Sorry for interrupting, this website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Learn more
Accept & Close

Consumer Attitudes toward Technology in Financial Services - US - September 2013

“While ‘electronic banking’ used to mean banking by computer, it now encompasses three devices: computers, smartphones, and tablets. Because each device is different, both with regard to the people who use them and the functions for which they are used, banks that want customers to migrate to those devices need to learn how to leverage the advantages of each.”

– Robyn Kaiserman, Financial Services Analyst

 This report will address the following areas:

  • How can banks entice more people to use electronic banking?
  • What is holding tablet usage back?
  • How can banks address security concerns?

What you get

What's included

Why buy from us?

Succeed

Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.

Instant Access

Buy now and you'll have instant access to the information you need to make the right decisions.

Opportunities

Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.

Trusted

A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.

Table of contents

  1. Scope and Themes

    • What you need to know
      • Data sources
        • Consumer survey data
          • Direct marketing creative
            • Abbreviations and terms
              • Abbreviations
                • Terms
                • Executive Summary

                    • The market
                      • Figure 1: Device ownership, by age, June 2013
                    • Growth in online banking is slowing
                      • Figure 2: Preferred banking channel, 2008-12
                    • Market drivers
                      • Sales of tablets and smartphones continue to explode
                        • Figure 3: Worldwide sales of electronic device market, by category, 2012, 2017
                      • The underbanked are heavy users of mobile banking and their numbers are growing
                        • Figure 4: Un- and underbanked households in U.S. as percentage of all households, 2009, 2011
                      • Increased mobile functionality
                        • Figure 5: Interest in payment method alternatives, by generation, November 2012
                      • The consumer
                        • Computers used for banking more than smartphones or tablets
                          • Figure 6: Type of financial activities conducted on devices, by type of device, June 2013
                        • Reasons people don’t bank electronically
                          • Figure 7: Reasons for not using electronic device for banking transactions, by device, June 2013
                        • What we think
                        • Issues and Insights

                            • How can banks entice more people to use electronic banking?
                              • Issues
                                • Insights
                                  • Figure 8: Effectiveness of incentives and disincentives for online banking, by age, June 2013
                                • What is holding tablet usage back?
                                  • Issues
                                    • Insights
                                      • How can banks address security concerns?
                                        • Issues
                                          • Figure 9: Perceptions of the security of mobile banking apps, 2011, 2012
                                        • Insights
                                        • Trend Application

                                            • Inspire Trend: Cam Cam
                                              • Inspire Trend: Attention Economy
                                                • Mintel Futures: Human
                                                • Market Size

                                                  • Key points
                                                    • Growth in online banking is slowing, mobile and phone banking growing
                                                      • Figure 10: Preferred method of banking, 2008-12
                                                  • Market Drivers

                                                    • Key points
                                                      • Sales of tablets and smartphones continue to explode
                                                        • Figure 11: Worldwide smart connected device market, by category, 2012, 2017
                                                        • Figure 12: Smartphone ownership, by age, November 2011, June 2013
                                                        • Figure 13: Tablet ownership, by age, January 2011, June 2013
                                                      • Increase in underbanked populations
                                                        • Figure 14: Un- and underbanked households in U.S. as percentage of all households, 2009, 2011
                                                      • Increased interest in mobile payments
                                                        • Figure 15: Number of people who use contactless mobile payments, 2011-17
                                                        • Figure 16: Volume of contactless mobile payments, 2011-17
                                                      • Increased mobile functionality
                                                        • Figure 17: Interest in payment method alternatives, by generation, November 2012
                                                    • Competitive Context

                                                      • Key points
                                                        • Mobile apps disable debit cards
                                                          • Figure 18: Interest in credit/debit card with budgeting tool, by age, June 2013
                                                        • Availability of mobile bill pay is increasing
                                                          • Figure 19: U.S. Bank email ad for mobile billpay, 2013
                                                        • Internet banks are growing
                                                          • Figure 20: Demographics of American households vs. direct bank customers, by age, 2012
                                                          • Figure 21: Demographics of American households vs. direct bank customers, by income, 2012
                                                          • Figure 22: Interest in internet-only banking, by age, June 2013
                                                      • Segment Performance

                                                        • Key points
                                                          • Mobile device owners tend to be younger
                                                            • Figure 23: Ownership of devices, by age, June 2013
                                                            • Figure 24: Own multiple devices, by device owned, June 2013
                                                          • Computers are most popular device for electronic banking
                                                            • Figure 25: Type of financial activities conducted on devices, by type of device, June 2013
                                                            • Figure 26: Ranking of frequency of conducting financial transactions, June 2013
                                                          • Computer owners most satisfied with banks’ electronic capabilities
                                                            • Figure 27: Satisfaction with electronic capabilities provided by primary bank, by age, June 2013
                                                          • Tablet apps will be increasingly important
                                                            • Figure 28: Influence of mobile apps on choice of bank/satisfaction with mobile apps, by generation, June 2013
                                                            • Figure 29: Interest in switching primary banks for more electronic banking services, by age, June 2013
                                                          • Mobile wallets are still “coming”
                                                            • Figure 30: Consumer familiarity with payment method brands, November 2012
                                                            • Figure 31: Incidence of mobile payment usage, by age, June 2013
                                                        • Innovations and Innovators

