PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Mobile Banking in US Still Rising But Mobile App Use Is Stalled

Karen Augustine by Karen Augustine
May 9, 2018
in Analysts Coverage
0
Mobile banking and payment banking apps

Mobile banking and mobile payment. Flat vector illustration.

5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The latest consumer research from Accenture as pointed out in a recent Finextra article reveals that UK customers’ branch and ATM visits are declining while mobile banking use remains flat. Yet, 70% of UK consumers want to speak with a person for customer service, open an account in person or have someone show them how to use online or mobile banking features.  While branch visits may be down, UK consumers still want the human touch and demand more personalized services tailored to their needs.

  ““Consumers want natural conversation with a bank that understands their needs and acts in their best interest, while keeping their data safe and secure. This is particularly significant given the data revolution expected with open banking in the UK, which will challenge banks to compete on consumer experience”.”

Improving customer experience and personalization is becoming more important to US consumers as well, as noted in Mercator Advisory Group’s Insight report, Digital Banking: Improvements Are Needed to Compete with Fintech based on an online survey of 3,000 US adults with banking relationships conducted in November 2017.  Our findings show a steady rise in US consumers’ use of mobile banking for managing their account information and making bank transactions,as 64% of US consumers use mobile devices to perform banking activities (up from 53% in 2016), though the use of mobile banking apps also appears to be stalling in the U.S. In fact, more access mobile banking from the web browser on the FI website and consider it their primary method for mobile banking transactions rather than using a mobile banking app. Mobile banking users engage more often than average using a wide variety of channels. Financial institutions need to improve the customer experience when using the mobile banking app to gain greater use. First of all, make the login quick and easy. Fintechs are doing a better job integrating their apps into customers’ social media and messaging apps they normally use.

And, while more than monthly branch visits are declining, 71% of US consumers visited a bank branch within the past year and mobile banking users are just as likely as average to do so and are more likely than average to use an ATM. Consumers are using a wide variety of channels to conduct banking activities and demand more seamless integration among the multiple channels they use. Improving the customer experience is key to better engagement.

Overview by Karen Augustine, Manager, Primary Data Services at Mercator Advisory Group

 

Tags: Mobile AppMobile BankingUnited Kingdom
5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    eCommerce On Social Media, social commerce

    The Rise of Social Commerce and Social Payments

    February 3, 2023
    Electroneum AnyTask; ETN Crypto, sales enablement

    Ethical Financial Selling: The Role of Compliance Technology and Sales Enablement

    February 2, 2023
    direct deposit

    Nacha Launches Campaign to Reach Millennials on the Benefits of Direct Deposit

    February 1, 2023
    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    Equinix Helps UK-Based Payments Provider Enable Faster, More Reliable Payments Processing

    January 31, 2023
    credit card tumbling

    How to Detect, and Prevent, Credit Card Tumbling

    January 30, 2023
    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Equinix report - Dojo Delivers Fast, Reliable and Secure Card Payments to Businesses on Platform Equinix