Top Mobile Banking Trends

Published: December 17, 2014 by Editor

The world of mobile devices is constantly changing—everything is faster, bigger and better, and consumers have become more savvy and discerning about the features and benefits that make their lives more convenient, and in many cases, more manageable.

I use my phone to do everything from simple tasks like checking email or Facebook, to downloading coupons, buying movie and concert tickets, to checking my bank balance and making deposits on the fly (which is such a great feature).

When it comes to banking, mobile has become a growing consumer trend that Experian wanted to explore in its latest white paper, Mobile Banking: Enhancing Your Customers’ Experience.

According to the Consumer Financial Protection Bureau, in 2013, about 74,000 new consumers used mobile banking per day. With more and more consumers utilizing mobile platforms to conduct business, this paper takes an in-depth look at how lenders have the opportunity to increase engagement with customers, offer more customized products and services with in-the-moment offers and enhance loyalty by anticipating their financial service’s needs.

Some key points in this paper include:
• Consumers are not only using their smartphones, but their tablets as well. Tablet adoption was slow at only 5 percent in 2011, but increased to 34 percent in 2013.
• According to a recent survey from Pew Internet Research, 98 percent of mobile banking customers move between multiple devices within the same day.
• According to the Census Bureau, 21-to-23 year olds comprise the largest age group using smartphones in America.

To read more about how consumers are banking and being empowered in this digital age, download the report.

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