Table of Contents
Scope and Themes
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- What you need to know
- Data sources
- Consumer survey data
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
- Terms
Executive Summary
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- The market
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- Figure 1: Device ownership, by age, June 2013
- Growth in online banking is slowing
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- Figure 2: Preferred banking channel, 2008-12
- Market drivers
- Sales of tablets and smartphones continue to explode
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- Figure 3: Worldwide sales of electronic device market, by category, 2012, 2017
- The underbanked are heavy users of mobile banking and their numbers are growing
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- Figure 4: Un- and underbanked households in U.S. as percentage of all households, 2009, 2011
- Increased mobile functionality
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- Figure 5: Interest in payment method alternatives, by generation, November 2012
- The consumer
- Computers used for banking more than smartphones or tablets
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- Figure 6: Type of financial activities conducted on devices, by type of device, June 2013
- Reasons people don’t bank electronically
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- Figure 7: Reasons for not using electronic device for banking transactions, by device, June 2013
- What we think
Issues and Insights
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- How can banks entice more people to use electronic banking?
- Issues
- Insights
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- Figure 8: Effectiveness of incentives and disincentives for online banking, by age, June 2013
- What is holding tablet usage back?
- Issues
- Insights
- How can banks address security concerns?
- Issues
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- Figure 9: Perceptions of the security of mobile banking apps, 2011, 2012
- Insights
Trend Application
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- Inspire Trend: Cam Cam
- Inspire Trend: Attention Economy
- Mintel Futures: Human
Market Size
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- Key points
- Growth in online banking is slowing, mobile and phone banking growing
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- Figure 10: Preferred method of banking, 2008-12
Market Drivers
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- Key points
- Sales of tablets and smartphones continue to explode
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- Figure 11: Worldwide smart connected device market, by category, 2012, 2017
- Figure 12: Smartphone ownership, by age, November 2011, June 2013
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- Figure 13: Tablet ownership, by age, January 2011, June 2013
- Increase in underbanked populations
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- Figure 14: Un- and underbanked households in U.S. as percentage of all households, 2009, 2011
- Increased interest in mobile payments
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- Figure 15: Number of people who use contactless mobile payments, 2011-17
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- Figure 16: Volume of contactless mobile payments, 2011-17
- Increased mobile functionality
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- Figure 17: Interest in payment method alternatives, by generation, November 2012
Competitive Context
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- Key points
- Mobile apps disable debit cards
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- Figure 18: Interest in credit/debit card with budgeting tool, by age, June 2013
- Availability of mobile bill pay is increasing
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- Figure 19: U.S. Bank email ad for mobile billpay, 2013
- Internet banks are growing
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- Figure 20: Demographics of American households vs. direct bank customers, by age, 2012
- Figure 21: Demographics of American households vs. direct bank customers, by income, 2012
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- Figure 22: Interest in internet-only banking, by age, June 2013
Segment Performance
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- Key points
- Mobile device owners tend to be younger
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- Figure 23: Ownership of devices, by age, June 2013
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- Figure 24: Own multiple devices, by device owned, June 2013
- Computers are most popular device for electronic banking
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- Figure 25: Type of financial activities conducted on devices, by type of device, June 2013
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- Figure 26: Ranking of frequency of conducting financial transactions, June 2013
- Computer owners most satisfied with banks’ electronic capabilities
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- Figure 27: Satisfaction with electronic capabilities provided by primary bank, by age, June 2013
- Tablet apps will be increasingly important
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- Figure 28: Influence of mobile apps on choice of bank/satisfaction with mobile apps, by generation, June 2013
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- Figure 29: Interest in switching primary banks for more electronic banking services, by age, June 2013
- Mobile wallets are still “coming”
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- Figure 30: Consumer familiarity with payment method brands, November 2012
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- Figure 31: Incidence of mobile payment usage, by age, June 2013
Innovations and Innovators
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- Key points
- Citibank is moving ahead with new tablet apps
- City Bank Texas launches apps that keep it ahead of the pack
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- Figure 32: Interest in a debit/credit card with budget controls, by age, June 2013
- San Diego County Credit Union offers mobile chat
- Westpac is crowdsourcing to develop new apps
Marketing Strategies
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- Brand analysis – Bank of America
- Online initiatives
- TV presence
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- Figure 33: Bank of America, television ad, 2013
- Direct mail
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- Figure 34: Bank of America, direct mail ad, 2013
- Figure 35: Bank of America, direct mail ad, 2013
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- Figure 36: Bank of America email ad, 2013
- Figure 37: Bank of America email ad, 2013
- Online
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- Figure 38: Bank of America online ad, 2012
- Brand analysis – Citibank
- Online
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- Figure 39: Citibank video, 2012
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- Figure 40: Citibank video, 2011
- Figure 41: Citibank online ad, 2013
- Direct mail
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- Figure 42: Citibank direct mail, 2013
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- Figure 43: Citibank email ad, 2013
- Figure 44: Citibank email ad, 2013
- Brand analysis – Progressive Insurance
- Online
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- Figure 45: Progressive video, 2012
- TV Presence
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- Figure 46: Progressive television ad, 2012
- Direct mail
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- Figure 47: Progressive direct mail, 2013
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- Figure 48: Progressive email ad, 2013
- Figure 49: Progressive email ad, 2013
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- Figure 50: Progressive print ad, 2012
Consumer Ownership of Electronic Devices
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- Key points
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- Figure 51: Incidence of computer, smartphone and tablet computer ownership, by age, June 2013
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- Figure 52: Incidence of computer, smartphone and tablet computer ownership, by household income, June 2013
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- Figure 53: Incidence of computer, smartphone and tablet computer ownership, by race/Hispanic origin, June 2013
