Serving the Mobile-Only Banking Consumer
A growing number of consumers are using only their smartphones to go online, forgoing other devices such as desktop or laptop computers and tablets. Financial institutions need to do more to provide a compelling user experience for this market segment.
By Shirra Frost, Director, Mobile Marketing, Fiserv
If it seems as if everyone around you is glued to their smartphone screen, it’s with good reason. The 2014 Fiserv Consumer Trends Survey showed that 68% of Americans over the age of 18 own a smartphone, allowing them to be constantly connected.
Along with the growth of smartphones a new type of consumer has emerged – a mobile-only consumer we refer to as the “mobivore”. These consumers use only their smartphones to go online, forgoing other devices such as desktop or laptop computers and even tablets.
Although mobile-only consumers tend to skew younger, they cross generations and socio-economic segments. Fiserv estimates that mobivores currently make up about 15 to 20 percent of a typical financial institution’s mobile banking user base.
Based on trends and other markets, we can assume more consumers would be mobivores if they had access to true mobile-only functionality, and that this segment is likely to grow. Javelin Strategy & Research estimates 63% of the U.S. population will use mobile banking by 2018. It can be estimated that a third to half of these users will be mobile-only.
Unmet Expectations
“‘Mobivores’ currently make up about 15 to 20 percent of a typical financial institution’s mobile banking user base.”
— 2014 Fiserv Consumer Trends Survey
Traditional banking experiences do not meet the needs of mobile-only consumers. Unlike most consumers who want to use multiple banking channels, mobivores only care about what is available on the mobile channel. Even then, their needs are quite different from those of other mobile banking users.
While mobile banking is usually all about quickly and efficiently completing tasks and accessing information, mobivores want a full-service mobile experience that is independent from any other channel. They expect to be able to complete tasks such as enrolling in and managing accounts, contacting a bank representative, filling out and signing forms, receiving notifications, and making payments.
Delivering this robust level of mobile-only banking capabilities requires untangling dependencies from other channels, including online. To add a payee to mobile bill pay today, for example, a user generally has to log in to online banking – not a viable process for a mobile-only user.
To read how to meet the expectations of the mobile-only consumer, read the rest of the article here ...