As people and devices become increasingly connected, commerce will become increasingly digital. Your customers’ needs will evolve with this trend; offering the mobile banking services they value and will come to expect in the coming years is one sure way that you, as a community issuer, can gain an advantage and reduce costs.
- Thirty-nine percent of fully banked consumers reported using mobile banking services, along with 55% of underbanked users.
- Twenty percent of fully banked mobile users reported using mobile payments as well.1 In addition, mobile bankers are proving to be more loyal to their financial institutions, with lower attrition rates than bank-only users.
- Thirty-one percent of mobile banking users rated mobile banking capabilities as the reason for staying at their current primary financial institution.2
- The transaction cost of an in-branch deposit is estimated to be 43x higher than that of a mobile deposit.3
Mobile devices will increasingly drive digital payments and will continue to grow in importance to both consumers and merchants. With the introduction of products like Apple Pay, Samsung Pay and Google Pay, consumers have added payments convenience, while mobile point-of-service (mPOS) solutions provide merchants with ease of acceptance.