Financial Services The Impact of Mobile Banking

APRIL2011
RonShevlin
+1.617.338.6045
rshevlin@aitegroup.com
GwennBezard
JudithFishman
TheImpactofMobileBanking:
ACaseforMobileMarketing
2011AiteGroupLLC.Allrightsreserved.Reproductionofthisreportbyanymeansisstrictlyprohibited.Photocopyingorelectronicdistributionof
thisdocumentoranyofitscontentswithoutpriorwrittenconsentofthepublisherviolatesU.S.copyrightlaw,andispunishablebystatutorydamages
ofuptoUS$150,000perinfringement,plusattorneysfees(17USC504etseq..Withoutadvancepermission,illegalcopyingincludesregular
photocopying,faxing,excerpting,forwardingelectronically,andsharingofonlineaccess.
TheImpactofMobileBanking:ACaseforMobileMarketing
April2011
TABLEOFCONTENTS
INTRODUCTION..............................................................................................................................................4
ABOUTTHESURVEYDATA..............................................................................................................................5
WHATBANKSSHOULDKNOWABOUTMOBILEBANKERS..............................................................................6
NUMBER1:MOBILEBANKERSAREMAINSTREAMCONSUMERS.......................................................6
NUMBER2:MOBILEBANKERSAREBALANCECHECKERS....................................................................9
NUMBER3:MOBILEBANKERSAREELECTRONICCOUPONCLIPPERS...............................................10
NUMBER4:MOBILEBANKERSAREMOBILEPURCHASERS...............................................................11
NUMBER5:MOBILEBANKERSAREMIGRATINGAWAYFROMCHECKS...........................................13
CONCLUSION................................................................................................................................................14
1.DRIVEDONTDETERDEBITCARDUSAGE................................................................................15
2.INVESTINMERCHANTFUNDEDREWARDSPROGRAMS...............................................................16
3.MARKETPREPAIDCARDSTOMOBILEBANKERS...........................................................................16
RELATEDAITEGROUPRESEARCH.................................................................................................................19
ABOUTAITEGROUP......................................................................................................................................20
CONTACT......................................................................................................................................................20
2011AiteGroupLLC.Allrightsreserved.Reproductionofthisreportbyanymeansisstrictlyprohibited.
101ArchStreet,Suite501,Boston,MA02110Tel:+1.617.338.6050Fax:+1.617.338.6078info@aitegroup.comwww.aitegroup.com
April2011
LISTOFFIGURES
FIGURE1:MOBILEBANKINGDEPLOYMENTAMONGLARGEBANKS............................................................4
FIGURE2:MOBILEBANKINGDEPLOYMENTAMONGCREDITUNIONS.........................................................4
FIGURE3:SURVEYDEMOGRAPHICS...............................................................................................................5
FIGURE4:MOBILEBANKINGADOPTION........................................................................................................6
FIGURE5:ALLOCATIONOFMOBILEBANKERSBYGENERATION....................................................................7
FIGURE6:PERCENTAGEOFDEMOGRAPHICSEGMENTSTHATAREMOBILEBANKERS.................................7
FIGURE7:AVERAGEINCOME,MOBILEBANKERSVS.NONMOBILEBANKERS..............................................8
FIGURE8:NUMBEROFTIMESCONSUMERSCHECKEDBALANCEWITHMOBILEDEVICE,Q42010...............9
FIGURE9:NUMBEROFTIMESCONSUMERSCHECKEDACCOUNTBALANCEONLINE,Q42010....................9
FIGURE10:CHANGESINCOUPONUSAGEBYMOBILEBANKINGADOPTION..............................................10
FIGURE11:ELECTRONICCOUPONUSAGEBYGENERATIONANDMOBILEBANKINGUSE...........................11
FIGURE12:PERCENTAGEOFCONSUMERSMAKINGMOBILEPURCHASESBYSEGMENT............................12
FIGURE13:NUMBEROFMOBILEPURCHASESMADEBYMOBILEBANKINGADOPTION,Q42010..............12
FIGURE14:CHANGESINCHECKUSAGEBYMOBILEBANKINGADOPTION..................................................13
FIGURE15:PERCENTAGEOFCONSUMERSUSINGCHECKSLESSBYGENERATION......................................13
FIGURE16:CHANGESINDEBITCARDUSAGEBYGENERATION...................................................................14
FIGURE17:PERCENTAGEOFCONSUMERSUSINGPREPAIDCARDFORPURCHASES,Q42010...................16
FIGURE18:PERCENTAGEOFCONSUMERSUSINGPREPAIDCARDFORPURCHASES,Q42010...................17
FIGURE19:AVERAGENUMBEROFPREPAIDCARDPURCHASESMADE,Q42010.......................................17
LISTOFTABLES
TABLEA:DEBITINTERCHANGEREVENUE:BASELINE...................................................................................15
TABLEB:DEBITINTERCHANGEREVENUE:SCENARIO..................................................................................15
TABLEC:PREPAIDINTERCHANGEFEESGENERATEDCONSUMERSEGMENT...............................................18
April2011
I N T RO D U C T I O N
WhenAiteGroupsurveyedlargebanksandcreditunionsinlate2009/early2010abouttheir
mobilebankingdeploymentsandplans,wefoundthatmorethansixin10largebankshad
implementedsomelevelofmobilebankingcapability(Figure1).Amongcreditunions,sixin10
hadnotyetofferedmobilebankingtotheirmembers(Figure2).
