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Digital Trends in Finance - US - September 2017

"While most consumers are satisfied with the digital services their financial institutions provide, improvement is still needed. Trust in the security of digital services is low, and most consumers still want to be able to talk to a human for answers to their financial questions. While institutions are doing all they can to convert consumers to digital solutions, they cannot forget the importance of the human touch and need to work to find the right balance."

- Robyn Kaiserman, Senior Financial Services Analyst

This report will look at the following areas:

  • Mobile devices are rarely used to access accounts
  • Almost half still don’t use mobile banking apps
  • Young consumers most likely to want local branches

 

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • The issues
          • Mobile devices are rarely used to access accounts
            • Figure 1: Accessing financial accounts, by mobile device ownership, June 2017
          • Almost half still don’t use mobile banking apps
            • Figure 2: Use of mobile apps, by gender, June 2017
            • Figure 3: Regions Bank android pay email, 2015
          • Young consumers most likely to want local branches
            • Figure 4: Financial behaviors, by generation, June 2017
            • Figure 5: Chase sweepstakes direct mail ad, 2015
          • The opportunities
            • Alternative institutions should continue to target young consumers
              • Figure 6: Attitudes toward online/mobile services, by generation, June 2017
            • Improve explanations of how to use digital services
              • Figure 7: Attitudes toward online/mobile services, by parental status, June 2017
            • Cross-selling may be especially successful with young consumers
              • Figure 8: Attitudes toward online/mobile services, by generation, June 2017
            • What it means
            • The Market – What You Need to Know

              • Growth of the Internet of Things
                • Sales of devices among high earners continue to grow
                  • Growth of younger consumer segments
                  • Market Factors

                    • Growth of the Internet of Things
                      • Figure 9: Ally Bank Splurge Alert email, 2016
                    • Most high earners plan to purchase a new device soon
                      • Growth of younger consumer segments
                        • Figure 10: Population by generation, 2017-22
                      • Banks are continuing to close branches
                      • Key Players – What You Need to Know

                        • Consumers are satisfied with digital offerings
                          • Voice commands
                            • Mobile app use
                              • The human touch is becoming less important
                                • Mobile-only banks
                                  • Microadvice
                                    • Rewards for mobile payments
                                      • Banking with Amazon?
                                      • What’s Working?

                                        • Consumers are satisfied with digital offerings
                                          • Figure 11: Satisfaction with digital services, by generation, June 2017
                                        • Voice commands
                                          • USAA and Clinc
                                          • What’s Struggling?

                                            • Mobile app use
                                              • Figure 12: Use of mobile apps, by mobile device ownership, June 2017
                                            • The human touch is becoming less important
                                              • Figure 13: Use of services, June 2017
                                          • What’s Next?

                                            • Mobile-only banks
                                              • Microadvice
                                                • Rewards for mobile payments
                                                  • Figure 14: US Bank Altitude Reserve VISA Infinite card email, 2017
                                                • Banking with Amazon?
                                                  • Figure 15: Interest in banking with a technology company, by generation, June 2017
                                                • CHAID analysis
                                                  • Figure 16: Interest in banking with a technology company – CHAID – Tree output, June 2017
                                              • The Consumer – What You Need to Know

                                                • Men have more varied account types than women
                                                  • Most use their computers
                                                    • Hispanics vastly prefer mobile apps
                                                      • Many still think mobile apps are unnecessary and not secure
                                                        • Mobile payments growing among young consumers
                                                          • Access to humans is important to parents
                                                            • Young, digital users are more satisfied than older users
                                                            • Location of Accounts

                                                              • Men have more different types of accounts than women
                                                                • Figure 17: Location of accounts, by gender, June 2017
                                                            • Account Access

                                                              • Most use their computers
                                                                • Figure 18: Account access, by account access, June 2017
                                                              • Convenience is the major factor in digital usage
                                                                • iGens prefer to access accounts via phones
                                                                  • Figure 19: Account access, by generation, June 2017
                                                              • Use of Mobile Apps

                                                                • Hispanics vastly prefer mobile apps
                                                                  • Figure 20: Use of mobile apps, by Hispanic origin, June 2017
                                                                • Higher earners more likely to use mobile apps
                                                                  • Figure 21: Use of mobile apps, by household income, June 2017
                                                                • Parents are heavy users
                                                                  • Figure 22: Use of mobile apps, by parental status, June 2017
                                                                • Many still think mobile apps are unnecessary and not secure
                                                                  • Figure 23: Reasons for not using mobile apps, June 2017
                                                                • Most use apps to keep watch over accounts
                                                                  • Figure 24: Transactions via mobile apps, June 2017
                                                                • How do consumers use their financial institution’s digital services?
                                                                • Use of Services

                                                                  • Mobile payments growing among young consumers
                                                                    • Figure 25: Use of services, by generation, 2017
                                                                  • Hispanics increase use of digital services
                                                                    • Figure 26: Use of services, by Hispanic origin, June 2017
                                                                  • Young consumers more likely to use institutions’ money management tools
                                                                    • Figure 27: Use of services, by generation, June 2017
                                                                • Attitudes toward Online/Mobile Services

                                                                  • Young men want more flexibility
                                                                    • Figure 28: Attitudes toward online/mobile services, by gender and age, June 2017
                                                                  • Access to humans is important to parents
                                                                    • Figure 29: Attitudes toward online/mobile services, by parental status, June 2017
                                                                • Satisfaction with Digital Services

                                                                  • Young, digital users are more satisfied than older users
                                                                    • Figure 30: Satisfaction with digital services, by generation, June 2017
                                                                  • Satisfaction among Hispanics is high
                                                                    • Figure 31: Satisfaction with digital services, by Hispanic origin, June 2017
                                                                • Location of Accounts/Services – Mobile Survey

                                                                    • Location of accounts
                                                                      • Blacks lag Whites and Hispanics in account ownership
                                                                        • Figure 32: Location of Accounts, by race and Hispanic origin, July 2017
                                                                      • Financial behaviors
                                                                        • Figure 33: Financial behaviors, by generation, July 2017
                                                                      • How important are digital services?
                                                                      • Appendix – Data Sources and Abbreviations

                                                                        • Data sources
                                                                          • Sales data
                                                                            • Consumer survey data
                                                                              • Consumer qualitative research
                                                                                • Direct marketing creative
                                                                                  • Abbreviations and terms
                                                                                    • Abbreviations
                                                                                    • Appendix – CHAID Analysis

                                                                                      • Methodology
                                                                                        • Figure 34: Attitudes toward online/mobile financial services – CHAID – Table output, June 2017

                                                                                    Digital Trends in Finance - US - September 2017

                                                                                    US $3,995.00 (Excl.Tax)