Rhinebeck, NY (PRWEB) March 19, 2015
With more than 90% of US banking households now using digital channels (online/ mobile) to access their banks, and with six out of ten banking transactions now conducted through online or mobile, there is an emerging consumer breed, fond of digital, worthy and lucrative, but often misunderstood and targeted in clumsy, ineffectual ways. Understanding, reaching-out and engaging this target can benefit financial institutions of all sizes.
New research from Phoenix Marketing International, a leading market research firm, has revealed some interesting details around a new consumer segment in the financial services marketplace. This is the mP2P consumer: avid users of mobile devices for financial services and payments, who own a smart phone, have downloaded a mobile app from their primary bank, and have engaged in person to person payments. They encompass over 15 million households in the US.
Versus the overall market, mP2P consumers are 60% more likely to earn over $100K in annual household income, 50% more likely to have a bachelor’s or advanced degree, and 300% more likely to be business owners. Two out of every three are 33 years of age or older.
However, mP2P consumers are not solely and narrowly committed to mobile – these are very active users of all banking channels, including the branch, ATM, call center and online – and frequently transact at rates more than double of full market consumers. The mP2P consumer is busy, needs to get things done well and fast, and thus, shows active, cross-channel behavior.
Both mP2P and full market consumers are similar in many respects – both favor the ATM for cash withdrawals, the branch for account opening, and online for bill payment. But mP2P consumers overwhelmingly favor mobile for check deposits versus the full market which favors the branch. In addition, mP2P consumers use digital to pay bills and open accounts at much higher rates than full market consumers.
To mP2P consumers, online and mobile availability are key factors to select a new bank or consider a current bank as primary. But almost equally important is that the banking personnel they interact with are competent and knowledgeable. Interaction with humans matters and mP2P consumers expect to be able to do so as needed. In addition, as mP2P consumers use multiple channels, they care a lot that mobile performs comparably to the ATM, branch and online, and that information is consistent through any way they access the bank.
In summary, this is about making mobile perform. Single-mindedly expanding and augmenting mobile will not cut-it for the mP2P consumer. Making mobile fit and align with all other channels in real time, will.
A well-orchestrated multi-channel world is a must-have, with digital and physical channels in harmony, along with competent personnel available to assist – 15 million well-off households are waiting.
About Phoenix Marketing International
Phoenix Marketing International is a premier global marketing services firm providing its clients with tailored, unique insight into their customers and markets via a wealth of existing proprietary data. Coupled with custom research products and the latest qualitative and quantitative techniques, Phoenix has extensive research experience across the Automotive, Financial Services, Healthcare, Converged Technology and Media, Restaurant, and Travel/Leisure sectors. From the strategic definition of consumer needs to effective marketing program implementation, PMI provides profit-driven market solutions and is committed to maximizing a client’s Return on Marketing Investment (ROMI) by leveraging the ability to attract and retain new business through cost efficient data acquisition and statistical modeling techniques. Founded in 1999 by Chairman and CEO, Allen R. DeCotiis and President, Martha Rea, Phoenix Marketing International has established its global presence with offices in major locations such as New York, New Jersey, Boston, Philadelphia, Raleigh/Durham, Detroit, and London.