The 64% of Online Banking Adults Like These Features Best

BY Rachel Cagle
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"The most recent Insight Summary Report from Mercator Advisory Group’s CustomerMonitor Survey Series reveals that mobile banking is growing rapidly in the United States. According to the report, titled Digital Banking: Improvements Needed to Compete with Fintech, 64% of U.S. consumers with at least one account at a bank, credit union, or other financial institution perform mobile banking activities, but they are more likely to banking via their mobile device using the financial institution’s website than a mobile banking app."

Contrary to popular belief, it's not just younger consumers utilizing online banking. According to AudienceSCAN, 20% of online banking customers are ages 65 and older.

"Mobile banking app users report high satisfaction with the app, particularly for its ease of use and convenience. In fact, 89% of U.S. adults who use a mobile banking app downloaded from a financial institution are satisfied or very satisfied with the app, including 52% who are very satisfied with the app. Yet, users are least satisfied with the range of transactions able to be performed in the app (43% are very satisfied) or the speed of access to the information needed (49% are very satisfied) and most satisfied with the ease of use or convenience it lends (55% are very satisfied)."

"One of the features that mobile banking app users consider most important but fewer have is quick and easy login and authentication, considered important by nine in 10 mobile banking app users though less than half say their mobile app offers this feature. Mobile banking users want quick and easy access to mobile banking and the features they need to perform. When asked how they unlock their device, nine in 10 say they still use passwords. Biometrics use, particularly as the only form of authentication, is still in early stages of development."

According to AudienceSCAN, 44.4% of online banking customers own Android smartphones while 42.9% are iPhone users.

"Mercator’s survey findings suggest that consumers would be interested in using mobile banking if it were better integrated into applications they already use, such as conversational interfaces in the form of either voice-​activated virtual assistants or text-​based chatbots. Nearly half of respondents already use these interfaces, and two in three of them have bought goods or services, paid household bills, or sent money to another person using such an interface. Another one in three users of such virtual assistant claim to have received banking information or made banking transactions using these interfaces."

Advertisers can market to online banking customers while they're still on their phones. Roughly 59.6% of these customers have used a mobile device to watch an online streamed video in the past six months, and within the past year, 30% have taken action because of pre-​roll video ads. The most effective way to advertise to them though is through TV since that's where 49.4% are getting most of their local news and where the commercials have aired in the past year that have driven 61.7% of them to action.

AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. Media companies and agencies can access AudienceSCAN data through the AudienceSCAN Reports in AdMall.