1 Emerging Trends in Mobile Banking In association with
2 Contents 1. Introduction Key Findings A rapid acceleration in mobile phone banking Why consumers use mobile phone banking Mobile phone banking comes of age The adopters of mobile phone banking as advocates The future of mobile banking The users of mobile phone banking young, savvy and in a hurry Users of mobile phone banking: employing technology to create free time Users of mobile phone banking: constantly in contact Smart phones, smarter usage Control and clarity Mobile banking; building better relationships Mobile versus internet Gender differences Barriers to mobile phone banking Conclusions... 22
3 1. Introduction This is the fourth chapter in the Money on the Move series for Monitise. In this report we are seeking to provide a panoramic view of mobile phone banking in Britain in To do this, we have conducted new quantitative research in this country to probe consumer behaviour and attitudes. We have used two samples: a 1,000 strong nationally representative main sample and an additional sample of 279 individuals who currently use some form of mobile phone banking. In addition we have drawn other information from our nvision database of proprietary research*. We ve added an industry perspective through interviewing two expert practitioners; John Slater, Head of Online Business Transformation at Nationwide and Ben Green, Head of Digital Service at the Royal Bank of Scotland. In their interviews these individuals were expressing their own opinions; opinions that are not necessarily those of their employers. We are very grateful to them for their assistance. While this report focuses on the UK, we feel that it is only right to acknowledge that mobile phone banking is making significant strides in many countries. In some ways we re witnessing a paradigm shift here is a technological innovation that may be more apparent and certainly more significant in some developing countries than in the West.
4 2. Key Findings There has been a rapid growth in the adoption of banking by mobile phone in the last year: 9% of consumers now claim to use some form of mobile banking compared to 4.3% in the autumn of The growth in smartphone adoption and innovation is one of several strategic factors that will result in the majority of Britons using mobile money within the next few years. The recession has boosted the use of the mobile phone as a means of banking the immediacy and control it offers are important benefits at a time when consumers are more aware of their spending. While users of mobile phone banking interact with their bank more frequently than the general population, they are using their mobiles for an increasing proportion of those interactions - mainly at the expense of branch visits and call-centre banking. 70% of consumers who use mobile phone banking are interested in using their handset as a means of paying for goods and services. Two thirds of the people who use mobile phone banking are interested in using their phone as a means of organising their finances. Those people who use mobile phone banking like it 57% report that they have used this channel more often during the last twelve months. More than two thirds have recommended, or will recommend, this type of banking to others. 85% of those using mobile phone banking think that technology (including online and mobile phone banking) helps them manage their money more efficiently. Only 32% of consumers using mobile phone banking state that they find banking easier or faster on a computer. * nvision is the Future Foundation s online trend tool. nvision is informed by six waves of proprietary quantitative research annually. The total sample size is 7,000 and the surveys are nationally representative.
5 3. A rapid acceleration in mobile phone banking We have been monitoring the take-up of mobile phone banking since the autumn of At that time 4.3% of our nationally representative audience claimed they used their mobile phone to perform banking functions. By November 2010 that number had jumped to 9%. In the last year there has been a marked acceleration in this form of banking. We believe that there are three main factors driving this remarkable growth. Firstly, the recession has caused consumers to be more cautious in how they spend their money and we have observed a significant increase in the number of people who manage their finances through budgeting; in October 2008 around 45% of the population claimed to carefully budget all household spending. By June 2010 that proportion had climbed to around 65% (Future Foundation nvision). The mobile phone whether sophisticated or basic has a powerful role in budgeting. Balance updates by text are a simple and immediate method of maintaining greater control of finances. 85% of people who use mobile phone banking think that technology such as internet and mobile phone banking helps then manage their money more efficiently. Secondly, the success of smartphones and the iphone in particular has made the internet properly mobile giving consumers more frequent and often spontaneous opportunities to interact with brands. It s hard to understate the growth in 3G phones. According to data from comscore MobiLens, UK smartphone adoption stood at 34.3% in 2010, up from 21% in In December 2010 there were 16.6 million smartphone users in the UK and 4.5 million iphone users. Our own research from 2010 shows that more than one in five people aged between 25 and 34 own an iphone. Thirdly, UK retail banks have actively and extensively promoted the benefits of mobile phone banking. In 2010 a number of banks ran communications campaigns based on the notion of being helpful to consumers. Mobile phone banking has been marketed as a useful improvement in the service that consumers receive. There are other background factors too the increasing pace with which consumers adopt new technologies and the relatively high levels of trust that consumers have in both mobile networks and the technology banks use. When forecasting technology adoption we use a generalised adoption curve a statistical method which we have used to forecast sophisticated phone banking (i.e. beyond text alerts). This method suggests that 39% of the population will use phone banking by However this narrowly-defined forecast does not take account of some transformative changes: Consumers being automatically provided with text alerts by their bank As we ll see in section 3.4, consumers readily appreciate the benefits that tap-and-go payments can provide. Innovation in this area is likely to be well-received The role that mobile-initiated payments will have in replacing cheques The definition of mobile money becomes much broader, expanding beyond current services to include m-shopping, location-based offers / services, transport, entertainment and integration with social networking Growth in smartphone adoption is matched - or exceeded - by growth in smartphone innovation Taken together, these factors will accelerate adoption to a point where a majority will be using mobile money in some way in the next few years. Ben Green, Head of Digital Service at RBS, forecasts strong growth:
6 I think that penetration of online banking is getting to be around 40% or 50% of many companies overall [customer] base. I would be absolutely amazed if you couldn t get to a very similar status on mobile banking as well. John Slater, Head of Online Business Transformation at Nationwide, believes this level of penetration will happen much more quickly: I think by 2017 something like 40% to 50% of banking customers will be using mobile banking in one form or another.
