Mobile Banking Outpaces Branch Banking for First Time in 2015
JAVELIN Forecasts 81% of U.S. Adults will Use Mobile Banking by 2020
San Francisco, CA, January 12, 2016: In 2015, weekly mobile bankers exceeded that of weekly branch bankers for the first time ever. This crossover illustrates the broader trend of digital channel engagement growing while physical channel usage is shrinking. Mobile banking has experienced incredible growth with smartphone and tablet adoption. In 2015, 1 in 10 U.S. adults began using mobile banking for the very first time - amounting to 25 million new mobile bankers. Today, JAVELIN released its 2015 Mobile Banking, Smartphone and Tablet Forecast, which provides actionable recommendations for overcoming inhibitors of mobile banking adoption and for ecasts of consumer adoption of mobile banking, smartphones, and tablets to 2020.
Mobile banking, smartphone, and tablet user bases are all growing rapidly. With each new tablet and smartphone purchased, we see a precipitous rise in the number of mobile bankers. In the past five years, adoption of mobile banking and smartphones has more than doubled while that of tablets has increased roughly 8.5 times. Mobile banking is the clear winner in the digital battle between mobile and branch.
"Mobile is on a growth path to unseat PCs to become the “first screen” through which bank customers interact with and judge their primary financial institution (FI),” said Daniel Van Dyke, Mobile Analyst, JAVELIN. “FIs will need to continue to innovate to outpace this increasing mobile banking adoption. With fintech start-ups and other vendors entering the space, consumers have more options than ever when it comes to mobile.”
The report, 2015 Mobile Banking, Smartphone and Tablet Forecast, results are based primarily on information gathered from JAVELIN’s longitudinal mobile banking survey of over 3,100 U.S. consumers over the past five years.
JAVELIN, a Greenwich Associates LLC company, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. JAVELIN’s independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.