It’s no secret that mobile is helping to transform the banking experience for consumers. Mobile payment, however, is not catching on as fast. Could mobile banking help to increase adoption of mobile payment? This week’s FIN News Alert looks at the Media Post article, “87% of Millennials Use Mobile Banking; Security Still Top Barrier,” and looks at mobile banking among Millennials and what is fueling that growth. Here are some more details:
Strong adoption of mobile banking
- As retailers update sales terminals to accept various mobile payment methods, consumers with capable phones have still been reluctant to give up paying by cash or credit card.
- Many studies do show strong customer adoption and satisfaction with mobile banking. One study showed a 78% satisfaction rating.
- Mobile banking use is especially strong with Millennials. According to the quarterly consumer trends survey conducted by Harris Poll for Fiserv, results show a majority (87%) of those 18 to 35 years old already use mobile banking.
- According to the same survey, respondents said mobile essentially is transforming the banking experience for consumers:
- 51% of respondents said mobile will change the way they bank in the future.
- 44% of respondents said mobile has already changed the way they bank.
- 41% of Millennial respondents said they would leave their wallets at home if they could store all the information they need in a digital wallet.
Mobile banking is shifting
- Previous surveys found most consumers use mobile for accessing information, such as viewing balances, statements and ATM locations.
- The latest study found more complex tasks are being done with mobile banking applications:
- 47% of respondents said they pay for products and services online.
- 45% of respondents transfer money between accounts.
- 37% of respondents deposit checks.
- Mobile banking could offer new potential for money moving through mobile phones.
Looking for more insights on delivering a strong omnichannel experience for your customers? Check out this infographic.