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Mobile Banking - US - January 2015

“Consumers are comfortable using their smartphones to engage in a whole host of activities, including shopping, visiting their favorite social media sites, and checking email, but are not fully embracing mobile banking. It’s partly because of their concerns of the security of their devices, but also in part due to a standing belief that they simply don’t need it. FSI must address the existing disparities between the benefits of mobile banking and its usage.”
– Monica Staco, Financial Services Manager

This report answers the following key questions:

  • How can mobile banking be relevant to consumers?
  • What are the benefits of mobile banking for FSI?

The significant increase in smartphone and tablet ownership is impacting consumers’ banking behaviors. Knowing such devices provide convenience to consumers, this report will look into reasons for the low incidence of mobile banking, and factors influencing consumers’ lack of interest for banking apps. In addition, the mobile banking features most used will be discussed along with the tools consumers are interested in getting.

As the banking industry becomes more competitive, traditional banks have to rely on the latest technology to provide premium customer service delivery. Mobile banking can be the digital channel helping traditional FS (financial services) firms maintain a relationship with current customers while attracting the age 18-35 group and multicultural segment who are already engaged with their handheld devices and more likely to incorporate them in their daily routines.

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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
                      • The consumer
                        • Desired banking app features
                          • Age differences
                            • Women need more information to consider mobile banking
                              • Parents are users of mobile banking
                                • Hispanics use mobile banking on their smartphone
                                  • Main challenges of mobile banking
                                    • What we think
                                    • Issues and Insights

                                        • How can mobile banking be relevant to consumers?
                                          • The issues
                                            • The implications
                                              • What are the benefits of mobile banking for FSI?
                                                • The issues
                                                  • The implications
                                                  • Trend Applications

                                                      • Trend: Click and Connect
                                                        • Trend: Experience is All
                                                        • Market Drivers

                                                          • Key points
                                                            • Use of the internet in daily routines
                                                              • Figure 1: Attitudes toward internet and technology, by age, August 2013-September 2014
                                                            • Increasing ownership of handheld devices
                                                              • Figure 2: US mobile phone sales and forecast, 2012-17
                                                              • Figure 3: US tablet unit sales, 2012-17
                                                            • Non-financial companies are entering the industry
                                                            • Leading Companies

                                                              • Key points
                                                                • American Express
                                                                  • Capital One
                                                                    • USAA
                                                                    • Innovations and Innovators

                                                                      • Smartwatch
                                                                        • Google Glass
                                                                          • Photo bill pay
                                                                          • Marketing Strategies

                                                                            • Overview
                                                                              • Theme: Mobile banking features
                                                                                • SunTrust
                                                                                  • Figure 4: SunTrust, online ad, 2014
                                                                                • TD Bank Financial Group
                                                                                  • Figure 5: TD Bank Financial Group, online ad, 2014
                                                                              • Attitudes toward Mobile and Online Banking

                                                                                • Key points
                                                                                  • Online banking is used more than mobile banking
                                                                                    • Figure 6: Attitudes toward mobile and online banking, by age, September 2014
                                                                                  • Parents are more likely to use mobile banking than non-parents
                                                                                    • Figure 7: Attitudes toward mobile and online banking, by presence of children in household, September 2014
                                                                                  • Hispanics are more likely to do their banking on their smartphone
                                                                                    • Figure 8: Attitudes toward mobile and online banking, by race/Hispanic origin, September 2014
                                                                                • Usage of FS Mobile Apps

                                                                                  • Key points
                                                                                    • Young consumers use FS mobile apps the most
                                                                                      • Figure 9: Usage of mobile banking apps, by age, October 2014
                                                                                    • Parents use mobile apps on their smartphones
                                                                                      • Figure 10: Usage of mobile banking apps, by presence of children in household, October 2014
                                                                                    • Hispanic consumers use banking apps on their smartphones
                                                                                      • Figure 11: Usage of mobile banking apps, by race/Hispanic origin, October 2014
                                                                                  • Comfort with Mobile Banking Apps

                                                                                    • Key points
                                                                                      • Women are less comfortable with mobile banking apps
                                                                                        • Figure 12: Level of comfort using mobile banking apps, by gender and age, October 2014
                                                                                      • Parents are comfortable with mobile banking apps
                                                                                        • Figure 13: Level of comfort using mobile banking apps, by presence of children in household, October 2014
                                                                                      • Hispanics are the most comfortable with FS mobile apps
                                                                                        • Figure 14: Level of comfort using mobile banking apps, by race/Hispanic origin, October 2014
                                                                                    • Reasons for Not Using Mobile Banking Apps

                                                                                      • Key points
                                                                                        • Consumers don’t trust the security of mobile banking
                                                                                          • Figure 15: Reasons for not using mobile banking apps, by gender and age, October 2014
                                                                                        • Lack of awareness of the benefits of mobile banking
                                                                                          • Figure 16: Reasons for not using mobile banking apps, by race/Hispanic origin, October 2014
                                                                                      • Popular Mobile Banking Features