7 3.1. Why consumers use mobile phone banking In terms of how consumers evaluate the benefits conferred by mobile phone banking, no less than eight factors are rated with a response level of 40% or above. The appeal of mobile phone banking is therefore not one-dimensional; rather consumers readily appreciate a number of advantages. Convenience, speed and control emerge as the key benefits for a group who value their time and the ability to regularly monitor their finances to avoid bank charges and stay in the black. When it comes to service, sometimes it s what you don t get that is most important mobile phone banking seems to be a case in point. Among consumers who use mobile phone banking, 55% appreciate not having to go into a branch and 43% value not having to use a call centre. 1. Which of the following would you say are the advantages of mobile phone banking? 100% 80% Convenience Don't have to go into a branch Can check if I have sufficient funds before buying something Can bank during time that would otherwise be wasted Easier than using a computer Other Keep tabs on my balance/avoid being overdrawn Speed - it saves time Don't have to use a call centre It puts me in control Connection quality 60% 40% 20% 0% Total Men Women ABC1 C2DE Source: Monitise / Future Foundation Base: 279 who manage their finances via mobile phone banking aged 16+, Mobile phone banking comes of age There are six main ways of managing your finances and the chart on the next page shows whether the users of those channels have been utilising them more or less over the past twelve months. Those people who use mobile phone banking clearly like it over half (57%) say that they have been using this channel more often over the last year. Only 7% say they are using it less often. The comparison with other channels demonstrates the real benefits that consumers find in using their mobile phone for banking purposes. Among people who use mobile phone banking, 27% have used branches less often to manage their money in the last twelve months while 24% are using ATMs and call-centre banking less. The data gives a strong sense that mobile banking has come of age users are growing exponentially while the frequency of use is also growing quickly. In a short space of time this form of banking has become accepted and previous concerns about security have become less of an issue. Globally millions of consumers have already downloaded and are using apps that enable them to carry out financial transactions. In general customers expect their bank to offer them services that are secure and I m sure when coupled with the growing need to stay closer to their finances, this overcomes any concerns they may have about security. John Slater, Nationwide
8 John Slater s view chimes with our previous research for Monitise which has shown that consumers have a very high level of trust in the technology that banks use. Mobile phone security is raised as an issue by consumers when prompted, however their behaviour suggests that they are comfortable making transactions using their phone. In our four waves of research for Monitise we have found that, while consumers are concerned about security, they have a high degree of confidence in the technology that banks employ. Consumers do not use the phrase bank grade security but they do trust the security measures put in place by the banks. 2. You said that you use the following way of managing your finances. Please say whether this is more or less often or the same amount as 12 months ago? 100% 80% 60% 40% 20% 0% Mobile phone Online banking banking (including SMS alerts) Telephone banking Use an ATM/cash machine Go into a branch Post Less often Same amount More often Source: Monitise / Future Foundation Base: respondents aged 16+ who use the indicated means to manage their finances, The adopters of mobile phone banking as advocates While consumers who have adopted mobile phone banking are increasingly using the channel, they are also active in spreading the word to others. More than two thirds of people using mobile phone banking have either recommended this way of banking to others or will do in the future. That level of advocacy suggests a significant and satisfied group of consumers. The fact that a substantial number of users recommend this method of managing finance to others is significant. In recent years consumers have been markedly more cynical towards marketing messages and the power of personal recommendation has grown be it within families, informal networks or online. We see this reflected in the number of people who have taken up mobile banking as a consequence of recommendations from friends and family. One in four started using mobile phone banking because it had been recommended to them. It seems that a virtuous circle is created: those who try this form of banking like it and are likely to share their positive experience with others.
9 3. Have you ever recommended mobile phone banking to others? 100% Yes No but I will in the future No and I won't in the future Can't remember 80% 60% 40% 20% 0% Total Men Women ABC1 C2DE 3.4. The future of mobile banking Source: Monitise / Future Foundation Base:200 who check their balance with a mobile phone aged 16+, UK, 2010 Among the group that use mobile phone banking, 57% have used this channel more often over the past twelve months clearly the majority of existing users like this type of banking. The rapid acceleration in mobile phone banking suggests that consumers will readily adopt further innovation. Indeed our own data shows that 70% of mobile bankers are interested in using their handset as a means of paying for goods and services. Even among the general population one in four people are interested in using a mobile phone to pay for goods. 4. I would be interested in using a mobile phone to pay for goods and services. 100% Agree Agree strongly 80% 60% 40% 20% 0% Total Men Women ABC1 C2DE Source: Monitise/Future Foundation Base: 279 who manage their finance via mobile phone banking aged 16+, GB, 2010
10 Given these high levels of agreement, it doesn t seem too much of a stretch for consumers to use the phone as a means of paying for goods. Again the convenience offered by this type of payment will be motivating to consumers. John Slater of Nationwide believes that there is a ready audience for this technology: I expect people will love the convenience of paying for things with their mobile phone and for some people it will give them one less thing to worry about as they will be able to leave their wallet at home. Whilst security will be a factor for consumers I don t see this as a barrier. Consumers who have become used to tap-and-pay payment on their credit cards will already have experienced Near Field Communication payment and will have a greater familiarity and confidence in using an NFC-equipped phone. Public transport also introduces NFC to consumers Oyster in London of course along with an increasing number of other public transport operators. It is our view that NFC payments by phone which seemed a distant prospect when we started this research for Monitise in 2008 are not only imminent but desired. The London Olympics in 2012 represents something of a staging post on the route to wider adoption. This type of payment will find a strong consumer franchise as the benefits of speed, simplicity and convenience directly address the needs of many consumers, particularly the young.
