24 January 2017
visit http://www.wolterskluwerfs.com

Mobile banking adoption boosts revenue - study

19 January 2016  |  8775 views  |  0 Woman leaning on wall using smartphone

Customers who start using mobile banking are less likely to leave their provider and will use more products and make more transactions, creating more revenue, according to research from Fiserv.

Working with market research firm Raddon, Fiserv examined data from 67,000 customers from eight credit unions and nine banks, comparing their behaviour in the three months before adopting mobile banking and the three months after.

The study shows that average product holdings - including loans, certificates of deposit, credit cards, and mortgages - increase noticeably following adoption of mobile banking. Mobile users have an average of 2.3 products from their primary financial institution, versus 1.3 for their branch-only peers.

Meanwhile, in the three months after adopting mobile banking, users increase the number of debit and credit card payments, ATM transactions and ACH transactions they make, generating revenue through things like interchange fees.

These factors lead to higher average revenues. For credit unions, members that use mobile banking generate 36% more compared to branch-only members. Banks see a 72% difference.

Matt Wilcox, SVP, marketing strategy and innovation, Fiserv, says: "The financial institutions in this study are seeing tangible revenue from mobile banking. Marketing mobile banking and highlighting how it can help consumers keep pace with the speed of life is absolutely essential if financial institutions want to grow adoption and use of the service and reap the benefits of their mobile investment."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fiserv loses three-year patent dispute with FIS

Fiserv loses three-year patent dispute with FIS

08 December 2015  |  5180 views  |  1 comments | 6 tweets | 5 linkedin
Mobile banking users set to double over next four years - KPMG

Mobile banking users set to double over next four years - KPMG

03 August 2015  |  17238 views  |  0 comments | 47 tweets | 34 linkedin
Banking by mobile overtakes branch interactions - BBA

Banking by mobile overtakes branch interactions - BBA

15 June 2015  |  8015 views  |  0 comments | 38 tweets | 30 linkedin
Mobile becoming consumer's 'channel of convenience' - Halifax

Mobile becoming consumer's 'channel of convenience' - Halifax

08 May 2015  |  7714 views  |  2 comments | 23 tweets | 23 linkedin
£12.8 billion to be sent through digital banking by 2020

£12.8 billion to be sent through digital banking by 2020

20 April 2015  |  12068 views  |  1 comments | 42 tweets | 17 linkedin
US mobile banking on the rise - Fed study

US mobile banking on the rise - Fed study

27 March 2015  |  11078 views  |  0 comments | 17 tweets | 17 linkedin
Mobile continues to dominate at top US banks

Mobile continues to dominate at top US banks

15 January 2015  |  14157 views  |  0 comments | 32 tweets | 21 linkedin

Related company news

 

Related company information

Fiserv, Inc.

Related blogs

Create a blog about this story (membership required)
http://www.financialcrimerisk.fiserv.com/aml?r=finextraVisit capgemini.comVisit contisgroup.com

Top topics

Most viewed Most shared
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
10822 views comments | 62 tweets | 53 linkedin
EU watchdog tells FS firms to focus on blockchain security risksEU watchdog tells FS firms to focus on blo...
6624 views comments | 16 tweets | 25 linkedin
hands typing furiouslyBlockchain: Securities market infrastructu...
6402 views 0 | 3 tweets | 4 linkedin
New York regulator blasts OCC over bank charter plan for fintech firmsNew York regulator blasts OCC over bank ch...
6300 views comments | 21 tweets | 15 linkedin
China's Ant Financial goes global in bid for two billion users in 10 yearsChina's Ant Financial goes global in bid f...
6066 views comments | 23 tweets | 12 linkedin

Featured job

Competitive base, 30% bonus, benefits
Charlotte, NC (USA)

Find your next job