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New mobile banking survey tags top 5 consumer uses

The vast majority of consumers report using at least one digital banking service, the VSoft Corp. study finds.

February 19, 2016

A new survey from VSoft Corporation, identifies the top five digital activities used by consumers as follows:

• balance inquiries — 81 percent;
• online bill payment/ATF — 72 percent;
• money transfer — 60 percent;
• finding branch and ATM locations — 45 percent; and
• customer service support — 37 percent.

Among consumers who have a financial institution, 99 percent said that their bank currently offers digital banking services and 88 percent use at least one of those digital services. 

Also noteworthy — though perhaps not surprising, VSoft said — is that nearly three-fourths (72 percent) of consumers who use digital banking said that they use their FI's bill pay service. This coincides with a trend toward noncash transactions, according to a company press release.

VSoft Corp. Chairman and CEO Murthy Veeraghanta said in the release that the survey demonstrates the need for financial institutions to adapt fast to the evolving technology landscape.

"The continued growth in electronic and mobile payments along with the fact that Millennials — the largest and most tech-savvy generation in history — are maturing into adulthood, financial institutions are under immense pressure to keep pace with digital banking services as well as consolidate these channels to ensure a superior experience," he said. "Because most banks and credit unions offer some kind of digital service, this is even more imperative to differentiate among competitive institutions."

The survey was conducted on behalf of VSoft by Harris Poll, betweeb Oct. 29 and Nov. 2, 2015, and garnered responses from more than 2,000 U.S. adults ages 18 and older.