11 4. The users of mobile phone banking young, savvy and in a hurry The people who have adopted mobile phone banking are young, technically savvy and time-pressured. Users of mobile phone banking tend to belong to higher social grades and are primarily aged between 25 and 34 (the next largest age group are those aged between 35 and 44). The split between genders is not especially marked and statistically not significant. Demographically, the group who use their mobile phone for banking are quite disparate from either Blackberry users or iphone owners. Blackberry ownership is relatively even across the age groups while iphone owners are concentrated in the 16 to 34 age group. Men find iphones more appealing than women although ownership is relatively even across the AB, C1 and C2 groups. It s our view that mobile bankers are not merely a reflection of smartphone users; rather they are a separate group of more mature people from higher social grades. This suggests to us that the current group of people using mobile phone banking have not come to this form of banking accidentally through their exposure to mobile phone technology. Our research shows that 65% of mobile bankers belong to the ABC1 social grades based on occupation. Online banking is also skewed towards the higher social grades with less difference between grades on ATM use, branch visits and call-centre banking. The higher social grades use online and call-centre banking with greater frequency than the C2DE group. The lower social grades are heavier users of branches. As we ve previously noted in our work for Monitise, the mobile phone has a role in reducing financial exclusion not just in developing countries but in the UK. The mobile phone has the potential to help people who are currently outside the banking system resolve basic problems in transferring and managing money. 5. People managing their finances via mobile phone banking: demographic composition 100% 80% 60% 40% 20% 0% Male Female ABC1 C2DE Source: Monitise / Future Foundation Base: 279 who manage their finances via a mobile phone aged 16+, 2010
12 Users of mobile phone banking are not just heavy users of mobile phones they are dependent upon them. The phone is the key tool for organising their work and social lives. 92% of our sample of mobile bankers use their phone several times a day. This group also use their phones in a wide variety of ways 76% access the internet, 63% listen to music, 62% play games and 56% access social networking sites. The phone has become embedded into their everyday lives enabling access to and control of a variety of activities through a single device. The phone has become their ultimate remote control. Population Users of mobile phone banking I like to upgrade my phone regularly 29.8% 68.6% I would be interested in using my phone to carry out routine tasks like banking and paying bills when on the move I would like to be able to research, plan and organise my finances using a mobile phone 22.1% 70.8% 17.9% 66.2% I use my mobile phone to manage my social life 46.3% 70.6% I like to be contactable on my mobile phone at all times I often use text messaging instead of talking on my mobile phone I would be interested in using a mobile phone to pay for goods and services If I have a spare ten minutes, I ll often use my phone to carry out chores (e.g. , shopping, banking, bill payment) 52.9% 75.2% 66.3% 78.5% 24.6% 70.5% 14.2% 62.1% 4.1. Users of mobile phone banking: employing technology to create free time The people who use mobile phones for banking purposes feel time-pressured and consequently place great value on using time well. Compared to the general population they are more likely to describe speed as the most important aspect of customer service and they are more likely to be interested in technology which saves them time. While 56% of the population believe that technology has enabled them to save time that can then be used for leisure, 84% of mobile bankers believe this to be true. Increasing pressure on time means that I prefer to perform routine tasks remotely Speed is the most important part of customer service Population Users of mobile phone banking 35.4% 62.5% 41.6% 52.2% I am interested in technology that saves me time 56.9% 84.2% Technology has enabled me to save time which I can then use for leisure 56.0% 83.1% I am willing to spend money to save time 17.7% 38.6% I never seem to have enough time to get things done 39.5% 54.3%
13 This is a savvy group, open to all means of maximising their own time 39% are willing to spend money to save time compared to 18% of the general population. This group exemplifies a consumer trend that we term smart boredom. We define this as consumers using use small pockets of dead time (such as waiting for trains, commuting and queuing) to consume media, play games, update social networking sites, sort out chores, reply to s, check balances and pay bills on a variety of electronic devices from Kindles to Blackberries. This benefit of turning dead time into useful time is beyond value. Smart boredom effectively increases our leisure time. Our research shows that mobile bankers use a great deal of their phone s capability more than 50% use all of the following; taking photographs / video, accessing the internet, listening to music, playing games, sending or receiving s, getting directions, checking news / weather / sport, accessing social networking sites and downloading apps. The individuals who use mobile phone banking see technology as a means of easing time-pressure and are likely to embrace further innovations such as mobile payments. Their extensive experience in using an array of phone applications gives them a confidence in the security of the handset and networks and this will encourage adoption of new services and features. In terms of the future uptake of mobile banking, the fact that 57% of the population have an interest in time saving technology bodes well, as does the fact that two fifths of people think that speed is the most important aspect of service. 6. Which of the following do you use your mobile phone for? 0% 20% 40% 60% 80% 100% Making calls Sending or receiving SMS/MMS messages Taking photographs/making videos Accessing the internet Listening to music Playing games Sending or receiving s Looking up maps/directions Checking the latest news/weather/sports results Updating/accessing social networking sites Downloading applications Comparing/looking up prices for products or services Watching videos/tv Banking Buying products/services Other None of these All 16+ natrep Mobile phone banking users Source: Monitise/Future Foundation Base: 837 respondents who have a mobile phone plus 279 mobile phone banking users aged 16+, GB, 2010
