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Study: Fiserv looks at mobile and tablet banking trends

August 8, 2013

Consumers are increasingly banking through mobile and tablet devices, but this is only the tip of the iceberg when it comes to changes in how consumers use these channels, according to Daniel Steere, director of product management for mobile payments at Fiserv.

To illustrate the trend, Steere rounded up some of the most compelling mobile and tablet statistics from the 2012 Fiserv Consumer Trends Survey.

The survey, which captures consumer banking preferences and behavior, was originally released to Fiserv clients late last year, and captured responses from 3,000 consumers.

"Overall, the survey shows mobile adoption and growth moving beyond the trendsetting Gen Y (ages 21-32) consumer group," Steere wrote in a blog post. "And as tablets have rapidly entered the mainstream, consumers are expecting an experience tailored to this unique channel."

Steere cited other notable findings, as well:

• The number of mobile banking users increased by 33 percent in 2012 to almost 25 million U.S. households;
• mobile banking use grew fastest among Gen X consumers, but they still trail Gen Y consumers in number;
• apps are becoming the preferred way to access mobile banking — the use of mobile browsers or SMS has declined;
• balance checks are the dominant mobile banking activity, but more than one-third of users also pay bills, transfer funds and view statements via mobile;
• tablet ownership jumped from 19 percent in 2011 to 32 percent in 2012 ("We expect that to soon approach 50 percent," said Steere); and
• almost half of tablet owners use their device for online banking access.

Steere said that Fiserv expects continued fast growth in tablets as consumers switch to a more engaging digital banking experience.

The following slide presentation offers insights from Fiserv about ways to maximize mobile ROI.

Read more about mobile banking.