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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