Figure1:MobileBankingDeploymentAmongLargeBanks
Source:AiteGroupSurveyof26Top100U.S.Banks,December2009
Figure2:MobileBankingDeploymentAmongCreditUnions
Source:AiteGroupSurveyof54creditunions,January2010
TheImpactofMobileBankiing:ACaseforM
MobileMarketing
April2011
Allofthefinancialinstitutions(FIs)thathaddeployedmobileebankingoffeeredbasicmo
obile
functionality,likecheckingaccountbalancesand
dtransferringfundsbetweeenaccountsinsidethe
FI.Butitw
wascleartou
usfromoursu
urveysandintterviewsthattmanyFIsweerewrestlingw
withwhat
nexttodeeployandhow
wtojustifyth
heirinvestmentsinthemo
obilechannel..
AiteGroupbelievesthattheconsum
merresearchweveconductedholdsim
mportantclueestohow
wellhighlighttfive
mobilebaankingwillimpactbanksovverthenextffewyears.Inthisreport,w
thingsabo
outmobilebaankingcustom
mersthatban
nkexecutivesneedtoknow
w.
A B O U T T H E S U RV E Y DA
ATA
Attheend
dofDecembe
er2010,AiteGroupcondu
uctedasurveyyof1,011U.SS.consumers.The
samplewasrecruitedttorepresenttthedistributio
onofU.S.adu
ultconsumersbyage,inco
ome,and
geographyy(Figure3).
Figure3:SSurveyDemo
ographics
Source:AiteG
GroupSurveyof1,011U.S.Consumeers,December201
10
2011AiteGrroupLLC.Allrightsre
eserved.Reproductio
onofthisreportbyaanymeansisstrictlyp
prohibited.
101ArchStreett,Suite501,Boston,MA02110Tel:+1.61
17.338.6050Fax:+1..617.338.6078info@
@aitegroup.comwww
w.aitegroup.com
April2011
W H AT B A N K S S H O U L D K N OW A B O U T M O B I L E B A N K E R S
Demographicinformationaboutmobilebankingconsumersissimplyabackdrop,however,to
thefiveimportantthingsaboutmobilebankingconsumersthatwillinfluencebanksandcredit
unionsmobilechannelstrategiesforthenextfewyears.
NUMBER1:MOBILEBANKERSAREMAINSTREAMCONSUMERS
InQ42010,roughlytwooutof10U.S.consumerscheckedtheircheckingorprepaidcard
accountbalanceusingamobiledevice.Aboutonethirdcheckedaccountbalancesexclusivelyvia
theirmobiledeviceinQ4,whiletwothirdsalsobankedonline.About40%bankedonlinebut
notthroughthemobilechannelwhileroughlythesamepercentageusedneitherthemobileor
onlinechannels(Figure4).
