In the Annual Report of Abi Lab the Photography of Mobile Banking Users.
The increasing use of Mobile Banking in the past few years is emphasizing the centrality of the customer in the offer of banks. In this regard, the Abi Lab-Doxa study, contained in the Annual Report on Mobile Banking, carried out by the Consortium Abi Lab in collaboration with the School of Management of the Politecnico di Milano, analyzes and describes the bank's perception of "mobility" by users more evolved to understand the real needs and expectations. As part of the analysis this year, there is a specific focus on customer behavior of millennials, ie users in the 18-34 age range.
Mobile Banking's customer profile
But what is the profile of clients who work with their bank through Mobile Banking? The analysis, carried out on a sample of users representing the Italian population performing "mobility" on App or mobile sites, shows that preference for smartphones and tablets for transactions and payments are millennials (28%) followed by users of age between 35 and 54 years (25%). In addition, mobile clients have high levels of education: the 50% has a high school diploma and 38% a degree. Everyone has a smartphone, almost all a personal computer, about the 80% a tablet and the 61% a smart TV.
As for the habits and the frequency of use of Mobile Banking, the time of the day "preferred" by the Italians to operate through this channel is the morning (33% as a whole). The "preferred" place for access is the home, where more than one third of respondents (76%) access. The comfort of home and wifi, as well as privacy, are the key factors behind this preference. Almost the 90% of the mobile customer sample has a current account and a cash card, 68% a credit card, 67% a prepaid card, 36% a deposit account and investment products. The only product where millennials have a higher preference rate than the total of the sample is prepaid card (77%).
Opinions and behaviors of Mobile Banking users
User opinion is crucial to understanding in which direction to develop mobile service offering. The survey reveals that for the users the main advantage of Mobile Banking is to be able to operate autonomously, always, anywhere and more quickly, all you need is in your pocket. The most popular services are those that can increase the speed and security of operations such as fingerprint recognition, facial recognition with the camera, and camera payments. Millennials show a particular preference for the latest introduction services such as couponing, cashback and loyalty card withdrawals (cash withdrawals at ATMs) using debit card, but using the app installed on your smartphone or tablet).
The 37% of the sample has made wire transfers and smartphones, while the service with the net margin highlighted by millennials records prepaid credit card loading (+ 7 percentage points over the overall sample).
On the most innovative features, it is noted that the person-to-person transfer service (P2P) was used by the 19% of the sample: among those who have never used this type of service, fewer than one in two said it was enough or very inclined to make use of it.
The 24% of Mobile Banking users did at least one specific credit-related operation: in particular, almost half of the millennials paid off credit card payments (+ 12 percentage points compared to the total number of respondents).
About 1 user on 2 has increased the use of Internet Banking following the use of mobile: the two channels grow together by being pulled by each other.
As far as customer expectations are concerned, the study underscores the need for more fluid, quick and easy access to mobility services for the future.