Mobile Banking users

The mobile banking consumer carries a higher balance than the average banking consumer and has a greater net worth, according to a study by Nielsen. Nearly 13.2% of households accessed their bank account via a mobile device in second quarter of this year versus 20.8% who accessed their account via the bank’s customer service call centre. While mobile access penetration is lower than other channels, it has grown from 11.6% in first quarter and call centre access has remained relatively flat quarter-over-quarter. Mobile banking users also bring greater value to an institution by maintaining higher average balances at $64,303 versus $48,384 for the average customer and greater net worth at $341,017 versus their online banking counterparts at $313,346 or the market average at $281,263.

Mobile Office Workers represent 14.8% of mobile bankers and 9% of the US population. Mobile Office Workers are younger to middle age (35-54) and are more likely to engage in mobile banking than any of the other groups. They rank highest for smartphone ownership and they stay connected by consuming information such as news, sports and finance. Their friends are a big part of their lives even more important than their families.

Social Texters comprise one out of five mobile bankers and 14.3% of the population. Social Texters are the youngest mobile group (18-24) and are generally still in college. They are most are likely getting financial support from their parents and are more likely to have a prepaid feature phone. They index high on checking their balances or more likely checking for deposits from parents. Country Club Communicators make up 12.8% of mobile bankers and 11.6% of the population. Country Club Communicators are the oldest (45-64), wealthiest and most educated of the mobile mindsets. They index high for smartphone ownership and they have adapted to mobile technology to keep in touch with their children (Social Texters) and therefore have a higher propensity to use SMS text messaging. They are loyal to their bank and use a variety of banking services and products. Mobile Basics cover 11.3% of mobile bankers and 10.8% of the population and are interested in the no frills option. In Touch, On the Go includes 6.8% of mobile bankers and 7% of the population, these suburban soccer moms and dads tend to buy on impulse. Both Mobile Basics and In Touch, On the Go are middle age (35-54) and are more likely to own a feature phone. They have a lower propensity to mobile bank and use their phones for the most basic needs of communicating with family and checking balances. Both groups use a variety of credit to manage their cash flow and they are generally not savers except for retirement or their children’s college.

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