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US banking customers' mobile move likely to outlast pandemic

Published by Business Insider on Thu, 10 Jun 2021

<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Customers who shifted their banking channel usage from branches to mobile apps during the coronavirus pandemic are likely to maintain their habits,&nbsp;<u><a href="https://cdn.roxhillmedia.com/production/email/attachment/870001_880000/73b1556e611ca8f0f3018dce5fe9e1157c8e6fcf.pdf" target="_blank" rel="noopener">per</a></u>&nbsp;S&amp;P Global Market Intelligence's&nbsp;2021 US Mobile Banking Survey.</p><p><img style="float:right;" src="https://static1.businessinsider.com/image/60c212e723393a00188e264f-1020/Mobile Phone Banking Users-2.png" border="0" alt="Mobile Phone Banking Users" data-mce-source="Insider Intelligence"></p><ul><li>Close to 52%&nbsp;of overall respondents said that they have reduced branch visits since the pandemic's onset.&nbsp;</li><li>More than&nbsp;65%&nbsp;of them reported that they were using mobile banking apps more often.</li><li>And&nbsp;almost&nbsp;88%&nbsp;of respondents who increased their mobile app usage also expect to either maintain or increase their frequency of app use going forward.&nbsp;</li></ul><p>Younger generations were more likely to have changed their banking habits.&nbsp;S&amp;P Global Market Intelligence found that&nbsp;more than 50%&nbsp;of Gen Zers, mIllennials, and Gen Xers are using mobile apps more frequently, compared with&nbsp;a little over 40%&nbsp;for baby boomers and Seniors. Additionally,&nbsp;more than half&nbsp;of the two oldest generations said that they didn't make changes to their mobile app usage.</p><p>Growing mobile usage is coupled with the potential for customers to open accounts with neobanks.&nbsp;Even as the mobile channel shift was common, just&nbsp;8%&nbsp;of respondents said that they currently have an account with a branchless bankbut&nbsp;almost 44%&nbsp;indicated that they were likely to open one in the future.</p><p>The difference between current and future account activity indicates that neobanks have a sizable addressable market moving forward, and that incumbent banks have a possible looming competitive threat. However, it remains to be seen whether a significant number will pick branchless banks to serve as their primary ones or choose them for second placethe vast majority of current neobank account holders (83%) have a primary relationship with&nbsp;one of the top 20 US banks,&nbsp;<u><a href="https://www.javelinstrategy.com/coverage-area/consumer-skepticism-has-neobanks-scrambling-differentiate" target="_blank" rel="noopener">according to</a></u>&nbsp;a Javelin survey.</p><p><strong><em>Want to read more stories like this one' Here's how you can gain access:</em></strong></p><ol><li>Join other Insider Intelligence clients who receive Banking forecasts, briefings, charts, and research reports to their inboxes each day. <a href="https://www.insiderintelligence.com/become-a-client/'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=enterprise_text_link-us-banking-customers-likely-stick-with-mobile-beyond-pandemic-2021-6">&gt;&gt;&nbsp;<strong>Become a Client</strong></a></li><li>Explore related topics more in depth. <a href="https://store.businessinsider.com/collections/banking'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=store_text_link-us-banking-customers-likely-stick-with-mobile-beyond-pandemic-2021-6">&gt;&gt;&nbsp;<strong>Browse Our Coverage</strong></a></li></ol><p><em>Current subscribers can access the entire Insider Intelligence content archive <a href="https://subscriptions.emarketer.com/">here</a>.</em></p><p><a href="https://www.businessinsider.com/us-banking-customers-likely-stick-with-mobile-beyond-pandemic-2021-6#comments">Join the conversation about this story &#187;</a></p>
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