                                                          • Key points
                                                            • Citibank is moving ahead with new tablet apps
                                                              • City Bank Texas launches apps that keep it ahead of the pack
                                                                • Figure 32: Interest in a debit/credit card with budget controls, by age, June 2013
                                                              • San Diego County Credit Union offers mobile chat
                                                                • Westpac is crowdsourcing to develop new apps
                                                                • Marketing Strategies

                                                                  • Brand analysis – Bank of America
                                                                    • Online initiatives
                                                                      • TV presence
                                                                        • Figure 33: Bank of America, television ad, 2013
                                                                      • Direct mail
                                                                        • Figure 34: Bank of America, direct mail ad, 2013
                                                                        • Figure 35: Bank of America, direct mail ad, 2013
                                                                      • Email
                                                                        • Figure 36: Bank of America email ad, 2013
                                                                        • Figure 37: Bank of America email ad, 2013
                                                                      • Online
                                                                        • Figure 38: Bank of America online ad, 2012
                                                                      • Brand analysis – Citibank
                                                                        • Online
                                                                          • Figure 39: Citibank video, 2012
                                                                          • Figure 40: Citibank video, 2011
                                                                          • Figure 41: Citibank online ad, 2013
                                                                        • Direct mail
                                                                          • Figure 42: Citibank direct mail, 2013
                                                                        • Email
                                                                          • Figure 43: Citibank email ad, 2013
                                                                          • Figure 44: Citibank email ad, 2013
                                                                        • Brand analysis – Progressive Insurance
                                                                          • Online
                                                                            • Figure 45: Progressive video, 2012
                                                                          • TV Presence
                                                                            • Figure 46: Progressive television ad, 2012
                                                                          • Direct mail
                                                                            • Figure 47: Progressive direct mail, 2013
                                                                          • Email
                                                                            • Figure 48: Progressive email ad, 2013
                                                                            • Figure 49: Progressive email ad, 2013
                                                                          • Print
                                                                            • Figure 50: Progressive print ad, 2012
                                                                        • Consumer Ownership of Electronic Devices

                                                                          • Key points
                                                                              • Figure 51: Incidence of computer, smartphone and tablet computer ownership, by age, June 2013
                                                                              • Figure 52: Incidence of computer, smartphone and tablet computer ownership, by household income, June 2013
                                                                              • Figure 53: Incidence of computer, smartphone and tablet computer ownership, by race/Hispanic origin, June 2013
                                                                              • Figure 54: Incidence of computer, smartphone and tablet computer ownership, by type of device owned, June 2013
                                                                          • Device Preferred for Banking

                                                                            • Key points
                                                                                • Figure 55: Device preferred for banking, by gender, June 2013
                                                                                • Figure 56: Device preferred for banking, by age, June 2013
                                                                                • Figure 57: Device preferred for banking, by household income, June 2013
                                                                            • Types of Financial Activities Conducted on Device

                                                                              • Key points
                                                                                  • Figure 58: Incidence of conducting financial activities electronically, by device, June 2013
                                                                                • Computer owners
                                                                                  • Figure 59: Incidence of conducting financial activities on personal computer, by device ownership, June 2013
                                                                                  • Figure 60: Incidence of conducting financial activities on personal computer, by gender, June 2013
                                                                                  • Figure 61: Incidence of conducting financial activities on personal computer, by age, June 2013
                                                                                  • Figure 62: Incidence of conducting financial activities on personal computer, by gender and age, June 2013
                                                                                  • Figure 63: Incidence of conducting financial activities on personal computer, by household income, June 2013
                                                                                • Smartphone owners
                                                                                  • Figure 64: Incidence of conducting financial activities on smartphone, by gender, June 2013
                                                                                  • Figure 65: Incidence of conducting financial activities on smartphone, by age, June 2013
                                                                                  • Figure 66: Incidence of conducting financial activities on smartphone, by race/hispanic origin, June 2013
                                                                                  • Figure 67: Incidence of conducting financial activities on smartphone, by marital/relationship status, June 2013
                                                                                • Tablet owners
                                                                                  • Figure 68: Incidence of conducting financial activities on tablet, by gender, June 2013
                                                                                  • Figure 69: Incidence of conducting financial activities on tablet, by age, June 2013
                                                                                  • Figure 70: Incidence of conducting financial activities on tablet, by race/Hispanic origin, June 2013
                                                                              • Reasons for Not Utilizing Electronic Banking

