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Mobile Banking Use Skyrocketing; Overtakes Branch Banking for First Time

Mobile Banking Use Skyrocketing; Overtakes Branch Banking for First Time
Posted: Jan 28, 2016
Comments: 0
Author: Lou Grilli

The increased use of mobile for banking and shopping should come as no surprise to anyone. A barrage of stats is released weekly showing predictions and expectations for continued growth in mobile banking and online shopping sites. But, there were two stats that really stood out, and one very important factor is being lost in the noise.

The 2015 Holiday Season Exceeds Expectations for Mobile Shopping

From November 1 through December 31, U.S. consumers spent $69.1 billion in online purchases, an increase of 13 percent from 2014, according to digital measurement firm comScore. But, sales originating on mobile devices were up a remarkable 59 percent from the previous year, to $12.7 billion. Mobile commerce, which includes online ordering with in-store pick-up is not just another form factor for e-commerce, but an important driver for credit unions to include their payment cards in Visa Checkout, MasterCard MasterPass, and Apple Pay and Samsung Pay.  All these mobile payment options are increasingly becoming the payment method of choice for consumers

For the First Time, Mobile Banking Overtakes Branch Banking

One-third of bank customers used mobile banking on a weekly basis in 2015, exceeding for the first time the 24% who visit branches weekly, according to a new report from Javelin.  The share of customers using mobile banking weekly has more than tripled since 2011, while the share of branch customers has continued a slow decline. According to Javelin, mobile is on the path to surpass PCs to become what Javelin describes as the “first screen.”  In other words, the device screen that bank customers interact with and judge their primary financial institution.

Include Tablets and Phablets in Your Credit Union Plans

The use of mobile banking, smartphones, and tablets is growing rapidly. With each new tablet and smartphone purchased, there is a rise in the number of mobile bankers. Since 2011, adoption of mobile banking and smartphones has more than doubled while that of tablets has increased roughly 8.5 times.

While having an Android and iPhone app available in the respective mobile apps stores is essential, having a mobile responsive site to accommodate iPads, Microsoft Surface, and Android tablets is also a critical component of a credit union’s mobile banking strategy. The growing popularity of the class of “phablets” (large phone/small tablet form factor) makes this category of mobile banking users equally important to serve. The iPhone 6S Plus, Samsung LG’s G4 and V10, and the Samsung Galaxy Note 5 are all great platforms to conduct credit union banking.

 

 

 

 

 

 

 




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Lou Grilli

Lou GrilliLou Grilli

Lou is the Director of Payments Strategy at CSCU and is responsible for providing leadership to the organization for emerging payments and industry trends, as well as managing the product portfolio.

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