LOMBARD, Ill.—A new study shows that mobile bankers are most likely to use several delivery channels each month, including the branch.
The latest Raddon Research Insights Study surveyed 2,300 mobile banking users, and measured their attitudes, preferences and the difference between their banking behaviors compared to that of non-mobile bankers.
“Mobile banking is clearly not replacing other channels, according to the research,” said Raddon Research Analyst Lynne Cornelison in the latest issue of the Raddon Report.
The greatest difference among mobile banking users and non-mobile banking users are their use of debit cards and the online channel, explained Cornelison. Eighty percent of mobile banking users are likely to bank online versus 63% of non-mobile users. Seventy-four percent of mobile bankers use a debit card, compared to 60% of non-mobile banking users.
“Branch usage is not significantly different among the two groups,” said Cornelison. “Mobile banking users may have a greater likelihood of using all channels than the non-mobile consumer, but they continue to use traditional branch services as well. Mobile banking did not signal the end of the branch.”
Turning to changes in patterns of channel use for mobile banking users, Cornelison said that consistent with omnichannel behaviors, online banking and ATMs are used more frequently after adoption of mobile banking. And while a third of mobile banking users indicated less frequent branch usage, two-thirds indicated the same or a higher frequency of branch usage compared to usage before adoption of mobile banking.
“Instead of driving consumers away from other channels, mobile banking is accentuating the trend toward omnichannel usage for most consumers. As a result, the user experience across all channels must be consistent, integrated and seamless,” said Cornelison. “Consistency in look and feel is important, but equally important is consistency in message. Financial institutions should be prepared to offer an omnichannel financial services experience that fits how people live and work today.”