SAN FRANCISCO—Weekly mobile bankers exceeded that of weekly branch bankers during 2015, the first time that has ever happened, a new study has found.
The crossover illustrates the broader trend of digital channel engagement growing while physical channel usage is shrinking, stated Javelin, which just released a new mobile banking, smartphone and tablet study based on responses from more than 3,100 U.S. consumers over the past five years.
“Mobile banking has experienced incredible growth with smartphone and tablet adoption. In 2015, one in 10 U.S. adults began using mobile banking for the very first time—amounting to 25 million new mobile bankers,” the research firm said.
Mobile banking, smartphone, and tablet user bases are all growing rapidly, Javelin said.
“With each new tablet and smartphone purchased, we see a precipitous rise in the number of mobile bankers. In the past five years, adoption of mobile banking and smartphones has more than doubled while that of tablets has increased roughly 8.5 times,” the company explained. “Mobile banking is the clear winner in the digital battle between mobile and branch.”
Javelin predicts that mobile is on a growth path to unseat PCs to become the “first screen” through which consumers interact with and judge their primary financial institution.
“FIs will need to continue to innovate to outpace this increasing mobile banking adoption,” said Daniel Van Dyke, mobile analyst at Javelin. “With fintech start-ups and other vendors entering the space, consumers have more options than ever when it comes to mobile.”