Mobile and Tablet Banking: A Catalyst for Change

MAYNARD, Mass. - April 18, 2013 - PRLog -- Boston, MA –April 18, 2013 – Mobile devices are changing the way consumers manage their lives, including their financial lives. The rapid proliferation of Internet-accessible mobile devices (combined with broader availability and popularity of mobile banking apps) is driving mobile banking adoption. According to CustomerMonitor Survey Series data, by October 2012 more mobile banking customers were using apps from their financial institutions than from the mobile Web to conduct mobile banking activities.

Mobile and Tablet Banking: A Catalyst for Change is the sixth in a series of eight consumer survey reports based on Mercator Advisory Group’s CustomerMonitor Survey Series. The foundation of this study is data obtained during a national sample of 1,008 online consumer survey responses completed between October 23 and November 2, 2012. The study examines market dynamics including: changes in mobile and tablet usage, methods and frequency of communication with financial institutions, various banking activities performed by mobile device, and mobile banking’s impact on branch visitation.

“Mobile banking offers a new level of convenience, engaging customers with more frequent contact at a lower cost. Yet, financial institutions need to make it easier, more secure and responsive to bank by mobile,” stated Karen Augustine, manager of CustomerMonitor Survey Series at Mercator Advisory Group and the author of the report.

Highlights of this report include:

- Trending of mobile Internet access, different access methods, mobile banking activities and methods, and demographics of mobile banking users

- Shifts in communication methods with FIs, preferred methods, and banking activities performed based on device type

- Challenges to mobile banking adoption and mobile device security and reliability ratings

- Importance of real-time access by type of banking activity

The report is 52 pages long and contains 22exhibits

Members of Mercator Advisory Group CustomerMonitor Survey Series Service have access to this report as well as the upcoming research for the year ahead, presentations, analyst access and other membership benefits.

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About Mercator Advisory Group

Mercator Advisory Group is the leading, independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.