14 4.2. Users of mobile phone banking: constantly in contact 7. In which of the following ways do you manage your finances? (e.g. check balance, transfer money, make payments)? 100% Mobile phone banking (including SMS alerts) Use an ATM/cash machine Telephone banking Online banking Go into a branch Post 80% 60% 40% 20% 0% Total Men Women ABC1 C2DE Source: Monitise / Future Foundation Base: 279 who manage their finances via mobile phone banking aged 16+, 2010 Our data shows that people who use mobile phone banking do not use this channel exclusively. As we d expect they use online banking and ATMs but interestingly three quarters of mobile bankers also use branches at least occasionally. The users of mobile phone banking are distinctive in that they interact with their bank with far greater frequency than the general population this is particularly marked in online banking but it s also noticeable in the use of ATM machines, phone banking, branch visits and even contact by post. It seems that mobile bankers are distinguished not only by an interest in technology but also by a desire to be on top of their finances through very frequent contact with their bank. How often do you manage your finances in each of the following ways? (combined response for several times a day, daily and every two to three days ) Population Users of mobile phone banking ATM/Cash Machine 18.2% 31.6% Telephone banking (i.e. call-centre) 2.5% 8.6% Going into a branch 2.9% 7.5% Online banking 47.2% 69.6% Mobile Phone Banking 3.1% 30.5%
15 Banking by mobile phone has it consequences as consumers use other channels less. Over half of those who ve embraced mobile phone banking now visit a branch less often while two fifths use call-centres less. On many banking occasions, speed and convenience are more important than a personal touch. That said, we note that nearly a quarter - 23% - still use other channels as often as they did previously. This supports the idea that mobile bankers frequently interact with their bank and are happy to use a number of means to do so. It also suggests that it s too early to predict the demise of branches even the technically savvy users of mobile phone banking have an enduring use for them. 8. Have you reduced how often you use the following types of banking as a result of using mobile phone banking? 100% 80% Go into a branch less often Phone a call centre less often Use postal banking services less often Use ATM/cash machines less often Use online banking less often None of these - I haven't reduced other types of banking as a result of using mobile phone banking 60% 40% 20% 0% Total Men Women ABC1 C2DE Source: Monitise / Future Foundation Base: 279 who manage their finances via a mobile phone, aged 16+, 2010
16 5. Smart phones, smarter usage In the previous research report for Monitise we highlighted the desire for control that consumers have over their finances. Mobile phone banking provides an immediacy that consumers value. It also means that they have constant access to their finances. The ability to have access to our own data when and where we need it is an important benefit. So whether that be allowing people to have a feed of their balance into Facebook, whether that be allowing consumers to take their savings goals with them onto their mobile device or whether that be actually just having a degree of portability about their data. So that when they re having a mortgage conversation, whether they are having financial planning conversations, it s very easy to provide that link and access to your data, your money, your accounts... Now that s not something that I think any of the banks have really yet developed if we can crack that and make data portable... then that for me sounds like a fantastic step forward for consumers. Ben Green, Head of Digital service, RBS In the last three years the Future Foundation has been monitoring the increase in the number of people budgeting their finances. Our own data shows that between October 2008 and June 2010, the number of people claiming to carefully budget all household spending grew from 45% to 65%. The mobile phone has a key role to play in helping people budget. The immediacy of mobile banking means that consumers can make informed real-time decisions and avoid incurring bank charges. Hence the potential for a spontaneous shopping moment to turn into an unexpected overdraft is diminished. We can see mobile banking being used in this way - 26% of respondents, when they do check to see if they can afford an item, do so while in the shop. There is strong evidence to suggest that younger people are using their phones more than older people to monitor their spending and budget their money. A potent example is in the numbers of mobile bankers checking their balances before they buy an expensive item 41% of those aged 16 to 24 do so compared to only 27% of those aged 35 and older. Similarly 43% of the younger group are prompted to use their phone to see if they are near their limit compared to 34% of people aged 35+. It seems that for a growing number of younger people especially the mobile phone is an invaluable tool for balancing budgets and managing their finances more actively.
17 6. Control and clarity Consumers generally like powerful, sophisticated technology. We like the fact that so many devices are capable of achieving so much. However that technology is only of value if we can use it easily. Nobody wants to spend an extended period of time studying an instruction book or owner s manual. Thus the simplicity of mobile banking will be key. The Future Foundation has been monitoring the progress of a trend we call Simple Complexity for some time. This describes the growing consumer expectation that any technology, any item of consumer electronics, will be easy to master, intuitive and straightforward. This has become so prevalent that consumers will reject products that they perceive to be complicated or confusing. This presents problems and also opportunities for manufacturers. Apple s advertising for the ipad has focused on how it makes a complicated, powerful product easy and straightforward to use. Indeed Apple s touch-screen approach has created a standard for others to follow. SMS texting in particular now seems a clunky way to send messages to others. For the banking industry the quality and simplicity of the mobile banking platform will be critical and a source of competitive advantage. The simplicity of many phone banking tools may go some way to explaining why many consumers use their phone to carry out banking tasks even when they are at home with access to a personal computer (section 8).
