Table of Contents
Executive Summary
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- The issues
- Mobile devices are rarely used to access accounts
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- Figure 1: Accessing financial accounts, by mobile device ownership, June 2017
- Almost half still don’t use mobile banking apps
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- Figure 2: Use of mobile apps, by gender, June 2017
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- Figure 3: Regions Bank android pay email, 2015
- Young consumers most likely to want local branches
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- Figure 4: Financial behaviors, by generation, June 2017
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- Figure 5: Chase sweepstakes direct mail ad, 2015
- The opportunities
- Alternative institutions should continue to target young consumers
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- Figure 6: Attitudes toward online/mobile services, by generation, June 2017
- Improve explanations of how to use digital services
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- Figure 7: Attitudes toward online/mobile services, by parental status, June 2017
- Cross-selling may be especially successful with young consumers
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- Figure 8: Attitudes toward online/mobile services, by generation, June 2017
- What it means
The Market – What You Need to Know
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- Growth of the Internet of Things
- Sales of devices among high earners continue to grow
- Growth of younger consumer segments
Market Factors
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- Growth of the Internet of Things
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- Figure 9: Ally Bank Splurge Alert email, 2016
- Most high earners plan to purchase a new device soon
- Growth of younger consumer segments
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- Figure 10: Population by generation, 2017-22
- Banks are continuing to close branches
Key Players – What You Need to Know
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- Consumers are satisfied with digital offerings
- Voice commands
- Mobile app use
- The human touch is becoming less important
- Mobile-only banks
- Microadvice
- Rewards for mobile payments
- Banking with Amazon?
What’s Working?
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- Consumers are satisfied with digital offerings
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- Figure 11: Satisfaction with digital services, by generation, June 2017
- Voice commands
- USAA and Clinc
What’s Struggling?
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- Mobile app use
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- Figure 12: Use of mobile apps, by mobile device ownership, June 2017
- The human touch is becoming less important
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- Figure 13: Use of services, June 2017
What’s Next?
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- Mobile-only banks
- Microadvice
- Rewards for mobile payments
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- Figure 14: US Bank Altitude Reserve VISA Infinite card email, 2017
- Banking with Amazon?
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- Figure 15: Interest in banking with a technology company, by generation, June 2017
- CHAID analysis
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- Figure 16: Interest in banking with a technology company – CHAID – Tree output, June 2017
The Consumer – What You Need to Know
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- Men have more varied account types than women
- Most use their computers
- Hispanics vastly prefer mobile apps
- Many still think mobile apps are unnecessary and not secure
- Mobile payments growing among young consumers
- Access to humans is important to parents
- Young, digital users are more satisfied than older users
Location of Accounts
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- Men have more different types of accounts than women
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- Figure 17: Location of accounts, by gender, June 2017
Account Access
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- Most use their computers
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- Figure 18: Account access, by account access, June 2017
- Convenience is the major factor in digital usage
- iGens prefer to access accounts via phones
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- Figure 19: Account access, by generation, June 2017
Use of Mobile Apps
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- Hispanics vastly prefer mobile apps
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- Figure 20: Use of mobile apps, by Hispanic origin, June 2017
- Higher earners more likely to use mobile apps
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- Figure 21: Use of mobile apps, by household income, June 2017
- Parents are heavy users
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- Figure 22: Use of mobile apps, by parental status, June 2017
- Many still think mobile apps are unnecessary and not secure
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- Figure 23: Reasons for not using mobile apps, June 2017
- Most use apps to keep watch over accounts
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- Figure 24: Transactions via mobile apps, June 2017
- How do consumers use their financial institution’s digital services?
Use of Services
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- Mobile payments growing among young consumers
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- Figure 25: Use of services, by generation, 2017
- Hispanics increase use of digital services
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- Figure 26: Use of services, by Hispanic origin, June 2017
- Young consumers more likely to use institutions’ money management tools
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- Figure 27: Use of services, by generation, June 2017
Attitudes toward Online/Mobile Services
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- Young men want more flexibility
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- Figure 28: Attitudes toward online/mobile services, by gender and age, June 2017
- Access to humans is important to parents
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- Figure 29: Attitudes toward online/mobile services, by parental status, June 2017
Satisfaction with Digital Services
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- Young, digital users are more satisfied than older users
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- Figure 30: Satisfaction with digital services, by generation, June 2017
- Satisfaction among Hispanics is high
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- Figure 31: Satisfaction with digital services, by Hispanic origin, June 2017
Location of Accounts/Services – Mobile Survey
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- Location of accounts
- Blacks lag Whites and Hispanics in account ownership
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- Figure 32: Location of Accounts, by race and Hispanic origin, July 2017
- Financial behaviors
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- Figure 33: Financial behaviors, by generation, July 2017
- How important are digital services?
Appendix – Data Sources and Abbreviations
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- Data sources
- Sales data
- Consumer survey data
- Consumer qualitative research
- Direct marketing creative
- Abbreviations and terms
- Abbreviations
Appendix – CHAID Analysis
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- Methodology
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- Figure 34: Attitudes toward online/mobile financial services – CHAID – Table output, June 2017
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