The Lucrative Mobile Banking Market

Mobile banking consumer carries a higher balance than the average banking consumer and has a greater net worth. While still only representing a small percentage of banking households, that number is increasing. Understanding the unique needs of this lucrative segment could mean winning and retaining valuable customers. To get into the mindset of the mobile banking consumer, Nielsen profiles five segments of consumers and offers strategies on how to reach them.

Consumer confidence and comfort levels for mobile transactions are at an all time high. For financial institutions, mobile banking creates efficiencies, cost savings, drives customer loyalty, engages new segments and offers real-time solutions. For consumers, mobile banking offers a consistent experience, improved speed of information and empowerment. But to truly understand the needs of the mobile banking user, banks must go beyond basic mobile services and learn how consumers interact with financial institutions.

Nielsen examined the mobile banking user and found that 13.2 percent of households accessed their bank account via a mobile device in second quarter 2010 versus 20.8 percent who accessed their account via the bank’s customer service call center. While mobile access penetration is lower than other channels, it has grown from 11.6 percent in first quarter and call center access has remained relatively flat quarter-over-quarter.

Mobile banking users also bring greater value to an institution by maintaining higher average balances ($64,303) versus ($48,384) for the average customer and greater net worth ($341,017) versus their online banking counterparts ($313,346) or the market average ($281,263).

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