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8/3/2019 State of Mobile Financial Services_Executive Summary 102711
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State of Mobile Financial Services in the U.S.
October 27, 2011
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So why focus on mobile within the financial industry?
Mobile is becoming an increasingly important servicing channel toconsumers
Mobile may be a way to engage and incentivize consumers to increase theircredit card spend
As consumers begin to feel more comfortable completing more complexactions from their mobile device the channel may be an effective tool inacquiring new customers
With the introduction of NFC equipped devices mobile may now serve asthe consumers wallet
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More than one in ten mobile device owners in the U.S. accessedfinancial related information from their phone in Q2 2011
Total U.S. Mobile Universe: 234 MM
4%
3%
8%
14%
16%
0% 10% 20%
Mobile Financial User: 36.7 MM(accessed either banking, creditcard, insurance or brokerage informationfrom a mobile device in the past month*)
Mobile Banking User: 32.5 MM(accessed banking information from a mobiledevice in the past month*)
Mobile Credit Card User: 18.4 MM(accessed credit card information from a mobiledevice in the past month*)
Mobile Insurance User: 7.2 MM(accessed auto or property insurance informationfrom a mobile device*)
Mobile Brokerage User: 9.6 MM(accessed brokerage/stock information from amobile device*)
Source: MobiLens : 3-mth rolling average ending June 2011*Data also includes those who used text messaging to engage with financial institutions and as well as those who received text alerts.
% of Total U.S. Mobile Universe
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Growth in Mobile Usage within Financial Services
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28.8 30.3
33.6
36.7
25.0 26.8
29.832.5
14.6 14.916.2
18.4
5.9 6.0 6.27.2
8.7 8.7 8.99.6
0
10
20
30
40
Sept - 10 Dec - 10 Mar - 11 Jun - 11
Mobile Financial Users Mobile Banking Users
Mobile Credit Card Users Mobile Insurance Users
Mobile Brokerage Users
Mobile usage for financial services continues to grow significantlyacross four key sectors
Growth in Mobile Usage within the Financial Industry(Millions)
Source: MobiLens : 3-mth rolling averagesNote: Data includes both customers and prospects who have utilized a browser, app or SMS in the prior month.
Q/QChange
+9%
+9%
+14%
+8%
+16%
Credit Card
Banking
Brokerage
Insurance
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7.3
8.7
11.4
12.7
3.84.2
5.16.0
1.4 1.6 1.7 2.1
2.7 3.2
3.13.4
0
5
10
15
Sept - 10 Dec - 10 Mar - 11 Jun - 11
Mobile Banking Users Mobile Credit Card Users
Mobile Insurance Users Mobile Brokerage Users
Overall growth in mobile for both card and insurance is being drivenlargely by an increase in app usage
Growth in App Usage Among Mobile Financial Users(Millions)
Source: MobiLens : 3-mth rolling averagesNote: Data includes both customers and prospects who have utilized an app in the prior month.
Q/QChange
+11%
+18%
+10%
+24%
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What has influenced this significant growth in mobile withinfinancial services?
Continued adoption of the Smartphone
Growth in overall mobile media consumption
Importance placed on mobile channel availability by financial customers
Influx of mobile optimized sites, Smartphone and tablet app offerings byfinancial institutions over the past 12 months
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Smartphone ownership continues to increase, driven largely by Googleand Apple OS, with respective market share up 169% and 9% Y/Y
U.S. Smartphone Penetration Trend
by Platform
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Google Apple RIM Microsoft Symbian Palm
MarketShare
% YoYGrowth
Google 40% 169%
Apple 27% 9%
RIM 23% -42%
Microsoft 6% -54%
Symbian 2% -37%
Palm 2% -59%
Source: MobiLens
Q2 2011
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18.2
20.5
24.9
27.6
10.6 9.7 8.8 9.1
Sept - 2010 Dec - 2010 Mar - 2011 Jun - 2011
Smartphones Non Smartphones
The growth in mobile financial users over the past several quarters ishighly correlated to Smartphone ownership
Mobile Financial Users by Device(in Millions)
Source: MobiLens : 3-mth rolling averagesNote: Data includes both customers and prospects who have utilized a browser, app or SMS in the prior month.
