News

Study: mobile and tablet banking

April 19, 2013

Mercator Advisory Group has announced the publication of "Mobile and Tablet Banking: A Catalyst for Change." The study investigates how mobile devices are changing consumers' management of their financial lives.

The proliferation of Internet-enabled mobile devices, and particularly, the growing availability and popularity of mobile banking apps, is driving adoption of mobile banking. Mercator cited survey data saying that by last October, customers were using their FIs' apps more than the mobile web for their mobile banking activities.

The new study is the sixth in a series of eight consumer survey reports in the CustomerMonitor Survey Series from Mercator Advisory Group. Data was obtained in a national sample of 1,008 consumer survey responses completed online between Oct. 23, 2012 and Nov. 2, 2012.

The study examines market dynamics including:

• changes in mobile and tablet use;
• methods and frequency of communication with FIs;
• various banking activities performed by mobile device and;
• the impact of mobile banking on branch visits.

"Mobile banking offers a new level of convenience, engaging customers with more frequent contact at a lower cost. Yet, financial institutions need to make it easier, more secure and responsive to bank by mobile," said Karen Augustine, manager of CustomerMonitor Survey Series at Mercator Advisory Group and the author of the report.

Highlights of the report include:

• the trend in access to the mobile Internet, different access methods, mobile banking activities and methods, demographics of mobile banking users;
• shifts and preferences in customers' communication methods with FIs;
• banking activities performed based on device type;
• challenges to mobile banking adoption and ratings for security and reliability;
• importance of real-time access for diffent types of banking activity.

Read more about trends and statistics.