More than 70% of consumers whose bank offers a mobile app have downloaded it, an increase of 7% compared to 2014. Those in the 18-24 year-old range have the highest adoption rate at 93%, but there are increases across all age groups.
According to a new study by Market Force Information nearly half of those over age 65 use their bank’s app. The most prevalent app activities are checking balances, checking payment history and transferring funds. Very few are using the app to apply for new bank accounts or withdraw emergency cash.
While mobile app use is on a fast track, digital wallets aren’t enjoying the same success. More than half of consumers surveyed don’t know what a digital wallet is, and only 12% are using them. PayPal Mobile is the most widely used, although Apple Passbook has gained the greatest momentum in the past year. The most popular uses are making payments, storing loyalty cards and making “tap-and-pay” purchases.
Even as new technologies take hold, the vast majority of consumers still retain retail bank accounts and visit branch locations. Sixty-three percent of those surveyed use a traditional retail bank as their primary provider, while 29% use a credit union, community bank or microfinance bank. Conversely, only 3% primarily use an e-bank.
Contrary to expectations, consumers visit their banks fairly frequently. In the past 90 days, 21% of consumers went into a branch to speak with an advisor about products and services, and 72% conducted a transaction with a cashier.
Of those consumers who recently met with an advisor, 16% reported a poor experience. However, when they do speak with an advisor, their satisfaction levels increase by 6% and they are 7% more likely to recommend their bank to others.
For data, background and forecasts on Mobile Banking: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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