Mobile Banking Usage Keeps Growing As Branch Visits Decline

It is no secret that Mobile Banking is increasing, becoming a popular way of banking for many users. Its convenience and efficiency has made it an important way of banking. In fact, in a report published by RaddonSM, a subsidiary of Fiserv, shows that mobile banking  usage has grown from 7% of all consumers in 2010 to 41% today.

This report, released Thursday, called Grappling with Mobile Banking Engagement Issues by RaddonSM, also shows the impact of mobile banking on the other major banking channels, namely physical branches and ATMs.

According to a report,  33% of all mobile bankers use their branch facilities less, while 23% of them use ATMs more, and 38% use their online banking service more than they did in the past.

Bill Handel, Raddon Vice President of Research, said in the report:

This is positive from an engagement perspective, yet it leaves financial institutions grappling with how to best serve this ‘want it all’ consumer. The key is for financial institutions to hone in on the value of the overall customer relationship to make sure they are delivering the appropriate levels of service and not over or under-investing in technology.”

Read the full report here.

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