51 percent of customers surveyed would likely use a bank mobile wallet
PHOENIX, Oct. 29, 2015 –CCG Catalyst, a management consulting firm offering strategic advice to banks, announced that it has released the results of its recent study, “The Age of Mobile Wallets: What Banks Need to Know When Considering the Creation of a Bank Branded Mobile Wallet,” at the Money 20/20 conference on Oct. 27. The study focused on examining the customers’ use of mobile wallets to help banks recognize opportunities, decide whether to create mobile wallets and realize unmet customer needs.
The study, administered through AskYourTargetMarket, was issued to a panel of 25 million U.S. consumers (18 years of age to 65 years plus) to measure consumer attitudes and behaviors toward mobile wallets vs. non-bank mobile wallets. Respondents answered a series of questions segmented in three key themes: usage, behavior and habits. Of the 2,000 completed surveys generated, the key findings are as follows:
- If their bank offered a mobile wallet, 51 percent of the respondents are likely to use a bank-offered mobile wallet;
- 45 percent currently use PayPal mobile, which was the most popular mobile wallet used by consumers who took part in the survey;
- 8 percent have a smartphone, but 12 percent of those with a smartphone do not plan on using a wallet of any kind just yet;
- More than half of the respondents keep track of their spending and paying bills (66.6 percent), while 47.8 percent check their bank account status on a daily basis;
- 9 percent occasionally use their mobile banking app to bank;
- The top challenge to using the mobile wallet is fear of identity theft (68.3 percent), followed by merchant acceptability (33.9 percent).
“The results of the survey offer insights to the current state of mobile wallet adoption, and this will help banks make vital decisions surrounding their own adoption of mobile wallets,” said Paul Schaus, CEO and president of CCG Catalyst. “Clearly there is a growing interest among customers to using bank-offered mobile wallets, and we want banks to recognize and fulfill those unmet customer needs.”
“The Age of Mobile Wallets, What Banks Need to Know When Considering the Creation of a Bank Branded Mobile Wallet” offers 60,000 data points from 2,000 customers across 49 United States. These data points were gathered, codeified and distilled into insights, themes and recommendations to help banks make a decision on whether to enter the mobile wallet market. The research is available for download at https://www.ccg-catalyst.com/resources/research-the-age-of-mobile-wallets/.