                                                                                        • Key points
                                                                                          • Consumers use mobile banking to monitor their account
                                                                                            • Figure 17: Mobile banking apps features already use, by age, October 2014
                                                                                          • Parents are utilizing key features of mobile banking
                                                                                            • Figure 18: Mobile banking apps features already use, by presence of children under 18 in household, October 2014
                                                                                          • Hispanics are engaged mobile banking users
                                                                                            • Figure 19: Mobile banking apps features already use, by race/Hispanic origin, October 2014
                                                                                          • No fees is preferred
                                                                                            • Figure 20: Amount per transaction willing to pay for online and mobile transactions, October 2014
                                                                                        • Mobile Banking App Features in Demand

                                                                                          • Key points
                                                                                            • Consumers want a feature notifying them of rewards and discounts
                                                                                              • Figure 21: Interest in mobile banking features, by age, October 2014
                                                                                            • Parents want tools to help them manage their finances
                                                                                              • Figure 22: Interest in mobile banking features, by presence of children under 18 in household, October 2014
                                                                                            • Hispanics and Blacks have different mobile banking needs
                                                                                              • Figure 23: Interest in mobile banking features, by race/Hispanic origin, October 2014
                                                                                          • Appendix – Other Useful Consumer Tables

                                                                                            • Technology attitudes
                                                                                              • Figure 24: Technology attitudes, by gender, August 2013-September 2014
                                                                                              • Figure 25: Technology attitudes, by age, August 2013-September 2014
                                                                                              • Figure 26: Technology attitudes, by race/Hispanic origin, August 2013-September 2014
                                                                                              • Figure 27: Technology attitudes, by presence of children in household, August 2013-September 2014
                                                                                              • Figure 28: Technology attitudes, by moms with children in household, August 2013-September 2014
                                                                                              • Figure 29: Technology attitudes, by gender and age, August 2013-September 2014
                                                                                              • Figure 30: Technology attitudes, by race and age, August 2013-September 2014
                                                                                              • Figure 31: Technology attitudes, by Hispanic origin and age, August 2013-September 2014
                                                                                            • Banking attitudes
                                                                                              • Figure 32: Banking attitudes, by gender, August 2013-September 2014
                                                                                              • Figure 33: Banking attitudes, by age, August 2013-September 2014
                                                                                              • Figure 34: Banking attitudes, by race/Hispanic origin, August 2013-September 2014
                                                                                              • Figure 35: Banking attitudes, by presence of children in household, August 2013-September 2014
                                                                                              • Figure 36: Banking attitudes, by moms with children in household, August 2013-September 2014
                                                                                              • Figure 37: Banking attitudes, by gender and age, August 2013-September 2014
                                                                                              • Figure 38: Banking attitudes, by race and age, August 2013-September 2014
                                                                                              • Figure 39: Banking attitudes, by Hispanic origin and age, August 2013-September 2014
                                                                                            • Primary banking relationship
                                                                                              • Figure 40: Primary banking relationship, by gender, August 2013-September 2014
                                                                                              • Figure 41: Primary banking relationship, by age, August 2013-September 2014
                                                                                              • Figure 42: Primary banking relationship, by race/Hispanic origin, August 2013-September 2014
                                                                                              • Figure 43: Primary banking relationship, by presence of children in household, August 2013-September 2014
                                                                                              • Figure 44: Primary banking relationship, by moms with children in household, August 2013-September 2014
                                                                                              • Figure 45: Primary banking relationship, by gender and age, August 2013-September 2014
                                                                                              • Figure 46: Primary banking relationship, by race and age, August 2013-September 2014
                                                                                              • Figure 47: Primary banking relationship, by Hispanic origin and age, August 2013-September 2014
                                                                                            • Usage of mobile banking apps
                                                                                              • Figure 48: Usage of mobile apps, October 2014
                                                                                              • Figure 49: Usage of mobile apps, October 2014
                                                                                              • Figure 50: Usage of mobile apps, by gender, October 2014
                                                                                              • Figure 51: Usage of mobile apps, by age, October 2014
                                                                                              • Figure 52: Usage of mobile apps, by gender and age, October 2014
                                                                                              • Figure 53: Usage of mobile apps, by race/Hispanic origin, October 2014
                                                                                              • Figure 54: Usage of mobile apps, by presence of children in household, October 2014
                                                                                              • Figure 55: Usage of mobile apps, by presence of children and age in household, October 2014
                                                                                              • Figure 56: Usage of mobile apps, by social media, October 2014
                                                                                              • Figure 57: Usage of mobile apps, by gender, October 2014
                                                                                              • Figure 58: Usage of mobile apps, by age, October 2014
                                                                                              • Figure 59: Usage of mobile apps, by gender and age, October 2014
                                                                                              • Figure 60: Usage of mobile apps, by race/Hispanic origin, October 2014
                                                                                              • Figure 61: Usage of mobile apps, by presence of children in household, October 2014
                                                                                              • Figure 62: Usage of mobile apps, by presence of children and age in household, October 2014
                                                                                              • Figure 63: Usage of mobile apps, by social media, October 2014
                                                                                            • Comfort with mobile banking apps
                                                                                              • Figure 64: Level of comfort using mobile banking apps, October 2014
                                                                                              • Figure 65: Level of comfort using mobile banking apps, by gender, October 2014
