September 12, 2011
Mobile App Usage Varies Greatly Among Customers of Major Credit Card Issuers
By David Gordon, SVP, Business Development, The Financial Services Group
In anticipation of widespread consumer adoption of mobile banking and payments capabilities, U.S. banks, credit card issuers, and other financial industry stakeholders have been pouring millions of dollars into the development of strategies, technology development, advertising, and even full-blown payments platforms. And while penetration of smartphones among the U.S. consumers is growing, a new research brief from the Financial Services Group of Lightspeed Research shows that consumer interest in mobile banking and mobile payments remains low.
Mobile App Usage Among U.S. Cardholders is based on a nationwide survey of more than 10,000 U.S. consumers, and compares smartphone ownership, mobile app usage, and interest in mobile payments among credit card customers of American Express, Bank of America, Barclays, Capital One, Chase Citibank, Discover, HSBC, U.S. Bank, and Wells Fargo.
Notable findings from the research include:
- Despite the considerable differences in the average credit and income profiles of their customer bases, smartphone penetration is highest among American Express and HSBC customers – both at 37%.
- Discover is the only issuer with more than 50% of its customers still using “basic mobile phones.” In line with this, they have the lowest penetration of smartphone users at 28%.
- Among the smartphone-owning customers of the major issuers, Barclays has the highest penetration of iPhone users at 43%, while Capital One showed the highest overall penetration of the Android operating system at 45%.
- The importance of being able to make mobile payments is very low across customers of all issuers, with an average of 5% indicating that it is “very important” and another 11% indicating that it is “somewhat important.”
- Thirty-seven percent of Wells Fargo credit card customers said they have downloaded the Wells Fargo mobile app – the highest penetration among the card issuers analyzed.
The Financial Services Group at Lightspeed Research is making the full set of research findings available for download on a complimentary basis. Click here to receive a copy.
Category:Financial Services Group, Mobile Surveys, Technology News
Posted on September 12, 2011
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