Figure4:MobileBankingAdoption
Source:AiteGroupSurveyof1,011U.S.Consumers,December2010
Nearlyhalfofallmobilebankers(usersofmobileonlyplususersofmobileandonline)areGen
Yers,whileGenXerscomprise28%ofthemobilebankingpopulation(Figure5).Asapercentage
ofeachgeneration,28%ofGenYersand22%ofGenXerscurrentlybankthroughthemobile
channel,whilejust13%ofBoomers(babyboomers)and3%ofSeniors(seniorcitizens)bank
withamobiledevice.Fromagenderperspective,aroughlyequalpercentageofmenand
womenarebankingviamobile(Figure6).
April2011
Figure5:AllocationofMobileBankersbyGeneration
Figure6:PercentageofDemographicSegmentsThatAreMobileBankers
April2011
TheaverageincomeofmobilebankingconsumersisUS$52,952justUS$131morethanthe
averageincomeofnonmobilebankers.Infact,thehigheraverageincomeofmobilebankersis
drivenbyBoomers.TheaverageincomeofmobilebankingGenYersandGenXersisactually
lowerthanthatofnonmobilebankersofthesamegeneration(Figure7).
Figure7:AverageIncome,MobileBankersvs.NonMobileBankers
Whythisisimportant:Anumberofarticlesinthepressperhapssomedatedatthispoint
haveclaimedthatmobilebankingconsumersaremoreaffluentthanotherconsumers.A2009
studysponsoredbyResearchinMotion,forexample,foundthat62.4%ofmobilebankingusers
1
haveincomesofmorethanUS$50,000.
AiteGroupsresearchshowsthatwhilemobilebankersareyoungerthannonmobilebanking
consumers(36yearsofageversus47),withineachgeneration,theirincomelevelsarerelatively
equal.Whatthismeansisthatattitudinalandbehavioraldifferencesbetweenmobileandnon
mobilebankingconsumersarenotattributabletoconsumersincomelevels.
Inotherwords,evenearlyintheevolutionofmobilebankingasabankproductorservice,itsa
mainstreamofferingthat,incontrasttothedevelopmentofonlinebankingandbillpay,wont
need10to15yearstoscaletomassmarketadoption.Manybanksbasedtheirinvestmentsin
onlinebankingandbillpayontheargumentthattheywereincreasingcustomerretention
amonghighvalue(i.e.,highincome/highasset)customerswhoweretheearlyadopters.That
rationalecantbeappliedtomobilebankinginvestments.
1. MobileBankingCreatesaBrightSpotWithintheStrugglingFinancialServicesIndustry,
http://us.blackberry.com/business/industry/financial/Mobile_Banking_Whitepaper.pdf
April2011
NUMBER2:MOBILEBANKERSAREBALANCECHECKERS
Nearlyonethirdofmobilebankerscheckedtheiraccountbalanceusingamobiledevice10or
moretimesinQ42010(Figure8).Butwhatmaysurprisebankexecsisthatmobilebankersdont
giveupinteractinginotherchannelsjustbecausetheyrebankingthroughthemobilechannel.
Figure8:NumberofTimesConsumersCheckedBalanceWithMobileDevice,Q42010
TwothirdsofmobilebankerscheckedtheiraccountbalancesonlineinQ42010;ofthosethat
did,57%didso10ormoretimesinQ42010.Thatsnearlyequaltothepercentageofnon
mobilebankingcustomerswhoaccesstheiraccountsonline(Figure9).
Figure9:NumberofTimesConsumersCheckedAccountBalanceOnline,Q42010
April2011
Whythisisimportant:Mobilebankersdontchecktheirbalancesallthetimebecausetheylike
playingwiththetechnology.Theydosobecausetheydontwanttooverdrawontheiraccounts.
Aprepaidcardindustryexecutivetoldusrecentlythathisfirmsresearchshowsthatmanyofits
customerschecktheircardbalanceusingamobiledevicebeforeatransaction,aftera
transaction,andevenduringatransaction.
AiteGroupbelievesthatincreasedmobilebankingadoptionwillfurtherdepressbanks
overdraftfeerevenuebeyondthedeclinetheyhaveseenasaresultofrecentregulatory
changes.Whereasonlinebillpayanddebitcardsmadeiteasyforbankcustomerstooverdraw
ontheiraccounts,mobilebankinggivesconsumerstheabilitythroughbalancecheckingand
proactivealertstoavoidaccidentlydoingso.