18 7. Mobile banking; building better relationships As we saw in section 4.2, users of mobile phone banking are in very frequent contact with their bank. Interaction rates for mobile money users are greater than that from any other channel. This creates some important new opportunities for retail banks to build their relationship with consumers. Given that people have their phones with them 24/7 customers are likely to interact more frequently with their finances using the mobile channel than other more traditional channels. On the whole, the mobile channel will be the most effective and efficient way of communicating with customers. John Slater, Nationwide 9. I would be happy for my bank to contact me via my mobile phone if it meant they provided a better service. 100% 80% Agree Agree strongly 60% 40% 20% 0% Total Men Women ABC1 C2DE Mobile phone Source: Monitise/Future Foundation Base: 900 respondents plus 279 mobile phone banking users aged 16+, GB, 2010 The nature of mobile phone banking is different to traditional channels and carries unique service benefits for both consumers and the banks. A third of consumers would welcome being contacted by their bank via their mobile phone if it improved the service they receive, compared to 77% of people who use mobile phone banking. There is a clear opportunity here for mobile banking to generate more frequent communication with consumers. Mobile phone banking also provides banks with an opportunity to connect with a well-educated and profitable year old segment of their customer base. So much of what mobile banking provides is helpful for consumers. This channel provides a means of improving a bank s relationship with consumers through helping them manage their finances well and avoid the sort of charges that many people resent. At a time when consumer confidence in the economy remains fragile, mobile phone banking is helpful banking.
19 8. Mobile versus internet 10. For each of the following banking activities, please say, in general, where you are when you carry them out. 0% 20% 40% 60% 80% 100% Bill payment Balance transfer Balance check Budgeting Check to see if I can afford an item before buying Check value of investments While out and about (e.g. commuting) At work At home When I'm bored / have nothing to do (e.g. waiting for train) In shops prior to purchase No particular occasion - it totally varies Source: Monitise/Future Foundation Base: 279 who manage their finance via mobile phone banking aged 16+, GB, 2010 The people who use mobile phone banking exhibit some unexpected behaviour in terms of their location while banking. The most common place to use a banking service is at home this despite the fact that the majority of homes in the UK have broadband access to the internet. The location behaviour suggests that the phone offers an advantage in terms of speed and convenience over a personal computer. A computer takes a while to boot-up while a mobile phone tends to be switched on for a greater period of the day. In many cases the phone will be the more convenient and immediate option. As we commented in section six, the simplicity and ease of use of mobile banking may encourage people to use their mobile phone rather than their personal computer to carry out most banking tasks. Only 32% of mobile bankers state that they find banking easier or faster on a computer. It seems entirely credible that consumers will prefer to use their mobile handset rather than their p.c. for banking purposes. In general, simple, quick tasks like checking balances tend to be done while people are out of the home while more involved tasks like budgeting or bill payment tend to be done in the home. The smart boredom trend (section 4.1) is apparent in this data too. Balance checking and budgeting are tasks that are sometimes carried out when people are killing time.
20 9. Gender differences 11. In which of the following ways do you bank using your mobile phone? 100% 80% SMS / text Internet browser on smartphone iphone App Android/Blackberry/Nokia/Windows mobile App Other (type in) 60% 40% 20% 0% Total Men Women ABC1 C2DE Source: Monitise/Future Foundation Base: 279 who manage their finance via mobile phone banking aged 16+, GB, 2010 There is no real gender divide in mobile phone banking: 47% of users are female and 53% male. However the way men and women use the phone does vary men tend to use an internet browser on a smartphone while women are more likely to use SMS/text banking. Women use mobile phone banking more in the morning and men very slightly more in the early evening. When it comes to what prompts consumers to use mobile phone banking, the genders are relatively even. Women are more likely to use this form of banking to check they can afford an expensive item, to check their balance after they ve been shopping or to check if they are near their limit. They are using phone banking as a way of managing their spending prudently; as a way of controlling their money and avoiding becoming overdrawn. Men are more likely than women to use mobile banking to check bank statements. 12. In general, at what time of day do you tend to use mobile phone banking? 35% 30% 25% 20% Men Women 15% 10% 5% 0% 00:00 to 06:00 06:00 to 09:00 09:00 to 12:00 12:00 to 14:00 14:00 to 17:00 17:00 to 19:00 19:00 to 21:00 21:00 to 00:00 Source: Monitise/Future Foundation Base: 279 who manage their finance via mobile phone banking aged 16+, GB, 2010
21 10. Barriers to mobile phone banking Our analysis of mobile banking in 2011 is a very positive one and our perception of it is shaped by many factors that are encouraging the adoption of this technology. However it is worth considering why people don t use mobile banking. When prompted, the most common reason is given is still concerns about security. 13. Why don t you use mobile phone banking? Open-ended question recorded, number of answers 0% 5% 10% 15% 20% 25% Security No interest/a phone is to text and call Prefer online Cannot do it with their phone Costs Do not know how to do Do not have a mobile phone Not convenient Prefer other ways Don't like Never thought about it Prefer face to face My bank does not offer it Other Source: Monitise/Future Foundation Base: 821 respondents aged 16+ who do not use mobile phone banking to manage their finances, GB, 2010 There is another, significant, group who feel that a mobile phone is only for making and receiving calls and that the additional features of the modern generation of phones are unnecessary. This attitude has been prevalent for a while among a reasonably sizeable group of individuals and we expect that the number of people who feel this way will decline as the benefits and costs of smartphones become more apparent. It is worth bearing in mind that older people and those on lower incomes are more likely to agree that a phone is just for calls and text messages. The fourth most commonly stated reason for not banking on a mobile phone is that consumers can t do it on their phone. One interpretation of this is that there are a reasonable number of people who believe that a sophisticated phone is required for mobile banking. There may be a need for consumer education in this area.
