I’m sure that everyone reading this post will agree that mobile is a key channel for all industries, particularly with new statistics showing than in five years, there will be more than 10 billion mobile-ready devices and connections. But what does this mean for financial institutions?
Existing research shows that the use of mobile devices to bank is universally on the rise. According to the UK’s Office of National Statistics, one in five adults having made payments via their mobile phone and a quarter using it to check bank balances. Across the Atlantic, 33% of all mobile users have used mobile banking in the past 12 months, up from 28% a year earlier.
While these figures are exciting, they do not take into consideration how demands may transform over the next decade, as the first generation of digital natives become the dominant adults in the global population. As I’ve written previously, this generation aren’t that keen on what their banks have to say or offer. So we thought it would be worth analyzing this in more depth to help banks solve issues occurring now and also prepare for the future.
To do so we questioned 1,184 digital natives – aged 16-24 years – across the world to find out exactly how rapidly – and how passionately – they have come to regard the importance and security of their bank’s mobile offering and services. And used this as the basis for our new Generation mBanking report – an international study of youth attitudes to banking and online banking services.
As young people have a habit of doing, they surprised us with the strength of their passion! The report covers several key areas:
- Smartphone and tablet adoption
- Banking habits
- Trust and security
- Quality of service
It discusses what financial institutions can learn both in terms of customer retention and growth, providing clear recommendations to play to this important audience.
I’m excited to say we’re going to be releasing content from the report in bite-size chunks on the blog over the next few weeks, so keep your eyes peeled. In the meantime you can find out more about our mobile banking solutions here