The ath Power Mobile Banking Study™
Our research suggests that as many as 50% of banks have yet to rollout their initial mobile banking offering. However, most of the largest U.S. banks now offer dedicated mobile services, whether mobile-optimized web pages or downloadable apps. While clearly there is a cost to develop and maintain these services, there are strong incentives to do so. Among them, high quality mobile banking services may help:
Deepen relationships with customers, particularly younger customers who tend to be the least loyal
Acquire new, younger customers
Reduce servicing costs
Generate new fee revenue
Improve retention of business owners and professionals
Help with the acquisition and retention of 'mass affluent' customers
The ath Power Mobile Banking Study™ was conducted to understand the wants, needs and customer experience environment associated with mobile banking as well as to understand how banking institutions can increase overall usage and adoption of their mobile offerings.
Through a combination of survey research and actual usage audits of mobile applications, this study examines the utilization of multiple banking channels to understand what tools and features mobile will need to become the optimal choice for all banking activities. This report also unveils important differences across customer segments relative to choice of bank, customer loyalty and usage patterns, and reveals the key drivers and enablers for those user segments.
1,527 Mobile Banking Customers responded to an online survey that set out to determine what factors make up an "ideal mobile banking experience" for consumers, and to uncover the impediments to producing such an experience. Through this evaluation, consumers provided information about their current banking behaviors and assessed their current mobile banking experience on an array of dimensions including ease-of-use, satisfaction and problem resolution. Additionally, 350 current mobile banking users were asked to login to their mobile banking applications to seek out certain features and perform specific tasks. They provided detailed feedback on their direct user experience, and their reactions to the various functions - checking balances, transferring funds, locating branches, etc. Among dimensions evaluated and commented upon for each task were the visual appeal, readability, navigation, and speed.
More than 240 banks and credit unions were represented within the survey portion of The ath Power Mobile Banking Study™ and 63 institutions were represented in the mobile app audit section.
Through this report, discover:
How to improve adoption & usage of mobile banking offering
What's missing from current offerings but sought by consumers and small business owners
What consumers are willing to pay for today's basic mobile offering
How banks can leverage mobile banking for greater customer loyalty and retention
Easy ways in which banks can improve service to mobile banking users
Alternative models to enable banks to gain revenue through 'mobile' while not upsetting their customers
Why small business owners should be targeted for mobile banking during the 'onboarding' process
Buyers of this report are invited to partake in an optional one hour phone discussion with the report lead author, Michael McEvoy.
ath Power Custom Research
If you are interested in obtaining a customized competitive analysis for your own institution, please contact Michael McEvoy by phone or email:+1.978.474.6464 Ext. 117 firstname.lastname@example.org