PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Surprising Stats about Consumers and Mobile Banking

By PaymentsJournal
April 17, 2019
in Credit, Debit, Mobile Banking, Truth In Data
0
21
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Don’t miss another episode of Truth In Data! Click on the red bell in the lower left corner of your screen to receive notifications as soon as the episode publishes.

Data for this episode of Truth In Data provided by Mercator Advisory Group’s report – Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment

  • Use of mobile banking is somewhat low at about 3 in 10
  • That said, satisfaction among those who do use mobile banking is quite high, however
  • Inertia and security concerns prevent consumers from using mobile banking
  • Method for banking can vary. Consumers choose the method for contacting the bank that suits them best. Smartphones, tablets, and computers all have unique use cases
  • Consumers report being able to use their mobile app motivates them to do as much banking activity as possible by mobile phone
  • Mobile app users report that they feel more loyal to their bank as a result of using the app

About this report 

Mercator Advisory Group’s most recent Insight Summary Report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, reveals that U.S. customers are highly satisfied with their banking relationship and comfortable with their current primary bank or credit union. The report is from the Banking and Channels Survey in the bi-annual CustomerMonitor Survey Series, a part of Mercator’s Primary Data Service. It is based on findings from Mercator Advisory Group’s CustomerMonitor Survey Series online survey of 3,000 U.S. adult consumers in November 2018.

The survey also found that only about 1 in 3 consumers want to be contacted by their financial institution (FI) about new products and services. This necessitates that FIs be very strategic in the way they cross-sell and up-sell to their customers

While the incidence of opening an account digitally is moderate (28%), satisfaction with the digital account opening process is very high (approx. 85%).

The report, Omnichannel and Branch Banking: The Current U.S. Consumer Banking Environment, shows that consumers are resolute in their determination not to pay ATM fees. More than 7 in 10 report that they actively try to avoid paying a fee when they withdraw money from an ATM. Further, about one-third only use an ATM for cash withdrawal.

Although only about one-third of consumers use mobile banking, those who do are quite satisfied with the experience. Inertia and security concerns are barriers to mobile banking adoption

“Banks need to show consumers value beyond dollars and convenience. And this needs to be balanced with security and safety,” states the author of the report, Pete Reville, Director of Primary Data Services including CustomerMonitor Survey Series at Mercator Advisory Group.

 

21
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Consumer BehaviorMobile Banking

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    ACH fraud monitoring

    From a Checkbox to a Differentiator: Redefining ACH Fraud Monitoring

    March 30, 2026
    Digitization and Multi-Brand Cards: Prepaid Trends. Bancorp Bank prepaid card fees, Bitpay Prepaid Card, mobile prepaid debit cards, prepaid cards for councils

    Turning a Prepaid Card into a Long-Term Relationship

    March 27, 2026
    payments fraud, faster payments fraud, financial fraud

    The Emotional Toll of Financial Fraud

    March 26, 2026
    hyperliquid

    What Hyperliquid Reveals About the Future of Trading

    March 25, 2026
    Modernizing Payments modernizaion

    Modernizing Payments: Tackling the Toughest Tech Challenges

    March 24, 2026
    fintech bank data

    The Growing Data Battle Between Banks and Fintechs

    March 23, 2026
    7 Fabulous AI Chatbot Trends for Small Business, AI chatbots in business, chatbots instant gratification millennials

    What Banking Customers Want—and Don’t Want—From Chatbots

    March 20, 2026
    credit unions crypto

    What Should Credit Unions Be Doing with Crypto?

    March 19, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result