Mobile Commerce Daily is now Retail Dive: Mobile Commerce! Click here to learn more!

Mobile banking makes cents for 33pc of Chase survey participants

Mobile banking is gradually becoming part of American life, with 33 percent of participants in a Chase survey banking on a mobile application and many users banking at work, at the store or even while on a date.

Just 16 percent are stopping by branches, according to the survey, conducted in conjunction with Chase’s Mastery campaign, which strives to highlight the convenience of using the bank’s digital products.  Forty-seven percent use a bank’s app on a mobile phone or tablet, showing how customers like the ease of handling their routine banking offsite.

“This survey tells us what our customers have shown us over the last two years – they are rapidly adopting digital banking channels,” said Michael Fusco, a spokesman for Chase, New York. “For the first time last month, we saw our customers do more deposits at the ATM than at the teller. 

“We have 37.7 million online customers, up 8 percent from last year and 20 million customers who use our mobile apps, up 22 percent from last year,” he said. “Mobile deposits are up 30 percent, ATM deposits are up 10 percent and peer-to-peer payments are up 80 percent.”

Mastery campaign
In conjunction with the Mastery campaign, which features Serena Williams, Nick Cannon, The Rockettes and other celebrities, Chase commissioned a telephone survey conducted by independent research firm Braun Research. A survey of 1,502 U.S. Americans aged 18 or older was conducted May 19-25, with a margin of error of plus or minus 2.53 percent.

Consumer demand drove adoption of TouchID in Chase app.

Overall, more of the 1,500 adults Chase surveyed are using a bank’s Web site or online portal than using a bank’s app on a mobile phone or tablet – 70 percent to 47 percent.

Fifty-four percent use their mobile banking app at work, 39 percent use it at a restaurant and 38 percent use it in a check-out line at a store.

Seventeen percent use it during a date, likely to ensure enough money is in the account to avoid an embarrassing situation.

Thirty-seven percent check it during coffee breaks, 28 percent while commuting and 24 percent while waiting to pick up a child from school, according to the survey.

Among millennial users, 67 percent use a bank’s mobile app. Among Gen X’s, the figure is 55 percent and among Baby Boomers 33 percent.

Higher rate
Hispanic consumers turn to banking technology at a higher rate than others. Compared with a year ago, 45 percent more use banking apps while the number using a bank’s Web site is up 48 percent.

“Digitally savvy customers are our best – more likely to call us their primary bank, trust us more with their money,” Mr. Fusco said. “When customers become digitally active, 10 percent more become primary customers, attrition is 15 percent lower and their deposits grow 4 percent higher than non-digital households.

“Millennials are also using their mobile banking apps more often than older generations, signaling the future of banking.”

Final Take
Michael Barris is staff reporter on Mobile Commerce Daily, New York