The need for mobile credit card payment processing terminals and branded applications has long been clear to many in the retail industry. Now, it’s becoming apparent that many other service providers will need to follow suit. For example, many consumers – the majority of them, in fact – fully expect their banking service to allow them to access account information from their smartphones.
A recent survey of international smartphone users found that 75 percent of those individuals expect their bank to allow them to check their account balance via a mobile phone, illustrating the wide-range of individuals who expect mobile payment processing terminals from all the services they make use of. Additionally, 59 percent of consumers expect banks to contact them regarding fraudulent activity through their smartphones. More than 50 percent of consumers reported that banks should let them make payments and transfer money from one account to another with the use of a smartphone, as well.
“Over one billion consumers worldwide have smartphones in their pockets, so it stands to reason that many of them would want to conduct their banking using those devices,” said Stuart Wells, FICO’s Executive Vice President, Chief Product and Technology Officer. “For forward-thinking banks, this presents an unprecedented opportunity to differentiate themselves and strengthen their relationships with their customers.”‘
FICO reported that young individuals – between the ages of 25 and 39 – were more likely than any others to access their banking service via a smartphone. It was also reported that men were generally more interested in smartphone banking than women were, by an additional 3 or 4 percentage points for each age demographic.
Use of mobile applications continues to increase
Another recent survey, from Mobidia Technology and The Yankee Group, further bolstered the ubiquity of mobile applications. The firms reported that use of these programs is increasing rapidly among U.S. consumers, and that retail outlets that offer content other than product and payment processing pages through the apps are more likely than others to foster high rates of consumer engagement.
“Mobile shopping is all about mobile applications and the data clearly shows the correlation between high app quality with enhanced user experiences and higher shopper engagement and usage,” said Sheryl Kingstone, director of enterprise services at Yankee Group. “Retailers that want to drive more engagement with mobile shoppers need to understand what apps are being used – not just downloaded – and the features of those apps that are driving the increased usage.”Back To Blog