Evolving Behaviors In Mobile Banking May Kasisto, Inc.

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Duane Griffin
7 years ago
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1 Evolving Behaviors In Banking May 2015

2 Survey Overview: The survey results were collected from a random sample of 369 users who engage in mobile banking in the U.S. Survey Methodology! Survey was conducted as independent study project by Wharton MBAs (and Wharton FinTech members) under supervision of Wharton MarkeBng faculty! Survey sent to representabve sample of U.S. populabon via Qualtrics panel. Demographics of audience takers include: - 50/50 male / female split - Over index on younger users (given Smartphone usage)! The survey was sent to 1079 panelists, of whom 369 qualified for the survey - To qualify, had to own smartphone and engage in mobile banking! Survey gauged interest in virtual assistant via 1 minute video that demonstrated use cases, features, etc.! Survey responses were veged for accuracy using quality controls (e.g. bicycle quesbon, Bme to complete survey) Survey Respondent Demographics % of Respondents, N=369 N=369 N=369 N=369 N=369 Male 50% Female 50% Gender Years Old 7% Years Old Years Old Years Old Years Old Age Grad Degree Bachelors Degree 34% Some College 2 High School Diploma EducaBon Some High School 1% Prefer Not To Answer $100k+ $80-$100k $60-$80k $40-$60k $20-$40k <$20k 7% Income

3 Retail Banking Behavior: has the lowest penetralon rate among channels, but benefits from high frequency of use Banking Channel PenetraLon % Using Each Channel, N=1,047 Usage Frequency (Of Those That Use Each Channel) Average # of Monthly Visits, N=1, % Median Frequency 2-3 Times Once 4-5 Times 4-5 Times 11+ Times 7% 7% 6-10 Times 100% Times 64% 2-3 Times 34% 2 Once <1 Per Month 1 48% 2 8%

4 Retail Banking Behavior: Channel usage does not vary much by age; online and mobile are the most frequented channels Usage Frequency (Of Those That Use Each Channel) By Age Average # of Monthly Visits, N=1, Times 6-10 Times 4-5 Times 2-3 Times Once <1 Per Month 41% Year 4 7% 2 24% 7% Year % 2 8% 41% Year Olds Median Frequency 2-3 Olds Once Olds Once < % 1 70% 0% 1%

5 Retail Banking Behavior: is used today sparingly and for basic use cases. Other channels are used for more frequently and fore more complex use cases Wharton Study: Use Cases Performed and On % of Respondents Performing Each Use Case, N=369 70% 60% 50% 40% Primarily done in call center (3 of respondents) Primarily done in branch (51% of respondents) Avg: 40% Avg: 0% Deposit checks Check balance Locate branches and ATMs Make transfer Search for transacbons Pay bills Dispute charge Open new account (e.g. checking) Change account / security info. Find informabon on new products Complexity of Use Cases

6 Personal Assistant Interest: 6 of mobile bankers were interested in using a personal assistant and anlcipated significant benefits in doing so Wharton Survey: Interest in Using A Personal Assistant (Following Demo) % Interested, N=369 Wharton Survey: Agreement With Statements About Kasisto % Expressing Interest In Each Statement, N=369 N=369 7: Very Interested Interested Don t Know Strongly Disagree Disagree Neutral Agree 1% 2 34% 1% 2 4% 8% % 100% 4: Neutral 2 3 1: Not At All Interested 2 Strongly Agree % 38% 31% 3 Interest In Kasisto Use app to perform more acbons Use mobile banking app more Opinion of my bank and services will increase Call call center less Be less likely Visit to switch branch less banks Visit online banking web site less Note: Interest asked following viewing a 1 minute video highlighbng Kasisto s features / use cases supported (e.g. transacbon search) Source: Wharton / Kasisto Survey & Analysis

7 Personal Assistant Interest: Respondents expressed interest in using a personal assistant for an array of use cases Use Cases Of Interest In Using A Personal Assistant % Expressing Interest In Using Kasisto For Each Use Case, N=369 Basic Use Cases Complex Use Cases % 64% % Check balance / statement Make transfer Pay bills Search for transacbons Locate branches Deposit checks Dispute charge Find informabon on products Change account / security info Foreign travel nobficabons / other nobficabons Open new account

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