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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2012 Mobile Banking Trends & Innovations
1. A new look at market intelligence
Mobile Banking Trends & Innovations
Daniel J. Wiegand
Senior Analyst, Consulting & Mobile Research
July 24, 2012
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2. Table of Contents
Corporate Insight’s mobile research
The mobile banking customer
Industry standards
Mobile-specific technology
Tablet development
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3. About Corporate Insight
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
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5. Unsurprisingly, mobile banking customers are young
Relatively lower income & net worth Percentage of Users on Mobile - Age
Online banking users 60%
Light branch usage
Engaged with social media
30%
54%
33%
16%
0%
<40 40-59 60+
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6. Tablet clients tend older and higher-net worth, though
40% Tablet Users - Age 40%
Tablet Users - Income
20% 20%
33%
29%
17% 16% 16% 14%
0% 0%
<40 40-59 60+ <$60K $60K-<$150K $150K+
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7. Account data is key
Top 5 Mobile Activities
Check account balances 97%
Check account activity/history 66%
Transfer money 46%
Locate an ATM/branch 32%
Pay a bill 26%
0% 50% 100%
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8. 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
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9. Next phase: mobile-exclusive technologies
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
Chase QuickDeposit
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14. The tablet difference is in design & visualizations
Bank of America Calendar
Citi Overview 14
15. 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
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16. Connect With Corporate Insight
Contact Us Stay Connected
Dan Wiegand
Senior Analyst, Consulting & Mobile Research Corporate Insight Blog
212-832-2002 x-118
dwiegand@corporateinsight.com
Robert Burlin Twitter - @CInsight
Vice President & Director, Business Development
212-832-2002 x-115
rburlin@corporateinsight.com
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