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Consumer Attitudes toward Technology in Financial Services

Published By :

Mintel

Published Date : Sep 2013

Category :

Banking

No. of Pages : 154 Pages


While ‘electronic banking’ used to mean banking by computer, it now encompasses three devices: computers, smartphones, and tablets. Because each device is different, both with regard to the people who use them and the functions for which they are used, banks that want customers to migrate to those devices need to learn how to leverage the advantages of each.
TABLE OF CONTENT

Scope and Themes
What you need to know
Data sources
Consumer survey data
Direct marketing creative
Abbreviations and terms
Abbreviations
Terms

Executive Summary
The market
Figure 1: Device ownership, by age, June 2013
Growth in online banking is slowing
Figure 2: Preferred banking channel, 2008-12
Market drivers
Sales of tablets and smartphones continue to explode
Figure 3: Worldwide sales of electronic device market, by category, 2012, 2017
The underbanked are heavy users of mobile banking and their numbers are growing
Figure 4: Un- and underbanked households in U.S. as percentage of all households, 2009, 2011
Increased mobile functionality
Figure 5: Interest in payment method alternatives, by generation, November 2012
The consumer
Computers used for banking more than smartphones or tablets
Figure 6: Type of financial activities conducted on devices, by type of device, June 2013
Reasons people don’t bank electronically
Figure 7: Reasons for not using electronic device for banking transactions, by device, June 2013
What we think

Issues and Insights
How can banks entice more people to use electronic banking?
Issues
Insights
Figure 8: Effectiveness of incentives and disincentives for online banking, by age, June 2013
What is holding tablet usage back?
Issues
Insights
How can banks address security concerns?
Issues
Figure 9: Perceptions of the security of mobile banking apps, 2011, 2012
Insights

Trend Application
Inspire Trend: Cam Cam
Inspire Trend: Attention Economy
Mintel Futures: Human

Market Size
Key points
Growth in online banking is slowing, mobile and phone banking growing
Figure 10: Preferred method of banking, 2008-12

Market Drivers
Key points
Sales of tablets and smartphones continue to explode
Figure 11: Worldwide smart connected device market, by category, 2012, 2017
Figure 12: Smartphone ownership, by age, November 2011, June 2013
Figure 13: Tablet ownership, by age, January 2011, June 2013
Increase in underbanked populations
Figure 14: Un- and underbanked households in U.S. as percentage of all households, 2009, 2011
Increased interest in mobile payments
Figure 15: Number of people who use contactless mobile payments, 2011-17
Figure 16: Volume of contactless mobile payments, 2011-17
Increased mobile functionality
Figure 17: Interest in payment method alternatives, by generation, November 2012

Competitive Context
Key points
Mobile apps disable debit cards
Figure 18: Interest in credit/debit card with budgeting tool, by age, June 2013
Availability of mobile bill pay is increasing
Figure 19: U.S. Bank email ad for mobile billpay, 2013
Internet banks are growing
Figure 20: Demographics of American households vs. direct bank customers, by age, 2012
Figure 21: Demographics of American households vs. direct bank customers, by income, 2012
Figure 22: Interest in internet-only banking, by age, June 2013

Segment Performance
Key points
Mobile device owners tend to be younger
Figure 23: Ownership of devices, by age, June 2013
Figure 24: Own multiple devices, by device owned, June 2013
Computers are most popular device for electronic banking
Figure 25: Type of financial activities conducted on devices, by type of device, June 2013
Figure 26: Ranking of frequency of conducting financial transactions, June 2013
Computer owners most satisfied with banks’ electronic capabilities
Figure 27: Satisfaction with electronic capabilities provided by primary bank, by age, June 2013
Tablet apps will be increasingly important
Figure 28: Influence of mobile apps on choice of bank/satisfaction with mobile apps, by generation, June 2013
Figure 29: Interest in switching primary banks for more electronic banking services, by age, June 2013
Mobile wallets are still “coming”
Figure 30: Consumer familiarity with payment method brands, November 2012
Figure 31: Incidence of mobile payment usage, by age, June 2013

Innovations and Innovators
Key points
Citibank is moving ahead with new tablet apps
City Bank Texas launches apps that keep it ahead of the pack
Figure 32: Interest in a debit/credit card with budget controls, by age, June 2013
San Diego County Credit Union offers mobile chat
Westpac is crowdsourcing to develop new apps

Marketing Strategies
Brand analysis – Bank of America
Online initiatives
TV presence
Figure 33: Bank of America, television ad, 2013
Direct mail
Figure 34: Bank of America, direct mail ad, 2013
Figure 35: Bank of America, direct mail ad, 2013
Email
Figure 36: Bank of America email ad, 2013
Figure 37: Bank of America email ad, 2013
Online
Figure 38: Bank of America online ad, 2012
Brand analysis – Citibank
Online
Figure 39: Citibank video, 2012
Figure 40: Citibank video, 2011
Figure 41: Citibank online ad, 2013
Direct mail
Figure 42: Citibank direct mail, 2013
Email
Figure 43: Citibank email ad, 2013
Figure 44: Citibank email ad, 2013
Brand analysis – Progressive Insurance
Online
Figure 45: Progressive video, 2012
TV Presence
Figure 46: Progressive television ad, 2012
Direct mail
Figure 47: Progressive direct mail, 2013
Email
Figure 48: Progressive email ad, 2013
Figure 49: Progressive email ad, 2013
Print
Figure 50: Progressive print ad, 2012

