Mobile Financial Services - UK - February 2015
“Although technology and innovation have added more digital channels in the financial services arena, these are not replacing the more traditional channels. People still value face-to-face interaction. Instead, they are additional requisites to customer service giving a more integrated, multichannel customer experience and keeping financial providers competitive.”
– Chryso Kolakkides, Senior Financial Services Analyst
This report looks at the following areas:
- Tech-savvy Millennials still appreciate face-to-face interaction in financial services
- Security vs. utility: which is more powerful?
Smartphones have already started to dramatically change the way that people interact with their bank. While the use of desktop computers or laptops is by far the most popular online channel for all financial activities, mobile platforms are already mainstream.
Security, however, remains a key concern even among consumers who use financial apps. At the same time, consumers still value face-to-face interaction. The majority of financial product owners feel that it is essential to at least have the option of talking to their provider in person. There is room for digital-only brands, but we are a long way from them becoming a mainstream choice, even among mobile-savvy Millennials.
This report examines consumers’ channel preferences and, in particular, how they are using mobile technology to manage their finances. By exploring consumers’ attitudes towards online and mobile technology, Mintel has identified four mutually exclusive target groups and analyses their respective behaviours in the market. It then considers customers’ use of and satisfaction with financial mobile apps in particular. Finally, Mintel examines consumers’ concerns over the use of smartphones when managing their finances and how they feel that mobile apps compare to providers’ websites.
This report focuses on consumers’ use of smartphones and tablets in the financial services industry. The financial services industry includes mobile banking (ie managing bank/building society accounts and credit cards) and management of general insurance products and policies as well as investments.
The term ‘desktop’ in this report refers to a computer that is intended for regular use at a single location. It encompasses towers, all-in-ones and small form factors such as mini and nettop PCs.
The term ‘laptop’ in this report refers to a computer intended for mobile use, which has the display, primary input device and speakers integrated into one unit.
The term ‘tablet’ in this report refers to a slate form factor computer designed for mobile use, with an integrated touchscreen as the primary display and mode of input.
In the analysis, we refer to ‘online’ and ‘mobile’ technology/services. The distinction between the two is that while ‘online’ refers to the use of the internet as a channel on any device, ‘mobile’ refers to the use of mobile applications or other online channels on the go specifically on smartphones or tablets.
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