Phoenix Synergistics: Mobile Banking and Payments: The Next Level
Mobile banking is now well established as a channel for accessing financial accounts and services. The most recent research from Phoenix Synergistics reveals a significant majority of consumers access their checking account with some type of mobile device – either a cell phone or a tablet. Most activity revolves around accessing account information, making transfers, and making loan or credit card payments. Usage for bill payment is also strong. Most consumers view mobile capabilities as an essential feature of checking accounts. Mobile banking extends to other financial services such as credit cards and investments.
Recent research by Phoenix Synergistics has shown an increase in the use of several mobile-related activities. The usage of mobile devices for online bill payment is increasing. Mobile remote deposit capture is extremely popular with consumers. Consumers are finally embracing P2P payments. Mobile payments, the sister of mobile banking, has not enjoyed the success of its counterpart. Consumers are reluctant to abandon their old habits when they see limited benefits. To date, few providers have found the silver bullet that will make consumers pull out their mobile phone to pay for goods and services.
It is apparent that mobile banking and payments are the way of the future, particularly among younger consumers. As financial services providers wrestle with this reality, they must regularly examine the consumer perspective to determine what is the next level for mobile banking and payments. What additional services and innovations will move consumers beyond their current level of activity? What will it take to make mobile payments a “ must use” service? All of these issues and more will be evaluated in this study which will include a national online survey of 1,500 consumers ages 18 or older.