NUMBER3:MOBILEBANKERSAREELECTRONICCOUPONCLIPPERS
Nearlyfourin10mobilebankersuseelectroniccouponsthosereceivedonlineonthrougha
mobiledevicemorefrequentlytodaythantheydidtwoyearsago.Inaddition,nearlyaquarter
ofthemrelylessonpapercouponsthantheyusedto.Incontrast,nonmobilebankersareless
likelytobeusingelectroniccouponsmorethantheydidtwoyearsago,orrelyinglessonpaper
coupons(Figure10).Theshifttoelectroniccouponsisespeciallyprevalentamongmobile
bankingGenXersandBoomers(Figure11).
Figure10:ChangesinCouponUsagebyMobileBankingAdoption
10
April2011
Figure11:ElectronicCouponUsagebyGenerationandMobileBankingUse
Whythisisimportant:Theshiftincouponusefrompapertoelectronicamongmobilebankers
emphasizestheneedformarketersfromfinancialservicesfirmsaswellasretailersand
merchantstobeabletoreachcustomersandprospectsontheirmobiledevices.
Theshiftisalsofurtherevidencesupportingconclusionswevepreviouslydrawnontheimpact
ofmobiledevicesandmorespecifically,smartphonesonconsumerslives.Previously,we
identifiedasetofconsumerswecallSmartphonaticsconsumerswhodontjustowna
smartphone,butwholooktomakethesmartphoneanintegralpartoftheirlives,andchange
2
manyoftheirbehaviors(i.e.,billpaymentandpurchasing)asaresultofowningasmartphone.
NUMBER4:MOBILEBANKERSAREMOBILEPURCHASERS
Nearlyfourin10mobilebankersincluding45%ofmobilebankingGenYersand43%ofmobile
bankingGenXersmadeapurchasewiththeirmobiledeviceinQ42010.Fewnonmobile
bankersmademobilepurchases,ontheotherhandjust15%ofnonmobilebankingGenYers
and10%ofnonmobilebankingGenXers(Figure12).Amongthemobilebankingsegment,Gen
Yerswerethemostfrequentmobilepurchasers,averagingnearlyeightmobilepurchasesper
personduringthequarter(Figure13).
2. SeeAiteGroupsreport,HowAmericansPayTheirBills,October2010.
11
April2011
Figure12:PercentageofConsumersMakingMobilePurchasesbySegment
Figure13:NumberofMobilePurchasesMadebyMobileBankingAdoption,Q42010
Whythisisimportant:Manypeoplebelievecorrectly,tosomeextentthatyoungconsumers
arechompingatthebittomakemobilepurchases.Butourresearchshowsthattheinterestor,
atleast,currentbehaviorisnotequallyspreadacrossallGenXersandGenYers.
Thatmobilebankersaremorelikelytomakemobilepurchasespresentsbankswithan
opportunitytosteermobilepurchasestothecardsofferedbythebank.Inaddition,merchants
collaboratingwithFIsonmerchantfundedrewardsprogramswillbeabletomoreeffectively
targetoffersforproductsthatarefrequentlypurchasedwithamobiledevice,forexample,
music,games,andapps.
12
April2011
NUMBER5:MOBILEBANKERSAREMIGRATINGAWAYFROMCHECKS
Itwontcomeasasurprisetobankexecutivesthatcheckvolumehasdeclinedandthatfewer
consumersarewritingchecksasoftenastheydidtwoyearsago.Whatexecsmightnotknowis
thatahigherpercentageofmobilebankerssaythattheyvemovedawayfromchecksthando
nonmobilebankers(Figure14);thisisparticularlytrueamongmobilebankingGenYersand
Boomers(Figure15).
Figure14:ChangesinCheckUsagebyMobileBankingAdoption
Figure15:PercentageofConsumersUsingChecksLessbyGeneration
13
April2011
Ifmobilebankersareusingcheckslessthantheyusedto,whataretheyusingmoreoften?Debit
cards.Infact,acrossthegenerations,ahigherpercentageofmobilebankershaveincreasedtheir
useofdebitcardsthanamongnonmobilebankers,andfewermobilebankersareusingdebit
cardslesstodaythantheydidyears,whencomparedtononmobilebankers(Figure16).
