In 2016, JPMorgan Chase and Braun Research conducted a study about how consumers are doing their banking through mobile and online channels. The data revealed the prevalence of banking in this manner.
Chase and Braun found that out of the 1500 adults surveyed, 33% of consumers use their mobile app and 35% bank online, more so than they did in 2015. 70% of those consumers preferred using the bank’s website while 47% preferred the bank’s app.
Probably not surprisingly is the fact that 78% of millennials used the bank’s website along with 75% of GenXers and 67% of Baby Boomers.
These statistics alone show that mobile banking is changing, become more adaptable and user-friendly, and is ultimately here to stay.
3 trends are driving mobile banking advancements:
- Shifting consumer demographics: According to the U.S. Bureau of Labor Statistics, “In 2020, half of the U.S. workforce will consist of people born after 1980. This new generation of digital-native workers and consumers has a fundamentally different outlook on how businesses should engage with them.”
- Changing consumer expectations: According to NGData, “42% of customers choose a bank for their customer service levels.”
- The rise of FinTech street-ups: According to Celent, “ With an estimated, IT spend of nearly $200 billion USD and growing,” disruption in the financial sector looks increasingly attractive.