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Digital Trends in Finance - US - September 2017

Published By :

Mintel

Published Date : Sep 2017

Category :

Banking

No. of Pages : N/A

While most consumers are satisfied with the digital services their financial institutions provide, improvement is still needed. Trust in the security of digital services is low, and most consumers still want to be able to talk to a human for answers to their financial questions. While institutions are doing all they can to convert consumers to digital solutions, they cannot forget the importance of the human touch and need to work to find the right balance.
Table of contents

OVERVIEW
What you need to know
Definition
EXECUTIVE SUMMARY
The issues
Mobile devices are rarely used to access accounts
Figure 1: Accessing financial accounts, by mobile device ownership, June 2017
Almost half still dont use mobile banking apps
Figure 2: Use of mobile apps, by gender, June 2017
Figure 3: Regions Bank android pay email, 2015
Young consumers most likely to want local branches
Figure 4: Financial behaviors, by generation, June 2017
Figure 5: Chase sweepstakes direct mail ad, 2015
The opportunities
Alternative institutions should continue to target young consumers
Figure 6: Attitudes toward online/mobile services, by generation, June 2017
Improve explanations of how to use digital services
Figure 7: Attitudes toward online/mobile services, by parental status, June 2017
Cross-selling may be especially successful with young consumers
Figure 8: Attitudes toward online/mobile services, by generation, June 2017
What it means
THE MARKET WHAT YOU NEED TO KNOW
Growth of the Internet of Things
Sales of devices among high earners continue to grow
Growth of younger consumer segments
MARKET FACTORS
Growth of the Internet of Things
Figure 9: Ally Bank Splurge Alert email, 2016
Most high earners plan to purchase a new device soon
Growth of younger consumer segments
Figure 10: Population by generation, 2017-22
Banks are continuing to close branches
KEY PLAYERS WHAT YOU NEED TO KNOW
Consumers are satisfied with digital offerings
Voice commands
Mobile app use
The human touch is becoming less important
Mobile-only banks
Microadvice
Rewards for mobile payments
Banking with Amazon?
WHATS WORKING?
Consumers are satisfied with digital offerings
Figure 11: Satisfaction with digital services, by generation, June 2017
Voice commands
USAA and Clinc
WHATS STRUGGLING?
Mobile app use
Figure 12: Use of mobile apps, by mobile device ownership, June 2017
The human touch is becoming less important
Figure 13: Use of services, June 2017
WHATS NEXT?
Mobile-only banks
Microadvice
Rewards for mobile payments
Figure 14: US Bank Altitude Reserve VISA Infinite card email, 2017
Banking with Amazon?
Figure 15: Interest in banking with a technology company, by generation, June 2017
CHAID analysis
Figure 16: Interest in banking with a technology company CHAID Tree output, June 2017
THE CONSUMER WHAT YOU NEED TO KNOW
Men have more varied account types than women
Most use their computers
Hispanics vastly prefer mobile apps
Many still think mobile apps are unnecessary and not secure
Mobile payments growing among young consumers
Access to humans is important to parents
Young, digital users are more satisfied than older users
LOCATION OF ACCOUNTS
Men have more different types of accounts than women
Figure 17: Location of accounts, by gender, June 2017
ACCOUNT ACCESS
Most use their computers
Figure 18: Account access, by account access, June 2017
Convenience is the major factor in digital usage
iGens prefer to access accounts via phones
Figure 19: Account access, by generation, June 2017
USE OF MOBILE APPS
Hispanics vastly prefer mobile apps
Figure 20: Use of mobile apps, by Hispanic origin, June 2017
Higher earners more likely to use mobile apps
Figure 21: Use of mobile apps, by household income, June 2017
Parents are heavy users
Figure 22: Use of mobile apps, by parental status, June 2017
Many still think mobile apps are unnecessary and not secure
Figure 23: Reasons for not using mobile apps, June 2017
Most use apps to keep watch over accounts
Figure 24: Transactions via mobile apps, June 2017
How do consumers use their financial institutions digital services?
USE OF SERVICES
Mobile payments growing among young consumers
Figure 25: Use of services, by generation, 2017
Hispanics increase use of digital services
Figure 26: Use of services, by Hispanic origin, June 2017
Young consumers more likely to use institutions money management tools
Figure 27: Use of services, by generation, June 2017
ATTITUDES TOWARD ONLINE/MOBILE SERVICES
Young men want more flexibility
Figure 28: Attitudes toward online/mobile services, by gender and age, June 2017
Access to humans is important to parents
Figure 29: Attitudes toward online/mobile services, by parental status, June 2017
SATISFACTION WITH DIGITAL SERVICES
Young, digital users are more satisfied than older users
Figure 30: Satisfaction with digital services, by generation, June 2017
Satisfaction among Hispanics is high
Figure 31: Satisfaction with digital services, by Hispanic origin, June 2017
LOCATION OF ACCOUNTS/SERVICES MOBILE SURVEY
Location of accounts
Blacks lag Whites and Hispanics in account ownership
Figure 32: Location of Accounts, by race and Hispanic origin, July 2017
Financial behaviors
Figure 33: Financial behaviors, by generation, July 2017
How important are digital services?
APPENDIX DATA SOURCES AND ABBREVIATIONS
Data sources
Sales data
Consumer survey data
Consumer qualitative research
Direct marketing creative
Abbreviations and terms
Abbreviations
APPENDIX CHAID ANALYSIS
Methodology
Figure 34: Attitudes toward online/mobile financial services CHAID Table output, June 2017

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