Author: Mintel Group Ltd.
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Mobile Banking - US - January 2015
Scope and Themes
 
What you need to know
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.

This report builds on the analysis presented in Mintel’s:

●	Innovations in Banking – US, November 2014
●	Payments — US, October 2014
●	Retail Banks and Credit Unions — US, February 2014

Data sources
Consumer survey data
For the purposes of this report, Mintel commissioned exclusive consumer research through Lightspeed GMI to explore consumer consumption of/attitudes and behaviors toward mobile and online banking. Mintel was responsible for the survey design, data analysis, and reporting. Fieldwork was conducted in October 2014 among a sample of 1,570 adults aged 18+ with access to the internet and who have a banking relationship and own a smartphone/tablet.

Mintel selects survey respondents by gender, age, household income, and region so that they are proportionally representative of the US adult population using the internet. Mintel also slightly over-samples, relative to the population, respondents that are Hispanic or Black to ensure an adequate representation of these groups in our survey results and to allow for more precise parameter estimates from our reported findings. Please note that Mintel surveys are conducted online and in English only. Hispanics who are not online and/or do not speak English are not included in the survey results.

The Experian Marketing Services, Simmons NCS/NHCS was carried out during August 2013-September 2014 and the results are based on the sample of 19,935 adults aged 18+ who use the internet and have a banking relationship, with results weighted to represent the US adult population.

While race and Hispanic origin are separate demographic characteristics, Mintel often compares them to each other. Please note that the responses for race (White, Black, Asian, Native American, or other race) will overlap those that also are Hispanic, because Hispanics can be of any race.

Direct marketing creative
All estimated mail volume data and consumer direct mail marketing creatives are provided by Mintel Comperemedia.

Mintel Comperemedia is a searchable competitive database tracking direct mail, print, and online advertising in the US and Canada, as well as email in the US. Comperemedia tracks information across eight sectors: Banking, Credit Card, Investments, Insurance, Mortgage and Loan, Telecom, Travel and Leisure, and Automotive.

For more information, please contact Account Services Management at 312.450.6353 or www.mintel.com.

Abbreviations and terms
Abbreviations
The following is a list of abbreviations used in this report.

FS | Financial services
FSI | Financial services industry
ICBA | Independent Community Bankers of America
PFM | Personal financial management
POS | Point of sale
RDC | Remote deposit capture

Terms
Generations discussed within this report are defined as:

World War II/Swing generations | Members of the WWII generation were born in 1932 or before and are aged 83 or older in 2015. Members of the Swing Generation were born from 1933-45 and are aged 69-82 in 2015.
Baby Boomers | The generation born between 1946 and 1964. In 2015, Baby Boomers are between the ages of 51 and 69.
Generation X | The generation born between 1965 and 1976. In 2015, Gen Xers are between the ages of 39 and 50.
Millennials * | Born between 1977 and 1994, Millennials are aged 21-38 in 2015.
iGeneration | Born between 1995 and 2007, members of iGen are aged 8-20 in 2015.
Emerging generation | The newest generation began in 2008 as the annual number of births declined sharply with the recession. In 2015 members of this as-yet-unnamed generation are younger than 8.

* also known as Generation Y or Echo Boomers.

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