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- Figure 54: Incidence of computer, smartphone and tablet computer ownership, by type of device owned, June 2013
Device Preferred for Banking
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- Key points
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- Figure 55: Device preferred for banking, by gender, June 2013
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- Figure 56: Device preferred for banking, by age, June 2013
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- Figure 57: Device preferred for banking, by household income, June 2013
Types of Financial Activities Conducted on Device
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- Key points
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- Figure 58: Incidence of conducting financial activities electronically, by device, June 2013
- Computer owners
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- Figure 59: Incidence of conducting financial activities on personal computer, by device ownership, June 2013
- Figure 60: Incidence of conducting financial activities on personal computer, by gender, June 2013
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- Figure 61: Incidence of conducting financial activities on personal computer, by age, June 2013
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- Figure 62: Incidence of conducting financial activities on personal computer, by gender and age, June 2013
- Figure 63: Incidence of conducting financial activities on personal computer, by household income, June 2013
- Smartphone owners
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- Figure 64: Incidence of conducting financial activities on smartphone, by gender, June 2013
- Figure 65: Incidence of conducting financial activities on smartphone, by age, June 2013
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- Figure 66: Incidence of conducting financial activities on smartphone, by race/hispanic origin, June 2013
- Figure 67: Incidence of conducting financial activities on smartphone, by marital/relationship status, June 2013
- Tablet owners
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- Figure 68: Incidence of conducting financial activities on tablet, by gender, June 2013
- Figure 69: Incidence of conducting financial activities on tablet, by age, June 2013
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- Figure 70: Incidence of conducting financial activities on tablet, by race/Hispanic origin, June 2013
Reasons for Not Utilizing Electronic Banking
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- Key points
- Computers
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- Figure 71: Reasons for not using a computer for financial transactions, by gender, June 2013
- Smartphones
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- Figure 72: Reasons for not using a smartphone for financial transactions, by gender, June 2013
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- Figure 73: Reasons for not using a smartphone for financial transactions, by age, June 2013
- Tablets
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- Figure 74: Reasons for not using a tablet for financial transactions, by gender, June 2013
- Figure 75: Reasons for not using a tablet for financial transactions, by household income, June 2013
How Consumers Prefer to Use Their Devices
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- Key points
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- Figure 76: Incidence of accessing online tools, downloading apps, and mobile payments, by gender, June 2013
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- Figure 77: Incidence of accessing online tools, downloading apps, and mobile payments, by age, June 2013
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- Figure 78: Incidence of accessing online tools, downloading apps, and mobile payments, by household income, June 2013
Effectiveness of Incentives and Disincentives
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- Key points
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- Figure 79: Interest in using online and mobile banking if incentives/disincentives are offered, by gender, June 2013
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- Figure 80: Interest in using online and mobile banking if incentives/disincentives are offered, by age, June 2013
- Figure 81: Interest in using online and mobile banking if incentives/disincentives are offered, by household income, June 2013
Attitudes about Online-Only Banks and Electronic Offerings
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- Key points
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- Figure 82: Attitudes about online only banks and online/mobile offerings, by gender, June 2013
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- Figure 83: Attitudes about online only banks and online/mobile offerings, by age, June 2013
Satisfaction with Electronic Banking Capabilities
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- Key points
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- Figure 84: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, by gender, June 2013
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- Figure 85: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, by age, June 2013
Reasons for Not Using Devices for Shopping
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- Key points
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- Figure 86: Reasons for not using electronic device to make purchases, by gender, June 2013
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- Figure 87: Reasons for not using electronic device to make purchases, by age, June 2013
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- Figure 88: Reasons for not using electronic device to make purchases, by household income, June 2013
Use of Social Media to Follow Institutions
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- Key points
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- Figure 89: Use of social media to follow financial institution, by gender, June 2013
- Figure 90: Use of social media to follow financial institution, by age, June 2013
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- Figure 91: Use of social media to follow financial institution, by household income, June 2013
Appendix – Other Useful Consumer Tables
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- Figure 92: Device preferred for banking, by device ownership, June 2013
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- Figure 93: Incidence of conducting financial activities on personal computer, by device ownership, June 2013
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- Figure 94: Incidence of conducting financial activities on smartphone, by device ownership, June 2013
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- Figure 95: Incidence of conducting financial activities on tablet, by device ownership, June 2013
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- Figure 96: Reasons for not using a computer for financial transactions, by device ownership, June 2013
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- Figure 97: Reasons for not using a smartphone for financial transactions, by device ownership, June 2013
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- Figure 98: Reasons for not using a tablet for financial transactions, by device ownership, June 2013
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- Figure 99: Incidence of accessing online tools, downloading apps, and mobile payments, by device ownership, June 2013
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- Figure 100: Interest in using online and mobile banking if incentives/disincentives are offered, by device ownership, June 2013
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- Figure 101: Attitudes about online banks and online/mobile offerings, by device ownership, June 2013
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- Figure 102: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, June 2013
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- Figure 103: Reasons for not using electronic device to make purchases, by device ownership, June 2013
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- Figure 104: Use of social media to follow financial institution, by device ownership, June 2013
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Appendix – Trade Associations
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