Capturing a Financial Services Revolution: Fiserv Consumer Trends Survey
Today's consumers are socially connected and unceasingly attached to their mobile devices. They want control over their finances, delivered in the form of effortless, instant interactions that don’t interrupt their lives.
In this environment, financial institutions that understand the needs of consumers and remain focused on enabling the control, convenience and speed that consumers demand are those that will succeed. The recently published 13th Annual Fiserv Consumer Trends Survey delivers insight into consumer attitudes and behaviors related to digital banking and payments services, and provides recommendations on how financial institutions can capitalize on the research to drive adoption, satisfaction and growth.
Conducted regularly since 2002, the Consumer Trends Survey shows dramatic changes in online, mobile and tablet banking since the survey began. Using a smartphone to manage your account or pay your bills wasn't an option just 10 years ago. Now, 35 million households bank from their mobile phones. While new services such as tablet banking and person-to-person payments have emerged, existing services such as online banking and bill payment have seen phenomenal growth. One capability that was available at the start of the survey – online banking – has experienced an 83 percent adoption increase in the last 10 years, according to the survey.
"The Consumer Trends Survey has captured one of the most revolutionary periods in financial services," said Roger Johnston, market research director, Fiserv. "Expect equally dramatic changes in the next decade, as wearable technology and mobile capabilities continue to expand – with the millennial generation influencing most of these changes."
The 13th Annual Consumer Trends Survey shows steady increases in digital banking; mobile banking adoption increased 17 percent between 2013 and 2014. Not surprisingly, increases in smartphone ownership are driving increases in mobile banking usage, with 48 percent of smartphone-owning households using mobile banking in the month prior to the survey.
Interest in digital banking and payments services among nonusers is also up. Between 2013 and 2014, interest in financial institution bill pay increased from 21 percent to 33 percent, while those interested in receiving e-bills grew 30 percent. Nearly a quarter of nonusers are interested in using person-to-person payments.
Taken together, the increased interest in digital financial services presents a wide range of opportunities for financial institutions to deepen relationships with their customers. In this dynamic market, it's up to financial institutions to provide the capabilities people want, educate consumers about them, and market available services and their benefits – actions that will position the financial institution at the center of their consumers' financial lives.
Now available for download, the 13th Annual Fiserv Consumer Trends Survey highlights the opportunities for financial institutions to better understand and expand their digital reach to all consumer segments.