Report: Mobile banking over brick and mortar

SAN FRANCISCO – A California-based research firm released a report last month showing consumers now prefer mobile banking more than brick-and-mortar banking when accessing checking accounts at primary banks.
Javelin Strategy & Research, a Greenwich Association LLC company, reports that mobile bankers – or “mobile-first” consumers – comprise nearly one in every four United States consumers. The report, called “The Rise of the Mobile First Consumer and What that Means for Banking” examines the behaviors and preferences of consumers to mobile banking, brick-and-mortar banking and online banking, according to a press release.
The following breakdown is of U.S. consumers who access their checking account at their primary bank:
Online Banking: 39 percent.
Mobile Banking: 23 percent.
Brick-and-mortar Banking: 17 percent.
ATM: 10 percent.
Other: 12 percent.
Javelin Strategy & Research reports that mobile-first consumers use multiple channels to access their banking and are “more likely to be younger, female and have children in the household” than those who prefer online or brick-and-mortar banking.
“Currently, mobile bankers are not able [to] finish transactions on mobile devices and are purposefully shifted to online or branch channels for completion, causing frustration,” said Mary Monahan, executive vice president and research director at Javelin, in a statement. “Financial institutions should aim to create a unified view of the customer and offer a more seamless, easily navigated banking experience to appeal to the broader user community.”
The report also says mobile-first consumers are drawn to large banks, are fee-sensitive and are more likely to switch banks within one year.

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