The Rise of the Mobile-First Consumer — and What That Means for Banking
- Date:May 21, 2015
- Author(s):
- Daniel Van Dyke
- Report Details: 30 pages, 20 graphics
- Research Topic(s):
- Digital Banking
- Digital Strategy & Experience
- Mobile & Online Banking
- PAID CONTENT
Overview
The move to mobile is happening faster than anticipated and profoundly changing banking in fundamental ways. Almost 1 in 4 primary bank customers currently claims to be “mobile first,” that is, he or she primarily uses a mobile device to access a checking account (23%). Driven by the adoption of smartphones and tablets, the U.S. banking system has reached an important crossover point at which the number of weekly mobile bankers now equals those of customers who use the branch. This represents a shift of almost 53 million consumers in just four short years. This report describes in detail how to service mobile-first bankers, based on primary research into their habits and preferences. It also includes deep insights into servicing branch-first and online-first customers.
Primary Questions:
- Who are mobile-first vs. online-first vs. branch-first customers?
- How does each segment’s needs differ? What technologies and services do they use?
- How valuable are mobile-first, online-first, and branch-first customers to their primary banks?
- How likely are they to switch primary banks and why?
- What are the different channels they use and ways they bank?
- How do they interact with customer service?
- How do they monitor their accounts?
Companies Mentioned: Apple, Bank of America, BankMobile, Chase, Serve, Citibank, Gobank, PNC, Simple, Wells Fargo
Methodology
The consumer data in this report is based on information collected from Javelin online surveys that targeted respondents in representative proportions of gender, age, income, and ethnicity, compared with the overall U.S. population:
- A random‐sample panel of 6,000 consumers in November 2014.
- A random-sample panel of 3,225 consumers in a July 2014 survey.
- A random-sample panel of 6,000 consumers in a May 2014 survey.
Learn More About This Report & Javelin
Related content
Identifying ‘Killer Use Cases’ in Small-Business Instant Payments
Instant payments are proliferating, and business bankers are searching for a set of “killer use cases” to drive widespread adoption. Many businesses are experimenting with instant ...
The Boomers Are OK— and Shouldn’t Be Your Digital Banking Priority
Many banks and credit unions with aging customer bases worry they will alienate Baby Boomers by pouring investments into mobile-first banking to woo younger consumers. But mounting...
Six Alert Flaws That Banks Can Fix Today
Alerts enable banks to initiate meaningful digital conversations and entice customers to log in to learn, seek advice, and act. But a Javelin Strategy & Research analysis of eight ...
Make informed decisions in a digital financial world