix – Trade Associations
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- American Bankers Association
- American Financial Services Association (AFSA)
- Consumer Bankers Association (CBA)
- Independent Community Bankers of America (ICBA)
- National Credit Union Association (NCUA)
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