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This presentation from Dan Wiegand, head of mobile research at Corporate Insight, analyzes the behaviors and preferences of mobile banking customers, highlights mobile finance best practices across the financial services industry and discusses emerging trends.
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A new look at market intelligence
1 1
Daniel J. Wiegand
Senior Analyst, Consulting & Mobile Research
July 24, 2012
Mobile Banking Trends & Innovations
Corporate Insight’s mobile research
The mobile banking customer
Industry standards
Mobile-specific technology
Tablet development
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Table of Contents
Competitive intelligence and user
experience research provider to the
financial services industry
Industry-wide mobile coverage since 2011
Money on the Move: Mobile Finance
Review 2011 – published June 15, 2011
Mobile Monitor – January 2012 - present
• Bi-weekly updates on changes/additions to
competitors’ mobile websites & apps
• Quarterly reports focusing on key mobile
finance topics
• Behind-the-login films of competitor mobile
websites and apps
• Competitor matrices
3
About Corporate Insight
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Unsurprisingly, mobile banking customers are young
Relatively lower income & net worth
Online banking users
Light branch usage
Engaged with social media
54%
33%
16%
0%
30%
60%
Percentage of Users on Mobile - Age
<40 40-59 60+
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Tablet clients tend older and higher-net worth, though
17% 16%
29%
0%
20%
40% Tablet Users - Age
<40 40-59 60+
16% 14%
33%
0%
20%
40% Tablet Users - Income
<$60K $60K-<$150K $150K+
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Account data is key
26%
32%
46%
66%
97%
0% 50% 100%
Pay a bill
Locate an ATM/branch
Transfer money
Check account activity/history
Check account balances
Top 5 Mobile Activities
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Banks are delivering the essentials
As of March 2012, every bank Corporate Insight tracks is mobile
94% offer native apps
83% support an optimized mobile site
72% provide SMS banking
Account balances and activity are universal
Transaction histories range from 3-18 months
Transfers are standard; bill pay widespread
Every firm offers a branch locator; functionality varies
Remote deposit capture (RDC) catching on
Introduced by USAA in 2009
Popularized by Chase QuickDeposit in 2010
Now available from 10+ banks & brokerages CI tracks
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Next phase: mobile-exclusive technologies
Chase QuickDeposit
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Mobile shopping on the rise?
Capital One Deals
AmEx My Offers
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FS firms experimenting with barcode scanning
AmEx RedLaser Promotion & Scan TD Ameritrade & E*TRADE Barcode Scanning
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P2P remains a basic form of mobile payments
B of A Transfer to Another Person ING Bump Payment
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The tablet difference is in design & visualizations
Bank of America Calendar
Citi Overview
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To recap…
Know your mobile (and tablet) customers
The basics remain the most important
Next frontier: mobile-exclusive technology
Tablets also offer unique display capabilities
Connect With Corporate Insight
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Contact Us Dan Wiegand Senior Analyst, Consulting & Mobile Research 212-832-2002 x-118 [email protected]
Stay Connected
Corporate Insight Blog
Twitter - @CInsight
SlideShare Presentations
Robert Burlin Vice President & Director, Business Development 212-832-2002 x-115 [email protected]
