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Untapped Market for Mobile Banking Among Offline Consumers

Mobile Channel Addresses Offline Consumers’ Needs for Frequent Transactions While Reducing Bank Channel Costs. In the face of turbulent economic conditions and significant cost pressures, U.S. financial institutions, like many of their counterparts around the world, are focusing on improving the profitability of their customer relationships, lowering channel costs and enabling more self-service electronic banking.

Mobile Channel Addresses Offline Consumers' Needs for Frequent Transactions While Reducing Bank Channel Costs.

In the face of turbulent economic conditions and significant cost pressures, U.S. financial institutions, like many of their counterparts around the world, are focusing on improving the profitability of their customer relationships, lowering channel costs and enabling more self-service electronic banking.

Mobile banking can provide this much-needed path. Not only are financial institutions able to lower the cost of serving their customers, improve their competitive position, and increase customer acquisition and loyalty, they also can build a foundation for delivering future products and services that can be monetized, such as mobile payments and remittances.

Despite opportunities inherent in this new way of doing business, many institutions have only looked to their current online banking clients for this new channel. However, in doing so, they have overlooked a key customer segment: the 55 million American households who do not bank online on a regular basis.
 
This research paper analyzes results of the recent Syniverse mobile banking survey of 501 U.S. consumers who are not active regular users of online banking services and provides recommendations about how financial institutions can better serve this significant audience as a target for mobile banking services, all while lowering the cost required to serve this significant audience.
 
Obtain your complimentary copy of this research, which was commissioned by Syniverse Technologies and conducted by Palmer Research in collaboration with Syniverse, Fiserv and M-Com.