22 11. Conclusions The Future Foundation has been monitoring consumer behaviour for the last 13 years. In that time we have identified sixty significant trends. We have reviewed all of our trends against mobile phone banking and we are struck at how many evolving consumer needs are positively correlated with this form of banking. Mobile banking is going with the grain of consumer change and for this reason we are optimistic about future prospects. This type of banking offers a range of highly valued benefits the efficient use of time, real-time control of spending and finances, budgetary control, convenience and ease of use. As technology, it helps consumers achieve many things which are important to them (not least freeing up their time and creating more space for leisure). Mobile Living Digital Revolution Culture of Immediacy Smart Boredom 24 Hour Society Cashless Society Mobile Phone Banking Networked Family Networked Society Work-Life Tension Simple Complexity Out of Home Leisure Professionalised Budgeting Personal Control Complicated Lives We firmly believe that the recession has been an important factor in boosting the adoption of mobile phone banking. However, we stress that it is a contributory factor in the accelerating uptake of this technology. The benefits offered by mobile banking will continue to be valued after the economy returns to growth; immediacy and the ability to use time efficiently are very important to consumers whatever the health of the economy. Perhaps most importantly, mobile banking has the potential to be a game-changer in terms of customer service. Service can be on the front-foot, with banks offering real-time help and assisting customers exactly when they need it. Technology is changing the very definition of service and in mobile banking there is a significantly enhanced level of service that promises to improve the relationship between a bank and its customers.
Mobile Apps: What Consumers Really Need and Want A Global Study of Consumers Expectations and Experiences of Mobile Applications The Difference Between a Mobile App and a Mobile Website Before we evaluate
PAYMENT PROTECTION INSURANCE RESEARCH ANALYTICAL REPORT NOVEMBER 2015 ABOUT COMRES ComRes provides specialist research and insight into reputation, public policy and communications. It is a founding member
2011 Cell Phone Consumer Attitudes Study Prepared for: CWTA April 29, 2011 Copyright 2009-2012 Quorus Consulting Group Ltd. Table of Contents Executive Summary 3 Research Objectives and Methodology 9 Detailed
The future of charitable donations Contents 3 Introduction 4 Section one: How are donations being made? 5 Who are donations coming from? 6 Assessing the digital preferences of donors 7 Section two: Breaking
Select Account The essential guide to your new account 2 Welcome to your Select Account Your new account gives you the convenience of being able to withdraw money from any cash machine in the UK, as well
Premium Advertising Sweden UK France Germany On behalf of Widespace 05.11.2015 Content Study design Management Summary Sample Results Total Sweden UK France Germany Contact 2 Study design Study characteristics
The Australian ONLINE CONSUMER LANDSCAPE March 2012 THE AUSTRALIAN ONLINE MARKET & GLOBAL POPULATION Internet usage in Australia is widespread and approaching saturation point with only minimal increases
Appeal of Mobile Payment Solutions Executive Summary March, 2012 Key Findings Mobile payment solutions are not likely to be seen as wholesale replacements to traditional payment methods in the near term.
2011 Mobile Consumer Trends Gavin Patterson Chief Markets Analyst Mobile SQUARED Contents Chapter 1: Introduction... 3 Mobile Internet... 3 Mobile Applications... 3 Mobile Commerce... 4 Mobile Advertising...
PAGE 1 211 Email Attitudes Report 211 EMAIL ATTITUDES REPORT: Email Relevance and the Proliferation of Mobile Email Use In 21, spending on mobile advertising in the U.K. increased 116%, reaching a total
How are your business programs adapting admissions content to meet today s mobile demands? Surveying the Mobile Habits of MBA Applicants Introduction: Mobile Is Even More Important Than You Think Although
EUROPE ERICSSON MOBILITY REPORT NOVEMBER 2015 Market Overview Key figures: Europe 2015 2021 CAGR 2015 2021 Mobile subscriptions (million) 1,140 1,250 1% Smartphone subscriptions (million) 550 880 10% Data
IAB Multi-Screen Research Research approach, sample, methodology IDENTIFY Stage 2 & IMMERSE EXPLORE Desk research, indepth ethnographic Ethno-depth interviews and focus groups We will explore interactive
Mobile Marketing Trends and Perspective by AT&T In This Issue 2 Industry Trends 3 Customer Spotlight 4 Mobile Marketing By the Numbers 5 Tips & Best Practices 6 Getting Started with Mobile Marketing 50%
Mobile Marketing Survey Report Q1 2014 About RadiumOne What we do RadiumOne makes the cross-platform advertising connection through proprietary first party data, vast targeting capabilities and crosschannel
Maintaining the human touch in customer service What your customers want In a world full of contact channels Research by Echo Managed Services - published December 2015 Customer satisfaction in a multi-channel
IAB Mobile Marketing Center of Excellence Apps and Mobile Web: Understanding the Two Sides of the Mobile Coin 16 December 2014 Introduction Agenda Where Mobile Users Spend Their Time Explaining the App
We are here to help you... Hi Scott Wilson here the Founder of Digital Influence. I just wanted to say thanks for taking the time to read this short report. As a business owner that has been lucky enough
Research Paper Mobile Banking Apps Becoming Financially Involved By Joseph Majestic Mobile is one topic that continues to garner significant attention across the banking and payments industries. A quick
Changing the shape of British retirement Free Phone 0800 043 33 66 About us Welcome to Homewise Like many people, you may have spent years looking forward to a dream retirement lifestyle, perhaps wanting
Best Practices of Mobile Marketing With the advent of iphone, Android phones, and tablets, adoption of the mobile is contagious, and will continue in the coming years as well. The market penetration of
SEPTEMBER 0 Device & Manufacturer Data Device & OS Mix Mobile Developer Trends Global Tablet Trends September 0 Device & Manufacturer Data Top Manufacturers (all devices) CHART A Top 0 Mobile Phones CHART
News consumption in the UK: 2014 Report Research Document Publication date: June 2014 About this document This report provides key findings from Ofcom s 2014 research into news consumption across television,
RBS NatWest Clear Rate and Cashback Plus Credit Cards Three Star Fairbanking Mark Research The Fairbanking Foundation awards marks to products which can demonstrate that they act in customers best interests,
How Does Industry Buzz Translate into Real World Consumer Activity? Early indicators of what this means for advertising Today Introductions HearWatchSay The Story Behind the Story The Meat and Potatoes
Research Paper Sixth Annual Billing Household Survey: The Gen Y Effect and Explosive Growth of the Mobile Channel Fuel Need for Billers to Support More Payment Channels Than Ever Before Sixth Annual Billing
Changing trends in multichannel shopping and browsing preferences October 2013 Page 1 Overview Since June 2010, edigitalresearch and Portaltech Reply have been tracking the changes in multichannel shopping
People, payments and the future report % % % of online smartphone users comment about their experience on social media of people say contactless payments are quick and efficient of shoppers use a loyalty
www.pewresearch.org OCTOBER 10, 2013 Online Video 2013 Over the past four years, the percent of American adult internet users who upload or post videos online has doubled from 14% in 2009 to 31% today.