Consumer Ownership of Electronic Devices
Key points
Figure 51: Incidence of computer, smartphone and tablet computer ownership, by age, June 2013
Figure 52: Incidence of computer, smartphone and tablet computer ownership, by household income, June 2013
Figure 53: Incidence of computer, smartphone and tablet computer ownership, by race/Hispanic origin, June 2013
Figure 54: Incidence of computer, smartphone and tablet computer ownership, by type of device owned, June 2013

Device Preferred for Banking
Key points
Figure 55: Device preferred for banking, by gender, June 2013
Figure 56: Device preferred for banking, by age, June 2013
Figure 57: Device preferred for banking, by household income, June 2013

Types of Financial Activities Conducted on Device
Key points
Figure 58: Incidence of conducting financial activities electronically, by device, June 2013
Computer owners
Figure 59: Incidence of conducting financial activities on personal computer, by device ownership, June 2013
Figure 60: Incidence of conducting financial activities on personal computer, by gender, June 2013
Figure 61: Incidence of conducting financial activities on personal computer, by age, June 2013
Figure 62: Incidence of conducting financial activities on personal computer, by gender and age, June 2013
Figure 63: Incidence of conducting financial activities on personal computer, by household income, June 2013
Smartphone owners
Figure 64: Incidence of conducting financial activities on smartphone, by gender, June 2013
Figure 65: Incidence of conducting financial activities on smartphone, by age, June 2013
Figure 66: Incidence of conducting financial activities on smartphone, by race/hispanic origin, June 2013
Figure 67: Incidence of conducting financial activities on smartphone, by marital/relationship status, June 2013
Tablet owners
Figure 68: Incidence of conducting financial activities on tablet, by gender, June 2013
Figure 69: Incidence of conducting financial activities on tablet, by age, June 2013
Figure 70: Incidence of conducting financial activities on tablet, by race/Hispanic origin, June 2013

Reasons for Not Utilizing Electronic Banking
Key points
Computers
Figure 71: Reasons for not using a computer for financial transactions, by gender, June 2013
Smartphones
Figure 72: Reasons for not using a smartphone for financial transactions, by gender, June 2013
Figure 73: Reasons for not using a smartphone for financial transactions, by age, June 2013
Tablets
Figure 74: Reasons for not using a tablet for financial transactions, by gender, June 2013
Figure 75: Reasons for not using a tablet for financial transactions, by household income, June 2013

How Consumers Prefer to Use Their Devices
Key points
Figure 76: Incidence of accessing online tools, downloading apps, and mobile payments, by gender, June 2013
Figure 77: Incidence of accessing online tools, downloading apps, and mobile payments, by age, June 2013
Figure 78: Incidence of accessing online tools, downloading apps, and mobile payments, by household income, June 2013

Effectiveness of Incentives and Disincentives
Key points
Figure 79: Interest in using online and mobile banking if incentives/disincentives are offered, by gender, June 2013
Figure 80: Interest in using online and mobile banking if incentives/disincentives are offered, by age, June 2013
Figure 81: Interest in using online and mobile banking if incentives/disincentives are offered, by household income, June 2013

Attitudes about Online-Only Banks and Electronic Offerings
Key points
Figure 82: Attitudes about online only banks and online/mobile offerings, by gender, June 2013
Figure 83: Attitudes about online only banks and online/mobile offerings, by age, June 2013

Satisfaction with Electronic Banking Capabilities
Key points
Figure 84: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, by gender, June 2013
Figure 85: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, by age, June 2013

Reasons for Not Using Devices for Shopping
Key points
Figure 86: Reasons for not using electronic device to make purchases, by gender, June 2013
Figure 87: Reasons for not using electronic device to make purchases, by age, June 2013
Figure 88: Reasons for not using electronic device to make purchases, by household income, June 2013

Use of Social Media to Follow Institutions
Key points
Figure 89: Use of social media to follow financial institution, by gender, June 2013
Figure 90: Use of social media to follow financial institution, by age, June 2013
Figure 91: Use of social media to follow financial institution, by household income, June 2013

Appendix – Other Useful Consumer Tables
Figure 92: Device preferred for banking, by device ownership, June 2013
Figure 93: Incidence of conducting financial activities on personal computer, by device ownership, June 2013
Figure 94: Incidence of conducting financial activities on smartphone, by device ownership, June 2013
Figure 95: Incidence of conducting financial activities on tablet, by device ownership, June 2013
Figure 96: Reasons for not using a computer for financial transactions, by device ownership, June 2013
Figure 97: Reasons for not using a smartphone for financial transactions, by device ownership, June 2013
Figure 98: Reasons for not using a tablet for financial transactions, by device ownership, June 2013
Figure 99: Incidence of accessing online tools, downloading apps, and mobile payments, by device ownership, June 2013
Figure 100: Interest in using online and mobile banking if incentives/disincentives are offered, by device ownership, June 2013
Figure 101: Attitudes about online banks and online/mobile offerings, by device ownership, June 2013
Figure 102: Influence of electronic capabilities on choice of bank/Satisfaction with electronic capabilities, June 2013
Figure 103: Reasons for not using electronic device to make purchases, by device ownership, June 2013
Figure 104: Use of social media to follow financial institution, by device ownership, June 2013

Appendix – Trade Associations

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