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Online Banking: A Shift to Mobile Platforms - Product Image

Online Banking: A Shift to Mobile Platforms

  • ID: 2868474
  • June 2014
  • Region: Global
  • 41 Pages
  • Mercator Advisory Group

The report reveals that 84% of U.S. consumers now perform banking activities to manage their account information using their home computers or mobile devices, of these 69% only use their computers to do so. Online banking is pervasive, and consumers are increasingly receiving alerts from their financial institutions and accessing online banking websites by mobile devices when they are on the go.

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 READ MORE >

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Executive Summary

Methodology and Respondent Profile
Data Collection Approach
Sample Profile

Introduction

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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Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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