Study: For weekly banking, US adults choose mobile over branch
In 2015, the number of the number of U.S. adults who banked weekly via mobile exceeded the number who banked in the branch. This finding, revealed in a new report by Javelin Strategy, highlights the ascendance of digital over physical banking channels.
Mobile banking has experienced “incredible growth” thanks to smartphone and tablet adoption, according to a press release from Javelin. Indeed, the company said, the adoption of mobile banking and smartphones has more than doubled while uptake of tablets has increased roughly 8.5 times, and in 2015, 25 million U.S. adults began to use the mobile banking channel for the first time.
“Mobile is on a growth path to unseat PCs to become the ‘first screen’ through which bank customers interact with and ju
dge their primary financial institution,” Javelin Mobile Analyst Daniel Van Dyke said in the release. “FIs will need to continue to innovate to outpace this increasing mobile banking adoption. With fintech startups and other vendors entering the space, consumers have more options than ever when it comes to mobile.”
The new Javelin report, “2015 Mobile Banking, Smartphone and Tablet Forecast,” offers projections for consumer adoption of mobile banking, smartphones, and tablets to 2020. The study is based primarily on information gathered from the company’s mobile banking survey of more than 3,100 U.S. consumers.