Consumers’ Financial Lives Becoming More DigitalBy: Lee Hester - February 27, 2012
Cha-ching! In the United States, half of all bill payments made (by households with access to the Internet) are being paid online. Nearly forty percent of mobile banking users have paid a bill using their phone and one out of every four online households have used mobile banking. Interesting numbers and findings from the latest Fiserv Consumer Trends Survey announced today by Fiserv, a leading global provider of financial services technology solutions. The survey was completed in August of 2011 by 3,000 individuals representative of the U.S. online population and provides insight into the consumer use of digital channels for financial services since 2002.
The survey revealed that consumers are increasingly moving toward online and mobile channels for their daily financial management and that demand for tablet banking services will be growing in the future. According to Fiserv, the proliferation of smartphones, changing consumer expectations and entrance of non-traditional competitors has sparked a literal mobile banking revolution that financial institutions should consider an urgent call to action. To remain competitive in this rapidly evolving area, financial institutions will have to utilize mobile banking and payments strategies. Detailed findings from the survey are available in a free research paper, “Financial Services Continue the Digital Shift,” at www.fiserv.com/research
Consumers have definitely gone digital and are moving beyond only using mobile channels to check balances or locate an ATM. Mobile banking is gaining popularity with a remarkable increase in transactions. Smart users are now taking advantage of being able to pay bills and transfer money online. The survey results found that sixty percent of users use a mobile browser (most common) for mobile banking access. Forty-one percent of those surveyed utilized downloadable apps and thirty-two percent used text messaging.
Geoff Knapp, Vice President, Online Banking, Digital Channels for Fiserv remarks, “Consumers’ lives are becoming more and more digital, and their financial lives are no exception. They are increasingly turning to the online and mobile channels for everything from opening accounts to sending and receiving money, and their interest in using new devices like tablets for financial services is strong.”
Nineteen percent of online households currently own a tablet and another twenty percent plan to purchase one according to the survey. This means almost forty percent of online households could own a tablet by the middle of 2012. Additionally, multi-tablet homes are emerging with thirty-seven percent of current tablet owners saying they plan to purchase another. These current and future tablet owners and operators plan to use them to view monthly statements, pay bills, view real-time account information and transfer money.