Consumer Behavior, Forecasts and What This Means for Your Mobile Roadmap
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Transcript of Consumer Behavior, Forecasts and What This Means for Your Mobile Roadmap
Michael J. McEvoyManaging Director, ath Power Consulting
www.athpower.com
• 240 banks and credit unions
• 1,527 mobile banking users
• Audited actual mobile banking offerings
Ads 5%
Other 11%What prompted you to use your mobile banking application?
Big Opportunity for Banks to Improve Adoption
Wanted to Try it74%
My Bank Told Me10%
More Interaction / More Engaged
Customer
Engaged Customers are
More Loyal
Improving Retention and
Share of Wallet
Retaining the Customer
• 3 in 4 mobile banking users surveyed indicate no quantifiable risk of switching their accounts to another bank within the next 2 years
Engaging the Customer
• 72% of mobile banking customers ‘check-in’ at least once a week
Acquiring the Customer
• 7 in 10 mobile banking customers place high importance on mobile offering in choice of bank
Why Mobile Banking Adoption and Usage Matter
5%
16%
32%
19%
20%
8%
Multiple times a day
Daily
2-3 times a week
Once a week
1 to 2 times a month
Less than once a month
How often do you use mobile banking
with your bank?
72%
Mobile Customers Are More Engaged, Loyal
74%
58%
49%44%
41% 40% 40% 40%37% 37% 36% 35% 34% 32% 31%
26%22%
0%
20%
40%
60%
80%
100%
% High Satisfaction with Mobile Banking Relationship
Few Institutions Have Distinguished Themselves in Mobile Banking
3%0%
14%
6%
38%
7%
23%
14%
0%
25%
50%
Text interaction with abanking agent
Video interaction with abanking agent
A tutorial on mobilebanking features
Banking advice
Available Feature Would Like
Gap in User Support Needs Addressing
12%
16%
17%
19%
56%
61%
62%
Apply for a mortgage
Purchase a CD
Apply for an auto or other loan
Invest money in stocks or bonds
Conduct debit transactions at a store orrestaurant
Receive special offers, promotions,coupons
Store and maintain rewards points
Percent Who Would Use Feature
Improving Value-Added to Consumers Will Help Adoption
81%
0%
0%
1%
1%
4%
13%
0% 20% 40% 60% 80% 100%
Not willing to pay for service
> $15
$12-15
$9-11
$6-8
$3-5
$1-2
1 in 5 Users Willing to Pay for Today’s Mobile Banking
Improve Customer Experience to Help Adoption and Generate Revenue Potential
• Determine what the gaps are in your customers’ mobile banking experience
• Enable personalization
• Address support issues
• Focus on value-added functionality – ones unique or best suited to mobile
• Finally, communicate your mobile offering to your customers… how are you currently selling mobile banking!?
Michael J. McEvoy617-243 [email protected]