According to a new study completed by Carlisle & Gallagher Consulting Group, 55 percent of Americans say that mobile banking is a recurrent part of their lifestyle. Smart devices provide the platform for technological solutions and banking has tapped into the evolving world of apps to bring banking and convenience together in one functional space.
The study of 1,000 U.S. consumers, including the top 20 U.S. financial institutions, found that 52 percent of consumers are participating in habitual banking. Fifty-five Percent of Americans are accessing mobile banks up to three times a week, and 26 percent are accessing mobile banking four or more times a week.
Smart phones are continuing to make our lives more and more mobile. Users want the convenience of all things they need at their fingertips. People want instant communication, instant gratification and instant service. Banking has taken note of this.
“An ever-increasing consumer demand for instant gratification is seeping into every facet of our lives, including how we bank,” said Byl Cameron, CG’s Digital Practice Lead. “Consumers want to do everything on every device that they own: laptop, smartphone, phablet or tablet.”
Users are likely to use mobile banking for: checking balances, transferring funds, and paying bills. Now, more than 60 percent of users are depositing checks remotely. By 2016, all users surveyed plan to purchase more mobile devices—increasing the market even more.
One device that is predicted to grow over the next few years is the phablet- the phone with a screen close to the size of tablet. The study predicts that 46 percent of Americans will be more likely to use mobile banking because of the convenience of larger mobile devices.
“CG believes that phablets will have approximately 30 percent of the mobile device market share by 2020 and become the dominant device for mobile banking,” said Cameron. “We also project that tablets will decline in popularity, especially as a device on which to do banking. Our study found 68 percent do not use tablets today for banking.”
Mobile banking expects to keep growing over the next two years. The growing demand for mobile devices across the board means that more people will be accessing their bank accounts through a mobile device.
Edited by Maurice Nagle
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