As we continue to study the consumer path to purchase, changes in mobile commerce and banking help drive the behaviors and adoption of “the mobile purchase.” Consumers are more comfortable with mobile transactions, online banking, and custom mobile apps–and the banks are paying attention.
Last week, American Banker and Bank Technology News hosted the 7th Annual Mobile Banking and Commerce Summit in Miami. We listened, and identified three themes from the forum with fresh new statistics to highlight the role of mobile in banking and commerce. All sources are from #MCS2013.
We’re becoming more mobile–and banks are paying for it.
- This year, 590 million mobile phone users globally will use their device for banking purposes. In 2017, that number will exceed 1 billion.
- Worldwide, banks will spend $118 billion on technology and mobile banking in 2013.
- 81 of the top 100 U.S. Financial Institutions currently offer some form of mobile banking.
Customers are in charge.
- Marketers at the summit all agreed: Customers are faster at conveying what they want than banks are at delivering.
- 48% of mobile customers would like mobile banking tailored to location and their personal shopping habits.
- Younger consumers are more demanding: Of the 26-34 age group, 49% will change banks for a better mobile experience.
What the future looks like:
- In 2016, there will be 448 million mobile payment users in a market worth $617 billion.
- U.S. mobile commerce sales will reach $86.9 billion by 2016.
- By 2017, worldwide purchase volume over mobile devices will reach $1 trillion.
Tyson Goodridge is a marketing contractor for Compete and advises the team on best practices with product launches, social media, content development and B2B marketing. He’s a happy Dad to two precocious little boys, a (somewhat) obedient husband to his lovely bride, and a lonely NY sports fan living in New England. His passions are putting people and ideas together, reading, entertaining, and good food and wine. You can find him on Vine at Tyson Goodridge, and on Twitter @goodridge.