Figure16:ChangesinDebitCardUsagebyGeneration
Whythisisimportant:Althoughbanksarenthappywiththeproposedlegislationtoreducethe
interchangefeetoUS$0.12,somethingisbetterthannothing.Andnothingiswhatbanksgetfor
checkbasedtransactions.Ifmobilebankingadoptionleadstochangingbehaviorse.g.,fewer
checks,moredebitcardusagethenbanksstandtogainfinanciallyfrommobilebanking.
Anotherreasonthesefindingsareimportantisthattheydemonstratethat,evenforolder
consumers(notthatBoomersarethatold),behaviorisntsetinstone;consumersarentlocked
intotheirdebitcards,cash,orchecks.Banksattemptstochangebehaviormovingconsumers
todebitorprepaidcardscanbeaccomplishedthrougheffectivemarketing.
CO N C LU S I O N
Basedonouranalysisofmobilebankingconsumers,AiteGroupbelievesthatbankswillhaveto
makesignificantinvestmentstoimprove(orevendevelopfromscratch)theirmobilemarketing
capabilities.Thelackofaretentionbenefit,thepotentiallossofoverdraftfeesfrombalance
monitoring,andtheshiftinconsumerattentiontothemobilechannelmeansthatthe
justificationandrationaleforinvestmentsinmobilebankingcapabilitieswillcomefromsuccess
inmobilemarketingefforts.Tojustifymobilebankinginvestments,AiteGroupbelievesthat
banksshould:
14
April2011
1.DRIVEDONTDETERDEBITCARDUSAGE
Ifconsumersbehaviorschangeaftertheyadoptmobilebanking,thenbankscanincrease
interchangerevenuebydrivingmobileadoption.Basedoncurrentmobilebankingadoption
rates,abankwithonemillioncustomersthataredistributedacrossthegenerationsinanequal
percentagetotheoverallpopulationandwhomakeanaveragenumberofdebitcard
3
transactionswillgenerateaboutUS$8.4millionperyearininterchangerevenue(TableA).
TableA:DebitInterchangeRevenue:Baseline
%ofcustomers
Purchases/customer
Totaltransactions
Totalinterchange
AnnualDebit InterchangeRevenue (US$)

GenY
GenX
Boomers
Nonmobile Mobile
Nonmobile Mobile
Nonmobile Mobile
19%
65
12,313,583
$1,477,630
19%
71
13,533,095
$1,623,971
30%
62
18,656,133
$2,238,736
9%
118
10,788,654
$1,294,638
6%
78
4,314,152
$517,698
4%
71
3,073,839
$368,861
Source:AiteGroup
IfmobilebankingadoptiongrowsfromaboutonethirdofGenYerstotwothirds,from22%of
GenXersto33%,andfrom13%ofBoomersto20%,thendebitinterchangerevenuewould
increaseby8%tonearlyUJS$9.1million(TableB).
TableB:DebitInterchangeRevenue:Scenario
%ofcustomers
Purchases/customer
Totaltransactions
Totalinterchange
AnnualDebit InterchangeRevenue (US$)

GenY
GenX
Boomers
Nonmobile Mobile
Nonmobile Mobile
Nonmobile Mobile
9%
65
6,013,954
$721,674
17%
71
11,694,593
$1,403,351
28%
62
17,072,375
$2,048,685
19%
118
22,287,560
$2,674,507
8%
78
6,336,728
$760,407
7%
71
4,887,405
$586,489
Source:AiteGroup
3. OurestimateassumesthattheFederalReservesproposaltosetthedebitinterchangerateatUS$0.12
pertransactionwillbeimplemented.
15
April2011
2.INVESTINMERCHANTFUNDEDREWARDSPROGRAMS
Proposedregulatorychangesregardinginterchangefeeshaveledsomelargebanksto
discontinuetheirdebitcardrewardsprograms.Othersaredeploying,orevaluatingthefeasibility
of,merchantfundedrewardsprograms.
Thesuccessofmerchantfundedprogramsdepends,toalargeextent,on1)frequentdebitcard
use,and2)frequentcustomerinteractionwiththebank.Theformeriscriticalinorderfor
merchantstodeterminewhotomakeoffersto,andthelatteriscriticalinorderformerchantsto
reachbankcustomerswiththoseoffers.
