MILLENNIALS AND MOBILE-SAVVY CONSUMERS ARE DRIVING A HUGE SHIFT IN THE RETAIL BANKING INDUSTRY
Keywords:
Digital banking, Mobile banking, Channels, Banking, Retail BankingAbstract
Banking institutions are in a race to provide the newest online and mobile features to their users, as retail banking branches lose their relevance fast. Capturing the attention of younger adults - and, in particular, millennials - when they're first choosing their bank can lead to a long-term market advantage. BI Intelligence been closely tracking evolving trends in the payments industry, and how mobile is one of the biggest disruptive threats to legacy businesses, including merchant service providers, payment terminal providers, big financial institutions, and credit and debit card companies. Businesses are evolving their services and acquiring startup competitors to stay ahead of the curve. According to a survey from Nielsen and mobile is already the preferred channel for checking balances among those who are already mobile banking consumers. Among millennials, checking balances, paying bills, and transferring money, were the top digital banking activities, TD Bank finds Take Wells Fargo as an example. The bank now has over 13.1 million mobile banking customers. That's up 285% from 3.4 million four years ago in the second quarter of 2010.That's why banks are putting a lot of money into building out their mobile banking capabilities. BI Intelligence estimates that global mobile banking investment will grow at a compound annual growth rate of 15% through 2018, when investment will reach $3.34 billion. Take a look at the chart at below for a look at how investment in mobile banking is expected to ramp up.
How to cite this article:
Haralayya B. Millennials and Mobile-Savvy Consumers are Driving a Huge Shift in The Retail Banking Industry. J Adv Res Oper Markt Mgmt 2021; 4(1): 17-19.
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