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Not surprisingly, the importance of mobile as a servicing channel israted higher among Smartphone users vs. those with a feature phone
Feature Phone Owners Smartphone Owners
15%
14%
15%
63%
9%
8%
10%
48%
11%
9%
12%
51%
14%
12%
15%
65%
0% 20% 40% 60% 80% 100%
Access to textmessage alerts
Account access
via mobile app
Account accessvia mobile browser
Account access
via PC / laptop
Bank AccountCredit Card Account
Insurance Policy
Brokerage Account
26%
31%
30%
63%
24%
26%
26%
55%
27%
31%
32%
61%
29%
35%
38%
68%
0% 20% 40% 60% 80% 100%
Access to textmessage alerts
Account access
via mobile app
Account accessvia mobile browser
Account access
via PC / laptop
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
Importance of Servicing Channels to Financial Services Customers(% Indicating Channel is Highly Important)
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Usage of Mobile for Financial Account Servicing
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Financial customers with a Smartphone are younger, more affluentand more often male than those with a feature phone
78%
22%
54% 46%
Less than $75K $75K+
HH Income of $75K+
Feature Phone Smartphone
24%17% 21% 19% 18%
51%
20%16%
7% 5%
18-34 35-44 45-54 55-64 65+
Age Distribution
Feature Phone Smartphone
Profile of Financial Customers with a Feature vs. Smartphone
44%56%58%
42%
Male Female
Gender
Feature Phone Smartphone 11%
12%
14%63%
Intent to Purchase Smartphone(among feature phone users)
Purchase less than 3 mths
Purchase in 3-6 mths
Purchase more than 6 mths
Do not plan to purchase
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
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While Smartphone owners are gravitating towards mobile as aservicing channel it is not necessarily replacing the PC
Feature Phone Owners Smartphone Owners
2%
0%
5%
53%
2%
0%
2%
35%
2%
0%
4%
58%
2%
0%
4%
64%
0% 20% 40% 60% 80% 100%
Clicked on link in textmessage
Accessed account from
a mobile app
Accesed acount from amobile browser
Accessed account from
PC/laptop
Bank AccountCredit Card Account
Insurance Policy
Brokerage Account
7%
11%
21%
55%
6%
6%
10%
46%
6%
13%
18%
61%
8%
19%
25%
72%
0% 20% 40% 60% 80% 100%
Clicked on link in textmessage
Accessed account
from a mobile app
Accesed acount from amobile browser
Accessed account
from PC/laptop
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
Usage of PC / Mobile Servicing Channels Among Customers(Past 12 Months)
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19% 17% 18% 22%
56%52%
41%42%
21%
19% 31% 15%
3%9% 7%
6%
Accessedaccount from
PC/laptop
Accesedacount from a
mobile browser
Accessedaccount from a
mobile app
Clicked on linkin text
message
Every Day At Least Once Per Week At Least Once Per Month
At Least Every 3 Months Every 4-6 Months Every 7-12 Months
6%15% 12%
26%28%
37%50%
46%
52%26%
26% 13%
9%16%
10% 13%3% 6% 0%
Accessedaccount from
PC/laptop
Accesedacount from a
mobile browser
Accessedaccount from a
mobile app
Clicked on linkin text
message
Financial customers who are utilizing mobile for their servicing needsare accessing their accounts frequently from their device
Frequency of Channel Usage
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
Bank Account Credit Card Account
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What are some of the obstacles that may be hindering mobileadoption relative to financial servicing?