                                                                                • Key points
                                                                                  • Computers
                                                                                    • Figure 71: Reasons for not using a computer for financial transactions, by gender, June 2013
                                                                                  • Smartphones
                                                                                    • Figure 72: Reasons for not using a smartphone for financial transactions, by gender, June 2013
                                                                                    • Figure 73: Reasons for not using a smartphone for financial transactions, by age, June 2013
                                                                                  • Tablets
                                                                                    • Figure 74: Reasons for not using a tablet for financial transactions, by gender, June 2013
                                                                                    • Figure 75: Reasons for not using a tablet for financial transactions, by household income, June 2013
                                                                                • How Consumers Prefer to Use Their Devices

                                                                                  • Key points
                                                                                      • Figure 76: Incidence of accessing online tools, downloading apps, and mobile payments, by gender, June 2013
                                                                                      • Figure 77: Incidence of accessing online tools, downloading apps, and mobile payments, by age, June 2013
                                                                                      • Figure 78: Incidence of accessing online tools, downloading apps, and mobile payments, by household income, June 2013
                                                                                  • Effectiveness of Incentives and Disincentives

                                                                                    • Key points
                                                                                        • Figure 79: Interest in using online and mobile banking if incentives/disincentives are offered, by gender, June 2013
                                                                                        • Figure 80: Interest in using online and mobile banking if incentives/disincentives are offered, by age, June 2013
                                                                                        • Figure 81: Interest in using online and mobile banking if incentives/disincentives are offered, by household income, June 2013
                                                                                    • Attitudes about Online-Only Banks and Electronic Offerings

                                                                                      • Key points
                                                                                          • Figure 82: Attitudes about online only banks and online/mobile offerings, by gender, June 2013
                                                                                          • Figure 83: Attitudes about online only banks and online/mobile offerings, by age, June 2013
                                                                                      • Satisfaction with Electronic Banking Capabilities

                                                                                        • Key points
                                                                                          • Figure 84: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, by gender, June 2013
                                                                                          • Figure 85: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, by age, June 2013
                                                                                      • Reasons for Not Using Devices for Shopping

                                                                                        • Key points
                                                                                          • Figure 86: Reasons for not using electronic device to make purchases, by gender, June 2013
                                                                                          • Figure 87: Reasons for not using electronic device to make purchases, by age, June 2013
                                                                                          • Figure 88: Reasons for not using electronic device to make purchases, by household income, June 2013
                                                                                      • Use of Social Media to Follow Institutions

                                                                                        • Key points
                                                                                            • Figure 89: Use of social media to follow financial institution, by gender, June 2013
                                                                                            • Figure 90: Use of social media to follow financial institution, by age, June 2013
                                                                                            • Figure 91: Use of social media to follow financial institution, by household income, June 2013
                                                                                        • Appendix – Other Useful Consumer Tables

                                                                                            • Figure 92: Device preferred for banking, by device ownership, June 2013
                                                                                            • Figure 93: Incidence of conducting financial activities on personal computer, by device ownership, June 2013
                                                                                            • Figure 94: Incidence of conducting financial activities on smartphone, by device ownership, June 2013
                                                                                            • Figure 95: Incidence of conducting financial activities on tablet, by device ownership, June 2013
                                                                                            • Figure 96: Reasons for not using a computer for financial transactions, by device ownership, June 2013
                                                                                            • Figure 97: Reasons for not using a smartphone for financial transactions, by device ownership, June 2013
                                                                                            • Figure 98: Reasons for not using a tablet for financial transactions, by device ownership, June 2013
                                                                                            • Figure 99: Incidence of accessing online tools, downloading apps, and mobile payments, by device ownership, June 2013
                                                                                            • Figure 100: Interest in using online and mobile banking if incentives/disincentives are offered, by device ownership, June 2013
                                                                                            • Figure 101: Attitudes about online banks and online/mobile offerings, by device ownership, June 2013
                                                                                            • Figure 102: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, June 2013
                                                                                            • Figure 103: Reasons for not using electronic device to make purchases, by device ownership, June 2013
                                                                                            • Figure 104: Use of social media to follow financial institution, by device ownership, June 2013
                                                                                        • Appendix – Trade Associations

                                                                                          Companies Covered

                                                                                          • Amazon North America
                                                                                          • American Express Company (The)
                                                                                          • Google, Inc.
                                                                                          • Isis Asset Management PLC

                                                                                          Consumer Attitudes toward Technology in Financial Services - US - September 2013

                                                                                          £3,174.67 (Excl.Tax)