SAN FRANCISCO—A new study reveals that the number of mobile bankers now surpasses the number of weekly branch bankers.
Javelin Strategy & Research says the finding underscores an important “crossover point” in the financial services industry, indicting the sharp rise in “mobile first” consumers. Those who primarily use a mobile device to access their checking account at their primary banks are almost one in four (23%) Javelin pointed out in its report: “The Rise of the Mobile First Consumer – and What that Means for Banking.”
The study shows that 17% stop by the branch, 39% use online or home banking and 10% use the ATM (see chart).
Javelin said the mobile first consumer uses multiple channels to access their banking, demonstrating high rates of online, mobile, ATM and average rates of branch use. They are more likely to be younger, female, and have children in the household than online-first or branch-first customers. They prefer to congregate at the giant banks, are fee-sensitive and are more likely to switch banks within the next 12 months. Capturing these consumers’ demands will involve rethinking customers’ mobile experiences from start to finish, Javelin stated.
“Currently, mobile bankers are not able finish transactions on mobile devices and are purposefully shifted to online or branch channels for completion, causing frustration,” said Mary Monahan, EVP and research director. “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.”