Mobile Devices & Behaviour How devices and operating systems influence the mcommerce journey Know your phone: the key to effective mobile commerce Mobile consumers are not created equal. If advertisers
AUSTRALIAN MULTI-SCREEN REPORT QUARTER 3 TV AND OTHER VIDEO CONTENT ACROSS MULTIPLE SCREENS The edition of The Australian Multi-Screen Report provides the latest estimates of screen technology penetration
Coaching, Social Media and New Technology Using social media and new technology in the UK; how coaching does not always follow the trends. sports coach UK Research Briefing May 2014 Follow the Research
Compared to last year, the percent EMEA consumers expect to spend online in terms of holiday shopping remains stable in each country over last year. While all EMEA shoppers indicate that Lower prices/good
Participants Making Mobile Banking Relevant to Small Business Michael Cheravitch SVP Small Business Banking, First Merit Bank Michael Coulter Head of Group Measurement, Standard Bank of South Africa Moderator
Americans and their cell phones Mobile devices help people solve problems and stave off boredom, but create some new challenges and annoyances Aaron Smith, Senior Research Specialist 8/15/2011 http://pewinternet.org/reports/2011/cell-phones.aspx
The changing face of the mobile phone and its implication for marketing The ubiquitous mobile phone The Irish love affair with the mobile phone is a well documented story. The most recent report from the
Established 1960 Beyond Information. Intelligence. Database Marketing Economic & Social Impact Studies Evaluations Research Modeling/Forecasting SMS 1042 Fort Street Mall Suite 200 Honolulu, HI 96813 Ph:
The Marketing Automation report 2014 RedEye International Marketing Automation aims to take the effort out of achieving genuinely targeted messaging. What started out as a focus on automating the process
White Paper SEPTEMBER 2012 The UK Opportunity for Total Mobile Multi-Channel Marketing for Retailers Mobile- The shop in your pocket Published by Velti - The leading global technology provider of mobile
Android, Tablets Dominate Q1 Mobile Market What a difference two years makes. Tablet usage increased 282% between Q1 2011 and Q1 2013, with the number of consumers in the 31 GlobalWebIndex markets using
Bigger Picture Telstra 2013 Sustainability Reporting Series Customer experience PUTTING OUR CUSTOMERS AT THE CENTRE CONTENTS Highlights 03 Context 04 Customer service 05 Customer advocacy 05 Managing bill
Consumers and the IP Transition: Communications patterns in the midst of technological change John B. Horrigan, PhD vember 2014 1 Summary of Findings Americans today have a range of communications services
sponsored by >> White paper What can CRM bring to your business? April 2011 A study of the benefits offered by CRM across all areas of the business Contents Executive summary p 3 The evolution of CRM p
Site Matters: The Value of Newspaper Web Sites Site Matters: The Value of Newspaper Web sites 1 Site Matters: The Value of Newspaper Web Sites Table of Contents 1. Introduction... 3 2. Methodology & Definitions...4
Smartphones and Application Trends and Opportunities Trends and Analysis Gabe Ingalls Contents Search Traffic KPIs Traffic Smartphone terms have received 61% more traffic in 2010 than during the same period
Adobe 2012 Mobile Consumer Survey Results Using mobile sites, apps, and emerging technologies to get ahead Table of contents 1: Survey of mobile users 2: Key insights and findings 10: Conclusions 10: Best
How consumers want Charities to communicate with them A summary of the latest research findings 2 Listening to consumers Supporters of not-for-profit organisations range from individual donors who make
Better connections: What makes Australians stay with or switch providers? March 2015 Contents p2 Methodology p3 Audience segments p4 Executive summary p6 Which companies do Australians commonly interact
penguins penguins event apps: the current statistics event apps: the current statistics In the information age, the roles played by technology and data have transformed industries of every kind. Not only
CONSUMER TRUST IN THE LIFE INSURANCE INDUSTRY: IS THE GLASS HALF EMPTY OR HALF FULL? Prepared for the FinMark Trust by Illana Melzer Eighty20 Consulting March 2006 INTRODUCTION The life insurance industry
5 Key Mobile Trends For 2016 What s changing, and how to get ready firstname.lastname@example.org INTRODUCTION As 2016 approaches, we re long past needing to point out how totally the smartphone has changed our lives.
