Mobile and online banking users are 61% more profitable than offline customers - Intuit

Mobile and online banking users are 61% more profitable than offline customers - Intuit

People who bank online and via their mobile are far more engaged with their bank, and consequently more profitable than digital refuseniks, according to fresh data from Intuit.

The data includes information from approximately 50 financial institutions collected from July 2009 through September 2012, representing more than 2.5 million consumers with a current account.

Intuit found that people who banked online - those signing in from a desktop computer - logged in roughly 10 times a month. Mobile banking users increased the number to approximately 19 times a month, jumping to 31 times per month when logins from tablets are added to the mix.

The study found that the stickiness of digital banking was just as relevant to older age groups as to younger Gen X and Gen Y consumers. When analysing the data points from bank customers over the age of 50, the study showed that people in this category logged in up to a 12 times a month and accessed their financial information every third day.

The high levels of engagement engendered by digital banking translated into improved financial outcomes for banks, with online and mobile consumers proving 61% more profitable than offline customers, says Intuit.

Russell Lester, director of analytics at Intuit Financial Services, says: "Extending the branch experience digitally lets consumers and small businesses do their banking easily on any number of devices in ways that they never could in the past. Financial institutions should rethink how they allocate funds and recognise the value these solutions deliver. The data is clear - greater engagement via digital channels leads to better financial outcomes for the user and the financial institution."

Comments: (1)

A Finextra member
A Finextra member 17 December, 2012, 14:44Be the first to give this comment the thumbs up 0 likes

Headine could have read.... Customers who need mobile and online banking do more transactions with, and generate more business/income for, their bank...

OR

Users of Online and mobile banking service are charged more for banking than Offline/non mobile users..... 

Is this what is called a "No S#&T Sherlock" survey?

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