Magazine article American Banker

Could High Mobile Banking Usage Make Banks the New Google?

Magazine article American Banker

Could High Mobile Banking Usage Make Banks the New Google?

Article excerpt

Byline: Penny Crosman

Millennials dominate mobile banking, according to a Nielsen study Telmetrics released this week, the xAd/Telmetrics U.S. Mobile Path-to-Purchase Study. (Millennials are people born from the early 1980s to the early 2000s.) The report shows that nearly half of all mobile banking users are under the age of 35, and one-third indicated that smartphones were the most important device for their banking needs.

Telmetrics surveyed 2,000 smartphone and tablet users in the U.S. about their "path-to-purchase" behavior on mobile devices, as it did last year. This year for the first time, the company gathered information about consumers' use of mobile and online banking.

What does "path to purchase" mean in the context of banking?

"We're talking about the end transactions," says Bill Dinan, president of Telmetrics. "It could be someone paying a bill; applying for a new credit card, a line of credit, or a loan; or looking for investment services. The path to purchase is the conclusion of a transaction."

Nearly 50 percent of online banking occurs on smartphones and tablets and 54% of mobile banking users complete banking transactions on their mobile device, the report found.

The impetus for the study was the fact that while everyone knows smart phones are being used extensively, mobile advertising dollars aren't necessarily following. The research was meant to show how the extent to which consumers use mobile devices for purchases and banking transactions, and therefore banking sites and apps could be a strong vehicle for ads. …

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