Mobile Banking: The New American Addiction
-
Upload
ntt-data-consulting-inc -
Category
Economy & Finance
-
view
7.377 -
download
1
Transcript of Mobile Banking: The New American Addiction
INSPIRED TO HELP YOU SUCCEED
www.carlisleandgallagher.com │
Mobile Banking: The New American Addiction
January 2015
U.S. Mobile Banking Lifestyle Study
#CGDigital I @InspiredbyCG
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED2
1. How quickly is mobile banking accelerating?
2. What devices do consumers prefer for mobile banking? Is that changing?
3. How many devices will people own in the future?
4. What are the implications of mobile banking’s growth to financial institutions?
5. What investments must financial institutions make in the current environment?
#CGDigital I @InspiredbyCG
Living a Mobile Banking Lifestyle:
Key Questions Driving CG’s
Research
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED3
“Consumers are driving and banks are just the passengers .
If you don’t get it right, they’ll delete
your app.”
“Consumers expect more from a mobile
device than a laptop.”
“Start anywhere, finish anywhere – Consumers are
looking for the same experiences across
many devices.”
“Larger screen size provides more opportunity for
content.”
“We will consider our mobile app successful when consumers can
open an account, have picture capability, be
able to upload documents, etc.”
“The most important real estate is on a
consumer’s phone. Different form factors
present targeting opportunities for
marketing.”
#CGDigital I @InspiredbyCG What Financial Institutions Are Saying…
- Leading Online U.S. Bank - Top 20 Credit Card Issuer - Top 6 U.S. Bank
- Top 6 U.S. Bank - Top 5 Global Bank - Leading Online U.S. Bank
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED4
29%
47%
25%
18-34
35-50
Over 50
Survey Snapshot
• 1,005 survey responses
• All respondents live in the U.S. or are U.S. citizens
• The survey was conducted online
• Participants were recruited from an online research panel
• Participants were required to be over 18 years of age
• Survey gender was representative of the U.S. population (48% male, 52% female)
Household Income
14%
26%57%
3% Less than $49,999
$50,000 to $99,999
$100,000 to $249,999
$250,000 or more
Overall mix of respondents reflects a higher income base
Distribution of respondents across age segments
Age Distribution
64% own three or more device types
Device Types Owned#CGDigital I @InspiredbyCG
Device Types: Laptop, Tablet, Phablet, Smartphone
Four or more
device types
Three device types
Two device types
One device types
5% 2%
59%
34%
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED5
52%of consumers are
doing more mobile banking than two years
ago
Mobile Banking is Hyper-Accelerating
26% access mobile banking habitually, 4 or more times a week
55% access mobile banking 2-3 times per week or more
Q16. How frequently do you use your mobile device for banking?
#CGDigital I @InspiredbyCG
Q18. Compared to two years ago, how would you describe the amount of banking activities you conduct on your mobile devices?
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED6
72%of consumers are more
likely to do mobile banking if it is easy to use
Ease of Use and Features Are Driving Mobile Banking
Q19. Compared to two years ago, do the following factors make you more or less likely to use mobile banking? (1-much less likely, 5-neutral,10-much more likely)
#CGDigital I @InspiredbyCG
Do the following factors make you more or less likely to use mobile banking? Less Likely Neutral More Likely
Ease of Use 4% 26% 72%
Easier to Make Payments 7% 30% 65%
Better Features 4% 32% 65%
Understanding of Features 5% 36% 59%
Confidence in Mobile Use 8% 41% 53%
Security 17% 38% 50%
Larger Mobile Devices 11% 43% 46%
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED7
In the Future…
Consumers Will Use More Devices for
Banking, Not Less
100%growth in phablet use for mobile banking over
the next 24 months, across all demographics
#CGDigital I @InspiredbyCG
Phablet growth in the 25-34 (126%) & 55-70 (129%) demographic segments
is very high
Q24. Which of the following devices do you expect to be using for banking in 24 months? (2016)
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED8
Despite the Increasing Number
of Devices…
Consumers Would Prefer a Two-Device
Lifestyle
57%of respondents would strongly
prefer a two-device lifestyle
“I Would Prefer a Two-Device Lifestyle”
#CGDigital I @InspiredbyCG
VERY LIMITED Less than once a
week
MODERATE 2-3 times a week
FREQUENT – 4 or more times
a week
HABITUAL– Part of my daily
routineQ22. I would prefer to have just two devices if they could fit all of my needs? Rated on a scale of 1-10. Reponses indicate percentage of respondents for 8 and above.
52%
61% 61%
67%
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED9
The typical phablet user….… is male (65%)… is younger, more than a third are 25-34 years old… uses mobile banking more than other demographics (40%)… owns more devices, on average (3 or more)… purchased their phablet with mobile banking in mind… is concerned with device attractiveness (69%)… is more likely to buy a wearable (33%)
The Phablet Phenomenon
#CGDigital I @InspiredbyCG
40%of phablet owners are
habitual mobile banking users
(4 or more times a week)
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED10
84%expect to buy a
smartphone in the next 24 months
Smartphone Remains the Dominant New Purchase
Phablet
Tablet
Laptop
Smartphone
14%
25%
26%
84%
% of Total Respondents
Expected Device Purchases
#CGDigital I @InspiredbyCG
Q22. What devices do you plan on purchasing?.
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED11
11%
Mobile Device Growth Will Dominate Banking During the Next Two Years
#CGDigital I @InspiredbyCG
Laptop Smartphone Tablet Phablet
84%81%
52%
62%
32%
44%
5%
Q24. Which of the following devices do you expect to be using for banking in 24 months? (2016)
Q10. Which of these devices do you use for banking? (2014)
Do not use their tablet for mobile banking
today
68%Tablets are toys
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED12
There’s a Device For That
Today’s banking
customers want to do
everything on every
device that they own –
expectations are for
feature and functions to be
integrated
#CGDigital I @InspiredbyCG
Laptop Tablet Phablet Smartphone
© 2015 Carlisle & Gallagher Consulting Group. Proprietary and Confidential. INSPIRED TO HELP YOU SUCCEED13
Pursue a Digital Omni-ChannelPlan for Larger DevicesMaintain a High Focus on
Online Banking
Financial institutions must give consumers seamless features and functions across all of their mobile devices. As devices continue to evolve, they will offer new opportunities and the case for Digital Omni-Channel.
Financial institutions need to have a strategy that depicts how larger devices will change customer experience. Larger devices, like the phablet, give consumers features that were undesirable on smaller smartphones, enhance online sales and enable more effective marketing.
Financial institutions must adopt a “mobile-first” approach. However, consumers still have a strong preference to use browser-based online banking on their laptops and it is imperative that financial institutions maintain, and even expand, their legacy online banking platforms.
CG’s Recommendations
#CGDigital I @InspiredbyCG
Carlisle & Gallagher Consulting Group Contact Us
Carlisle & Gallagher Consulting Group 212 South Tryon Street, Suite 800, Charlotte, NC 28281O: 704.936.1600 | [email protected] | @InspiredbyCG
Byl Cameron │ Digital Practice Lead704.390.6960 │ [email protected]@bylcameron