                                                                                              • Figure 66: Level of comfort using mobile banking apps, by age, October 2014
                                                                                              • Figure 67: Level of comfort using mobile banking apps, by gender and age, October 2014
                                                                                              • Figure 68: Level of comfort using mobile banking apps, by race/Hispanic origin, October 2014
                                                                                              • Figure 69: Level of comfort using mobile banking apps, by presence of children in household, October 2014
                                                                                              • Figure 70: Level of comfort using mobile banking apps, by presence of children and age in household, October 2014
                                                                                              • Figure 71: Level of comfort using mobile banking apps, by social media, October 2014
                                                                                              • Figure 72: Level of comfort using mobile banking apps, by mobile device ownership, October 2014
                                                                                              • Figure 73: Level of comfort using mobile banking apps, by usage of mobile apps, October 2014
                                                                                            • Reasons for not using mobile banking apps
                                                                                              • Figure 74: Reasons for not using mobile apps, October 2014
                                                                                              • Figure 75: Reasons for not using mobile apps, by gender, October 2014
                                                                                              • Figure 76: Reasons for not using mobile apps, by age, October 2014
                                                                                              • Figure 77: Reasons for not using mobile apps, by gender and age, October 2014
                                                                                              • Figure 78: Reasons for not using mobile apps, by race/Hispanic origin, October 2014
                                                                                              • Figure 79: Reasons for not using mobile apps, by presence of children in household, October 2014
                                                                                              • Figure 80: Reasons for not using mobile apps, by presence of children and age in household, October 2014
                                                                                              • Figure 81: Reasons for not using mobile apps, by social media, October 2014
                                                                                            • Mobile apps features
                                                                                              • Figure 82: Mobile apps features, October 2014
                                                                                              • Figure 83: Mobile apps features already use, by gender, October 2014
                                                                                              • Figure 84: Mobile apps features already use, by age, October 2014
                                                                                              • Figure 85: Mobile apps features already use, by gender and age, October 2014
                                                                                              • Figure 86: Mobile apps features already use, by race/Hispanic origin, October 2014
                                                                                              • Figure 87: Mobile apps features already use, by presence of children under 18 in household, October 2014
                                                                                              • Figure 88: Mobile apps features already use, by presence of children under and age in household, October 2014
                                                                                              • Figure 89: Mobile apps features already use, by social media, October 2014
                                                                                              • Figure 90: Mobile apps features interested in, by gender, October 2014
                                                                                              • Figure 91: Mobile apps features interested in, by age, October 2014
                                                                                              • Figure 92: Mobile apps features interested in, by gender and age, October 2014
                                                                                              • Figure 93: Mobile apps features interested in, by race/Hispanic origin, October 2014
                                                                                              • Figure 94: Mobile apps features interested in, by presence of children under 18 in household, October 2014
                                                                                              • Figure 95: Mobile apps features interested in, by presence of children and age in household, October 2014
                                                                                              • Figure 96: Mobile apps features interested in, by social media, October 2014
                                                                                            • Mobile and online fees
                                                                                              • Figure 97: Willingness to pay, October 2014
                                                                                            • Satisfaction with financial services
                                                                                              • Figure 98: Satisfaction with financial services, October 2014
                                                                                              • Figure 99: Satisfaction with financial services, October 2014
                                                                                              • Figure 100: Satisfied with services, by gender, October 2014
                                                                                              • Figure 101: Satisfied with services, by age, October 2014
                                                                                              • Figure 102: Satisfied with services, by gender and age, October 2014
                                                                                              • Figure 103: Satisfied with services, by race/Hispanic origin, October 2014
                                                                                              • Figure 104: Satisfied with services, by presence of children in household, October 2014
                                                                                              • Figure 105: Satisfied with services, by presence of children and age in household, October 2014
                                                                                              • Figure 106: Satisfied with services, by social media, October 2014
                                                                                              • Figure 107: Satisfaction with services, by gender, October 2014
                                                                                              • Figure 108: Satisfaction with services, by age, October 2014
                                                                                              • Figure 109: Satisfaction with services, by gender and age, October 2014
                                                                                              • Figure 110: Satisfaction with services, by race/Hispanic origin, October 2014
                                                                                              • Figure 111: Satisfaction with services, by presence of children in household, October 2014
                                                                                              • Figure 112: Satisfaction with services, by presence of children and age in household, October 2014
                                                                                              • Figure 113: Satisfaction with services, by social media, October 2014
                                                                                          • Appendix – Trade Associations

                                                                                              • American Bankers Association
                                                                                                • American Financial Services Association (AFSA)
                                                                                                  • Consumer Bankers Association (CBA)
                                                                                                    • Independent Community Bankers of America (ICBA)
                                                                                                      • National Credit Union Association (NCUA)

                                                                                                      Companies Covered

                                                                                                      • American Express Company (The)
                                                                                                      • Capital One Financial Corporation
                                                                                                      • USAA

                                                                                                      Mobile Banking - US - January 2015

                                                                                                      £3,199.84 (Excl.Tax)