Fully understand mobile banking with this chart.
| | | Report Snapshot: Evolution of the US Neobank Market |
| Mobile banking is a key driver for bank selection… The integration of mobile and digital channels into the lives of consumers has shifted the needle substantially in terms of how US customers bank. Today, 89% of US consumers say they use mobile banking channels, an increase from the 83% who said the same in 2017, per Business Insider Intelligence’s latest Mobile Banking Competitive Edge Study. Moreover, 70% of US consumers say that mobile banking has become the primary way they access their accounts. Growth in mobile banking adoption is taking place across all age demographics, with 79% of baby boomers now using mobile channels for banking, compared with 69% last year.
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| | | * This chart and data was pulled from The Evolution of the US Neobank Market report which is exclusively available to Ultimate Fintech & Payments Research Bundle subscribers. You can get access to this chart and other timely updates when you sign up today. |
| Given neobanks’ operations are based on the delivery of banking products and services digitally, consumer willingness to use these channels is critical to their existence. This shift in consumer behavior has taken time because getting users comfortable with and used to new products and services requires trust, but it's also about people being comfortable with self-service banking and doing things themselves, and with their primary interactions being in digital environments and with software — rather than human to human — Derek White, global head of client solutions at BBVA, told Business Insider Intelligence.
The hurdle is even higher for startups because it's not just about getting people on board with these products, but also with a brand that's likely unfamiliar. As more customers warm to digital channels, though, the potential for banking with an upstart is becoming an easier and more logical next step.
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