The Rise of the Mobivore: Serving the Mobile-Only Consumer

Most of us simply can't imagine living our lives without a smartphone in our hands. Mobile devices have become so indispensable a growing number of consumers are only using smartphones to go online, forgoing laptop and desktop computers – and even tablets. Many digital businesses are successfully serving these mobile-only users – or "mobivores" – but are financial institutions providing a compelling user experience for consumers who only want to interact and transact through their smartphones?

According to Fiserv estimates, mobile-only users make up about 15 percent of a typical financial institutions' mobile banking user base. Based on trends and other markets, we can assume more consumers would be mobivores if they had access to true mobile-only functionality. Although mobile-only users tend to skew younger, they cross generations and socio-economic segments.

MobivoresMobivores have a different approach and focus – and their needs are quite different from the typical mobile banking user. While mobile banking is usually all about quickly and efficiently completing tasks and accessing information, this doesn't necessarily hold true for the mobile-only consumer. Mobivores want a full-service mobile experience that is independent from any other channel, which requires untangling dependencies from other channels, including online. To add a payee to mobile bill pay, for example, a user generally has to log in to online banking – not a viable process for a mobile-only user.

Designed to benefit all mobile banking users, several capabilities are especially important to the mobivore, including self-service, direct communication and personalization. For example, pre-login balance options, and authentication through fingerprint and voice recognition facilitate quick, secure access to account information. Live chat and click-to-call options also appeal to mobile-only users, who want to make convenient, direct real-time connections when they need assistance.

Taking a picture of a check or bill to quickly and easily capture information – and avoid entering text on a small mobile screen – takes the hassle out of these mobile banking interactions. In the same way, mobivores expect a user-friendly, mobile-based lending experience, from completing an application to checking balances and making payments.

Whether managing travel, shopping, sending photos or making social connections, consumers are accustomed to frictionless, innovative mobile experiences – and they expect the same when managing and moving their money. To accommodate the surge in mobile banking and the growing number of mobivores, financial institutions must rethink the way they deliver mobile banking to deliver the best, most compelling user experience for all users.

Learn more about digital banking at Fiserv Forum 2015, set for April 20 – 23 in Las Vegas. Visit the Forum website to learn more.  For further information on the mobile-only user, review "The Rise of the Mobivore: Serving the Mobile-Only User" white paper.

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