Mobile Banking - US - September 2016
"Consumers increasingly use their mobile devices – especially their phones – to manage every aspect of their lives. However, this reliance has not transferred completely to banking. This Report will examine some of the reasons why this is so and the steps financial institutions can take to increase interest, and ultimately, usage in mobile banking apps. Especially as online-only banks make inroads into the market, traditional banks need to develop apps that can help them compete for the younger and multicultural customers who are most tethered to their mobile devices."
- Robyn Kaiserman, Senior Financial Services Analyst
This report discusses the following key topics:
- Security is still a major concern
- Half of those who tried a mobile app don’t understand it
For the purposes of this Report, Mintel has used the following definitions:
- Mobile banking is banking conducted on any mobile device, including smartphones and/or tablets. It does not include banking conducted on any type of computer, including laptops. The Report covers:
- Downloading and usage of mobile banking apps
- Types of transactions conducted via different banking channels
- How institutions can encourage consumers to increase mobile banking usage
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