No more than three in five Smartphone users with a financial account areaware of even the basic mobile servicing features offered
Satisfaction ratings for the mobile channel are typically lower than for thePC/laptop, particularly with respect to browser usage
Security continues to remain a concern in the mind of the consumer
While mobile device screens continue to get larger, some more complexactivities may not be as easy to perform on a Smartphone even with an app
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Awareness of mobile banking features is 2X greater thanutilization, except for checking my balance
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
6%
5%
15%
16%
16%
16%
23%
32%
27%
29%
43%
43%
45%
45%
48%
57%
Editing bank acct preferences
Depositing checks remotely
Transferring money
Paying bills
Finding nearest bank /ATM
Receiving bank alerts
Viewing transactions
Checking my balance
% Aware of MobileBanking Features
% Utilizing MobileBanking Features
Awareness and Utilization of Mobile Banking Offerings(Among Smartphone Owners)
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79%
70%66% 60%
79%
62% 69% 61%
70%
54% 52% 52%
74%
55%61%
52%
Account accessvia PC / laptop
Account accessvia mobile browser
Account accessvia mobile app
Access to textmessage alerts
Bank Account Credit Card Account
Insurance Policy Brokerage Account
Satisfaction with mobile as a servicing channel is significantly lowerthan a PC or laptop experience
Satisfaction by Channel PC vs. Mobile
(% Highly Satisfied with Channel Experience)
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
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6%
8%
9%
8%
7%
27%
24%
49%
4%
6%
7%
6%
6%
33%
27%
40%
6%
5%
10%
9%
12%
24%
19%
47%
7%
11%
13%
16%
19%
14%
37%
48%
Do not want to pay for app
Takes to long to access site from my phone
Too hard to read information from phone
Not comfortable using banking app - security
Not comfortable using browser - security
Prefer to call my bank directly
I prefer to visit a local branch/office/ATM
I prefer to access accounts from PC/laptop
Banking
Credit Card
Insurance
Brokerage
Security is one of the leading reasons as to why Smartphone usersare not accessing financial accounts from their mobile device
Leading Reasons for Not Using Mobile for Financial Servicing(Smartphone Owners who Have Not Used Mobile Browser or App for Financial Servicing)
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
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Marketing to the Mobile Consumer
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A little more than one in ten mobile owners recalls seeing some typeof mobile ad directly from their device
Source: MobiLens 3-Month Average Ending June 2011
14%
0%
2%
4%
6%
8%
10%
12%
14%
16%
% Who Recall Advertisement fromMobile Phone in the Previous Month
31%
28%
41%
Every day
Once a week
Several timesper month
Frequency of Ad Exposurevia Mobile Phone
(% Exposed)
Total Mobile Universe
Q/Q:+2%
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10%
26%
0% 10% 20% 30% 40%
I have searched for
information aboutfinancial servicesthrough a searchengine from mymobile device
I have searched forinformation about
products andservices through asearch engine frommy mobile device
One in ten mobile users has actively sought financial relatedinformation directly from their device
Exposure to Display Ads via Mobile(Among Financial Services Customers)
Search Activity via Mobile(Among Financial Services Customers)
4%
9%
0% 10% 20% 30%
I have seen anadvertisement(s) for
financial services directlyon my mobile device
I have seen anadvertisement(s) for aproduct or service
directly on my mobiledevice
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
Mobile Search and Display Activity
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Adoption of New Mobile Devices and Technology
NFC Technology & Tablets
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12%
13%
13%
14%
15%
15%
15%
To pay family / friends (i.e. P2P)
Verify your identity
Replace tickets for transportation
Replace paper tickets for air travel
Replace credit/debit/cash at retailers
Replace paper tickets for concerts
Replace paper tickets for movies
Likely to Do in the Future
39%
61%
% Aware of NFC
% Unaware of NFC
Despite the recent rollout NFC has gained very little traction in termsof consumer awareness since last quarter
Awareness of Near Field
Communication Technology(Among Current Financial Services Customers)
Source: Financial Services MobiLens Re-Contact Survey (Apr Jun 2011)
Future Intent Towards Use of
Mobile Waving/Tapping
Q/Q:P. Pt.+1%
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22%
17%
31%
48%
Used Apple iPadto AccessFinancialServices
Banking Credit Card
Insurance Brokerage
One in ten financial customers with a mobile device also owns an iPadof which half indicate accessing their back accounts from their tablet
Mobile Tablet Ownership(Among Current Financial Services Customers)
Accessing Financial Accounts via iPad(Among Apple iPad FS Customers)
2%
3%
3%
5%
5%
10%
10%
Other
Motorola Xoom
Nook
Samsung Galaxy Tab
Blackberry Playbook
Kindle
Apple iPad
Source: Financial Services MobiLens Re-Contact Survey (Jan Mar 2011)
Tablet Ownership and Usage within Financial Services
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In Summary
Increasing adoption of the Smartphone has allowed for greater mobilemedia consumption
As a result of importance placed on the mobile channel by customers thefinancial services industry has responded by rolling out mobile optimizedsites and apps over the past year
Generating incremental awareness of mobile servicing options and apps, inparticular, should serve not only to increase usage but make for a moresatisfactory consumer experience
Security continues to remain a leading concern for financial servicescustomers, most notably in the banking sector
As we see more and more consumers purchase tablets, we would expect tosee movement towards these device for more complex actitivities ortransactions (i.e. stock trading, opening accounts, etc.)
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Questions?
Please contact:
Stephanie Houck
shouck@comscore.com
312-775-6498
mailto:shouck@comscore.com