Abstract
Overview
The Apple iPhone and the T-Mobile' s G1 phone, the first Google-powered Android
phone, are fueling interest in smartphones among users who are young, affluent
and increasingly mobile - creating an enticing market segment as banks
wrestle with whether to build a mobile-banking platform around SMS texting, a
browser or a downloadable application. This report analyzes Javelin consumer
data to profile the mobile behaviors of smartphone owners, high-income
Americans, college-age customers, and other consumers who are most likely to
become first adopters and spread the word to friends, family and co-workers.
It explores how to best build a platform using one or more of the
mobile-banking platforms to suit different types of consumers. And the report
includes a Q&A with Bank of America executive Douglas Brown, who discusses the
strategies that have led to the banking giant' s immensely successful program,
including how the firm recently reached a new milestone of 1.3 million
mobile-banking customers, why it added a downloadable application to its mix,
and why wireless carriers are a “critical component” to the
success of mobile banking.
Primary Questions
- Which consumer segments are most likely to be first adopters and heavy
users of mobile banking?
- Which platform - SMS texting, a browser or a downloadable application -
has the edge with first adopters?
- How frequently do likely adopter consumer segments conduct mobile-banking
transactions on each platform, and what are their most common transactions?
- Should banks and credit unions initially cater to smartphone owners? Who
buys smartphones - and why are they “stickier” mobile-banking
customers?
- Which platform appeals to smartphone owners the most?
- Which platform is most likely to clear the three main hurdles of mobile
banking?
Methodology
This report is mainly based on data collected online from a random-sample
panel of 2,714 respondents in March 2008. The survey targeted respondents
based on representative proportions of gender, age and income compared to the
overall U.S. online population. Overall margin of sampling error is
±1.88 percentage points at the 95% confidence level.
This report is also based on data collected online from a random-sample panel
of 2,350 households in March 2008. The survey targeted respondents based on
representative proportions of gender, age and income compared to the overall
U.S. online population. The overall margin of sampling error is ±2.02%
percentage points at the 95% confidence level. Secondary data from public
sources, such as the US Census Bureau and the Bureau of Labor Statistics,
forms part of the projections.
This report is also based on data collected online from a random-sample panel
of 2,339 respondents in September 2008. The survey targeted respondents based
on representative proportions of gender, age and income compared to the
overall U.S. online population. The overall margin of sampling error is
±2.03 percentage points at the 95% confidence level.
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