Tuesday, September 16, 2014

Growing Demand for Mobile Banking Hurts Small Institutions

The perception for many young consumers is that the national banks offer the best mobile banking services. Is it just a coincidence that young consumers on FindABetterBank.com are more likely to select a national bank over a community banks or credit union? Not likely. If national banks’ grip on branch-share dominance wasn’t already tight enough, the strength of their digital channels enables them to expand into new markets without big investments in new branches.

In a recent BankChoice Monitor survey of consumers shopping for new checking accounts on FindABetterBank.com, 36% of shoppers say they must have mobile banking with their next checking account — shoppers under 30 are more than twice as likely to require mobile banking compared with shoppers over age 60 or older. On FindABetterBank, shoppers 50 or older are the most likely shoppers to select small institutions and shoppers under 30 are more likely to select national banks.

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