Mobile banking is proving immensely popular with consumers. The heaviest users of this channel form a highly engaged and profitable consumer segment. However, they have very demanding needs, and providers will have to work hard to retain their loyalty.
Learn how mobile bankers compare to other consumers with respect to age, income, and product holding.
Understand how mobile bankers behave and what factors are driving their behavior.
Discover what specific needs mobile bankers have and what actions banks can take to meet those needs.
Why are mobile bankers such an important consumer segment to target and nurture?
What factors matter the most to mobile bankers when considering potential providers?
What products and services will mobile bankers find the most useful and helpful?
Mobile banking enthusiasts are much younger than the general population. They are also higher-than-average earners, and hold more financial products, making them a highly profitable segment for banks to acquire and service. This segment has the potential to generate strong product sales and a high return on investment.
Although mobile bankers are significantly more satisfied with their bank than non-mobile users, they are far less loyal, having proved much more likely to have switched provider in the previous 12 months. They are far less tolerant of poor service and uncompetitive fees.
Mobile bankers have much more difficulty than average with managing their finances and keeping track of their money. Banks should respond by offering personal financial management tools that highlight significant expenditures, proactively make tailored recommendations, and allow users to interact with advisors and other consumers.