Mobilebankingcustomersbecomeanimportantelementtothesuccessofmerchantfunded
rewards.Reachingcustomersontheirmobiledevicesholdsthepromiseofreachingthemwith
offersattherighttimei.e.,atthepointofsale.Andthefactthatmobilebankersinteract
frequentlywiththeirbanksinmultiplechannelsimprovestheoddsofreachingthemwith
merchantoffers.
3.MARKETPREPAIDCARDSTOMOBILEBANKERS
MorethanonethirdofmobilebankersmadeaprepaidcardpurchaseinQ42010(Figure17).
Thiswasnotafactorofage.Ahigherpercentageofmobilebankerswithineachgenerational
cohortreliedonprepaidcardsthanamongnonmobilebankersofthesamegeneration(Figure
18).Mobilebankersarenotonlymorelikelytouseprepaidcards,buttheymakemoreprepaid
cardtransactionsthannonmobilebankerswhouseprepaidcards(Figure19).
Figure17:PercentageofConsumersUsingPrepaidCardforPurchases,Q42010
16
April2011
Figure18:PercentageofConsumersUsingPrepaidCardforPurchases,Q42010
Figure19:AverageNumberofPrepaidCardPurchasesMade,Q42010
AiteGroupbelievesthatbanksandcreditunionscanrecoupasignificantpercentageofthedebit
interchangerevenuetheyexpecttolose(asaresultofregulatorychanges)bymarketingprepaid
4
cards. TargetingmobilebankingcustomerswithprepaidcardoffersmayhelpFIsimprovethe
effectivenessoftheirprepaidmarketingefforts.
4. SeetheAiteGroupreport,RecoupingLostDebitInterchangeWithPrepaidCards,March2011.
17
April2011
Theupsideissignificant.Basedoncurrentprepaidcardusage,mobilebankersgenerateasmuch
inprepaidinterchangefeesasnonmobilebankers,eventhoughtheyrepresentjust19%ofthe
population(TableC).Abankwith1millioncustomersthatcancapture20%ofitsmobile
bankersprepaidcardactivitycanearnmorethanUS$250,000ininterchangerevenue.
TableC:PrepaidInterchangeFeesGeneratedConsumerSegment
%ofcustomers
%prepaidcardusers
Purchases/customer
Totaltransactions
Totalinterchange
AnnualPrepaidCard InterchangeRevenue (US$)

GenY
GenX
Boomers
Nonmobile Mobile
Nonmobile
Mobile
Nonmobile Mobile
19%
19%
28
1,003,257
$571,857
19%
18%
22
764,387
$435,700
6%
39%
35
760,043
$433,225
30%
10%
20
625,407
$356,482
9%
40%
36
1,320,304
$752,573
4%
30%
23
295,331
$168,339
Source:AiteGroup
18
April2011
RELATEDAITEGROUPRESEARCH
RecoupingLostInterchangeFeeswithPrepaidCards,March2011.
OnlineMarketingMaturityModelforFinancialInstitutions,February2011.
TopTrendsInRetailBanking,2011,February2011.
PrepaidDebitCards:BarrierstoAdoption,December2009.
BrandedPrepaidCardProcessors:AVendorEvaluation,October2009.
TheCardIndustry:BetweenaRockandaHardPlace,June2009.
PrivateLabelPrepaidCardVendors:AnEvaluation,May2009.
ThePulseofthePrepaidCardIndustry,March2009.
19
April2011
ABOUTAITEGROUP
AiteGroupisanindependentresearchandadvisoryfirmfocusedonbusiness,technology,and
regulatoryissuesandtheirimpactonthefinancialservicesindustry.Withexpertiseinbanking,
payments,securities&investments,andinsurance,AiteGroupsanalystsdelivercomprehensive,
actionableadvicetokeymarketparticipantsinfinancialservices.HeadquarteredinBostonwith
apresenceinChicago,NewYork,SanFrancisco,London,andMilan,AiteGroupworkswithits
clientsasapartner,advisor,andcatalyst,challengingtheirbasicassumptionsandensuringthey
remainattheforefrontofindustrytrends.
CO N TAC T
Formoreinformationonresearchandconsultingservices,pleasecontact:
AiteGroupSales
+1.617.338.6050
sales@aitegroup.com
Forallpressandconferenceinquiries,pleasecontact:
PatrickKilhaney
+1.718.522.2524
pr@aitegroup.com
Forallotherinquiries,pleasecontact:
info@aitegroup.com
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