Rise of Banking Mobivores

by Edward O'Brien 0

Mobile-first banking customers could leave internet banking in the dust. It wasn’t so long ago that internet banking through websites on desktop or laptop computers was the height of innovation in the retail banking industry. Now mobile banking is making internet banking look so last decade.

“If you put together a group of people 30-and-under, not many are going to sit down at a laptop to access their bank. They’re going to do it on the fly, with their mobile device,” said Bill Neville, D+H U.S. president in an interview with Banking Exchange.

In a recent white paper, Fiserv observes the rise of what it calls “mobivores,” or consumers who prefer to bank only on their mobile devices, or at least will turn to the mobile channel first—so-called “mobile-only” or “mobile-first” users.

“Traditional banking experiences, such as branch visits, online banking, and call centers, do not meet the needs of many mobile-first or mobile-only consumers who want to use mobile devices for more than quick, task-oriented activities. Instead, this market segment expects to find the same or similar functionality on their mobile devices that they would find on a desktop and a seamless user experience, while utilizing the unique attributes of the mobile device,” Fiserv says.

The world of “mobile-first” banking customers is clearly moving forward. This movement includes the increased use of mobile banking apps in everyday banking. But many of these bank customers and credit union members still use online banking apps on their computers and via mobile web on their tablets and other devices. Consequently, many of today’s financial institutions are embracing a digital banking philosophy that includes a convergence of the best attributes of mobile and online banking that offer increased choices for banking customers.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

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