|[February 27, 2012]
Online, Mobile and Tablet Banking Use Growing, says Fiserv Consumer Trends Survey
BROOKFIELD, Wis. --(Business Wire)--
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, today announced findings from the latest Fiserv
Consumer Trends Survey, which has provided insight into consumer usage
of digital channels for financial services since 2002. This year's
survey revealed that consumers are increasingly gravitating toward
online and mobile channels for daily financial management, and that
tablet banking services will be increasingly in demand. The survey was
completed by 3,000 individuals representative of the U.S. online
population of households in August 2011.
Detailed findings from this year's survey are available in a free
research paper, "Financial Services Continue the Digital Shift," at www.fiserv.com/research.
"Consumers' lives are becoming more and more digital, and their
financial lives are no exception," said Geoff Knapp, vice president,
Online Banking, Digital Channels, Fiserv. "They are increasingly turning
to the online and mobile channels for everything from opening accounts
to sending and receiving money, and their interest in using new devices
like tablets for financial services is strong."
Mobile Banking Gains Ground, Sees More Transactions
According to the survey, one out of four online households had used a
mobile banking service in the past month, with users of other digital
services, such as online banking, among the most likely to have used
mobile banking. The most common method of mobile banking access was via
mobile browser (60 percent), followed by downloadable app (41 percent)
and text messaging (32 percent).
Consumers are also moving beyond using the mobile channel solely for
informational purposes, such as checking balances or locating an ATM, to
using it for transactions such as bill payments and money transfers.
Forty percent of mobile banking users have paid a bill using their
mobile phone as compared to 28 percent in 2010. Thirty-two percent used
their mobile phone to transfer money versus 25 percent in 2010.
See Graph: Mobile
Banking is Becoming More Transactional
Strong Interest in Tablet Banking Among Current and Future Tablet
According to the survey, 19 percent of online households currently own a
tablet and another 20 percent expect to purchase a tablet, which means
almost 40 percent of online households could own a tablet by mid 2012.
In addition, multi-tablet households are emerging, with 37 percent of
households that already own one tablet stating that they plan to buy
Current and future tablet owners are interested in using their tablet to
access financial services, with 45 percent saying they would like to use
their tablet for banking. When asked which banking services they would
like to access via tablet, consumers chose: view monthly statements (69
percent), pay bills (56 percent), view real-time account information (50
percent) and transfer money between accounts at the same financial
institution (49 percent).
See Graph: Desired
Tablet Banking Services
As tablet ownership grows, demand for tablet-based banking is likely to
grow as well.
Online Channel Plays an Increasingly Important Role in Consumer
The significance of the online channel in establishing and maintaining
consumer financial relationships continues to increase. One area in
which this increase was particularly pronounced was online account
opening, with the percentage of deposit, credit and savings accounts
opened entirely or partially online increasing significantly from 2010
to 2011. In 2011, half of respondents who opened a money market account
did so online, up from 16 percent in 2010, while 42 percent of
respondents who applied for a credit card did so online, up from 31
percent in 2010. Similar increases were seen across other accounts such
as first mortgages and car loans.
From January 2010 to July 2011, the number of U.S. online households
using online banking increased by nine percent. The number of households
paying bills directly at company websites and at financial institution
websites also increased, 11 percent in each case. Among online
households, online bill payments now account for 50 percent of all bill
payments, while checks account for 23 percent, almost a complete flip
from when the initial Consumer Trends Survey was conducted in 2002.
See Graph: Online
Bill Payments Account for Half of all Bill Payments
Conducted regularly since 2002, the Fiserv Consumer Trends Survey
provides insight into current and future trends in the use of digital
channels for financial services. The current survey, administered in
August 2011 by The Marketing Workshop on behalf of Fiserv, was completed
by 3,000 individuals demographically representative of the U.S. online
population of households. The online population of households includes
all households with Internet access, which is approximately 96.4M out of
121M total U.S. households.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry. Fiserv is driving innovation in
payments, processing services, risk and compliance, customer and channel
management, and business insights and optimization. For six of the past
eight years, Fiserv ranked No. 1 on the FinTech 100, an annual
international listing of the top technology providers to the financial
services industry. For more information, visit www.fiserv.com.
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