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Data for today’s episode is provided by Mercator Advisory Group’s Viewpoint: Digital Onboarding and Authentication – How to Fulfill the Promises of Frictionless Customer Experiences
Smartphone Adoption in the U.S. by Age Group:
- 88% of United States consumers own a smartphone.
- Young adults ages 25-34 have adopted smartphones more heavily than other groups, with 96% of this age cohort owning a smartphone.
- Older adults have adopted smartphones less than other age groups, with 74% of consumers 65+ owning one.
- 12% of United States consumers own a basic non-smart phone.
- Older adults have adopted basic non-smartphones more than other age groups, with 17% of adults 65+ owning one.
- At 8%, adults ages 45-64 are the least likely to own a basic non-smartphone.
Partly propelled by the current pandemic, banks and other FI’s are aggressively pursuing a ‘solely-digital’ customer experience strategy to meet evolving customer expectations. As the modern banking experience undergoes this digital transformation, Mercator offers a concise analysis of the key developments in customer onboarding and authentication.