Fiserv quarterly consumer trends survey has revealed that the US banking consumers are fast replacing checkbooks with mobile banking and prefer fingerprint authentication over passwords.
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As mobile banking has matured it has shifted from being a channel used to access information – such as viewing balances or statements – to a transactional channel. Among the 40% of consumers who used mobile banking within the 30 days prior to the survey – including 77% of early millennials – 51% said they use the service more now compared to the prior year.
Among early millennials who use mobile banking or bill pay, 69% said that they are using mobile banking more, while 59% said that they are using mobile bill payment more compared to a year ago.
Further, 47% of mobile banking users said that they used mobile banking to pay for a product or service in the past month, 45% said they used the service to transfer money between accounts at the same financial organisation, and 37% said that they deposited a check using the service.
More number mobile transactions made mobile banking the most heavily used banking channel, with the average user accessing mobile banking 8.4 times within a 30-day period. This was followed by online banking, with the average user accessing online banking 8.1 times within a 30-day period, the research found.
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By GlobalDataFiserv COO Mark Ernst said: “Gone are the days when paying the bills meant sitting at the kitchen table with a calculator once a month.
“Consumers now pay on demand, wherever and whenever it suits them. As people make more payments from mobile banking, and become more comfortable doing so, this could be a bellwether for increases in other types of mobile payment activity, such as payments at the point of sale.”
The survey of more than 3,000 US banking consumers also revealed a growing interest for fingerprint authentication among customers using a mobile app, with 62% preferring this technology compared to 41% of consumers who preferred passwords.
However, awareness still remains the primary impediment in the adoption and use of electronic payments, the study adds. For instance, 41% of consumers had no knowledge on whether their financial institution offered person-to-person (P2P) payment options.
“Financial institutions have an enormous opportunity to educate consumers, informing them of the diversity of products available, as well as their functionality,” Ernst added.
