Consumers are beginning to rely more heavily on online banking as their digital “branch” or banking source for managing their accounts and for customer service. Online and mobile banking are the fastest growing methods used by consumers to communicate with their financial institutions. Online banking is becoming critical and the preferred source to learn about new financial products and services, as Mercator Advisory Group's survey finds that over half (53%) of consumers prefer to be notified electronically, mostly by email (36%) and more than in person (26%).
The survey findings are based on responses from a sample of 3,001 US adults with banking relationships collected in a survey conducted in November 2013.
'Online Banking: A Shift to Mobile Platforms' highlights trends in use of online banking by computer and mobile platforms, communication methods with financial institutions, use of personal financial management (PFM) tools, alerts, online bill-payment methods and electronic billing, and demographics of recent account openers. The study evaluates the account opening process online, consumers' preferences of platform for making bank transactions and for receiving new information on products and services.
“Consumers want the convenience of having their digital ‘branch' be available wherever they are, at any time, at home and by mobile, as more banking activities shift to mobile platforms,” states Karen Augustine, author of the report and manager of Primary Data Services at Mercator Advisory Group, which includes the CustomerMonitor Survey Series.
Highlights of this Insight Report include:
Trending of mobile Internet access via different access methods, online and mobile banking activities, and primary method of access for banking transactions
Demographics of recent account openers, online vs. other methods, satisfaction with online account opening, and need for additional assistance
Shifts in communication methods with financial institutions, and banking activities performed by computer and mobile platforms
Usage breakdown of electronic payments, e-billing and financial management tools, tax preparation and personal financial management software, and changes in use of PFM tools
Methodology and Respondent Profile
Data Collection Approach
Internet Access and Use of Online Banking
Rising Use of Mobile Devices and Public WiFi for Internet Access
Use of Online Banking
Reasons for Using Alerts
Rising Importance of PFM Tools
Billing and Financial Reviews Conducted Online
Rising Use of the FI Website for Communication
Preferred Platform and Access Method for Electronic Transactions
Account Opening Process
Recent Bank Account Opening Methods
Additional Assistance Is Often Needed to Complete Opening
Online Account Opening Experience
Consumers Prefer Electronic Methods to Learn About New Products
Conclusions and Strategic Implications
Appendix: Online Banking Module from 2013 Survey Questionnaire
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