Consumer research into use of fixed and mobile internet Research Document Publication date: 23 March 10 Contents Section Page 1 Introduction 1 2 Methodology 2 3 Residential consumers 3 4 Business consumers
NORTH AMERICA ERICSSON MOBILITY REPORT APPENDIX JUNE 215 MARKET OVERVIEW Key figures: North America 214 22 CAGR 214 22 Mobile subscriptions (million) 38 48 4% Smartphone subscriptions (million) 25 37 5%
Tapping into Mobile App Installs Building a Valuable User Base for Your App Introduction If your business has an app, or you re planning to launch one, you ve probably spent a lot of time thinking about
International IPTV Consumer Readiness Study Methodology The Accenture International IPTV Study is based on structured telephone interviews using a standard questionnaire and quantitative analysis methods
PRESENTS DATA DRIVEN BRAND MARKETING PART TWO YOUR DEFINITIVE GUIDE TO FINDING THE CHANNELS THAT DRIVE THE BEST RESPONSE WHAT YOU D KNOW IF WE COULD TALK TO YOU 1. Building Value on Existing Segmentations
Topic 2(d) Bank accounts Storing money in a bank or building society If you have money you don t want to spend immediately, the best thing you can do with it is put it in a bank account. This will keep
Getting more from your Platinum App Monthly Analytics & Reporting >>> Your monthly App Analytics You now have monthly analytics installed as part of your Platinum App. This means that from now on you will
SOCIAL JOURNALISM STUDY 2012 2012 Social Journalism Study - United Kingdom Report by Cision & Canterbury Christ Church University (UK) www.cision.com 1. EXECUTIVE SUMMARY Key findings: 28.1% of UK journalists
Contactless made easy: what every small business Contactless payments have more than trebled (249%) since January 2012. 1 If you want happier customers, more people in-store and to get as many sales as
Adults media use and attitudes report Research Document Publication date: April 013 Contents Section Page 1 Executive summary... 4 Introduction... 1.1 Background... 1. Research methodology and analysis...
5 THINGS EVERY B2B MARKETER SHOULD KNOW JO MACDERMOTT INTRODUCTION If you re running or marketing a business on behalf of someone else, you know how important it is to stay relevant, especially when it
Cloud Productivity Is Key to Success: A Survey of Young Businesses Cloud Productivity Is Key to Success: A Survey of Young Businesses Executive Summary In every market in every region, launching and building
Key Trends in Mobile Content Usage & Mobile Advertising February 12, 2009 Kevin Muoio Agenda About comscore M:Metrics Mobile Handset Landscape Mobile Content Consumption State of Mobile Advertising Mobile
Personal current accounts in the UK An OFT market study Executive summary July 2008 EXECUTIVE SUMMARY Background The personal current account (PCA) is a cornerstone of Britain s retail financial system.
A survey of public attitudes towards conveyancing services, conducted on behalf of: February 2009 CONTENTS Methodology 4 Executive summary 6 Part 1: your experience 8 Q1 Have you used a solicitor for conveyancing
One billion Mobile Broadband subscriptions 2011 An Ericsson Consumer Insight Study on consumers connectivity needs This is ERICSSON CONSUMERLAB ConsumerLab is a knowledge-based organization. We provide
Research into mobile users privacy attitudes Key findings from and Conducted by July 2013 2 Research into mobile users privacy attitudes Key findings from and In association with: With support from: Research
Fibre broadband community pack Dear Parish Clerk We are pleased to inform you that fibre broadband has been brought to your community as part of Wiltshire Council s Wiltshire Online programme. Please help
Social Journalism Study 2013 United Kingdom Report by Cision & Canterbury Christ Church University (UK) 1. Executive Summary Social media is now an everyday professional tool with 96% of UK journalists
Report: February 2015 Released: March 2015 GB LEISURE IN FEBRUARY 2015 - COMMENT February s spending patterns largely mirrored those seen in January, as Eating Out saw considerable growth, Drinking Out
Mobile Consumers & You How to use mobile to your advantage Driving value from the mobile consumer In the age of the smartphone, brands and retailers cannot succeed without persuading mobile researchers
Newspaper Multiplatform Usage Results from a study conducted for NAA by Frank N. Magid Associates, 2012 1 Research Objectives Identify typical consumer behavior patterns and motivations regarding content,
Mobile Technology Usage and Value: The Perception of Madison Businesses Executive Summary Smartphone usage has increased significantly in the last decade, bringing with it an entirely new field of content
Banking at the speed of your life. Online. Mobile. Superior. Safe. PARKSTERLING Answers You Can Bank On. At Park Sterling Bank, we know that there are times when our answer can help expand a child s future,
Current Accounts Introducing control Helping you keep your finances on track Manage your money easily If you don t want to use an Unplanned Overdraft, we can help. We ve designed an add-on for the Classic
Ever wondered why your parents are lacking in knowledge of the functionality of your mobile wizardry? Well, it might surprise you to know that mobile phone technology has only really developed over the
Hybrid: The Next Generation Cloud Interviews Among CIOs of the Fortune 1000 and Inc. 5000 IT Solutions Survey Wakefield Research 2 EXECUTIVE SUMMARY: Hybrid The Next Generation Cloud M ost Chief Information
The Future of Account Opening Why Online Applicants Can Be Your Most Profitable Customers Table of Contents o o o o o Executive Summary: The Future of Retail Banking How Many Apply? The Scale of Online
BYOD report Comms-care commissioned survey highlighting the change in Bring Your Own Device (BYOD) issues over the past twelve months new technologies 0833v1 BYOD report Security provisions for BYOD grow
Consumer Survey Moderator: Ekow Nelson November 4, 2009 Ekow Nelson: Hello and welcome. IBM has released the findings of its global survey of communication services users conducted in early 2009. The rise