Device Size Matters, According to Mobile Banking Survey

February 6, 2015 DATAMARK

The results of a new survey shines a light on Americans’ mobile banking activities.

According to findings from the Carlisle & Gallagher Consulting Group (CG), an advisory firm for the financial services industry, more than half of Americans–55 percent–say mobile banking has become a “habitual part” of their life.

In addition to querying consumers about the mobile banking habits, CG focused on the type of devices being used for mobile banking. The answers help us understand whether consumers prefer to reach for a smartphone, tablet or phablet (a phone with a screen more than 5 inches in size) when they are ready to conduct banking on-the-go.

Here are CG’s key findings:

Mobile device purchases will impact mobile banking over the next two years: All respondents said they expect to buy more mobile devices by 2016.

  • 84% plan to buy a smartphone.
  • 26% plan to buy a laptop.
  • 25% plan to buy a tablet.
  • 14% plan to buy a phablet.

For banking, 81% expect to use a laptop in 2016, 62% a smart phone, 44% a tablet, and 11% a phablet.

Consumers conduct mobile banking across all of their mobile devices: Consumers with a “three-device lifestyle” use their laptops, tablets and smartphones for these common mobile banking activities:

  • Viewing balances: 97% on laptops, 95% on tablets and 94% on smartphones
  • Transferring funds: 89% on laptops, 81% on tablets and 82% on smartphones
  • Paying bills: 92% on laptops, 86% on tablets and 81% on smartphones

More and more consumers are using devices to deposit checks: More than 60% of phablet and smartphone owners use those devices to deposit checks.

The phablet phenomenon is on its way:

  • Phablet use for mobile banking will grow by more than 100%.
  • 46% of consumers say they more likely to conduct mobile banking due to larger mobile devices, such as phablets.
  • One in six consumers say mobile banking is an important reason to buy a large-screen smartphone or phablet,

“CG believes that phablets will have approximately 30 percent of the mobile device market share by 2020 and become the dominant device for mobile banking,” said Byl Cameron, CG’s Digital Practice Lead. “We also project that tablets will decline in popularity, especially as a device on which to do banking. Our study found 68 percent do not use tablets today for banking.”

 

The post Device Size Matters, According to Mobile Banking Survey appeared first on Outsourcing Insights.

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