Whitepaper explores the relationship between mobile banking, card controls and consumer communication with financial institutions
SAN JOSE, Calif. – December 18, 2017 – Mobile banking is becoming the most preferred channel for consumers to conduct day-to-day business, with 53% of banking by people of all ages in 2016. As a result, financial institutions offer a wide range of mobile-based alerts for their bank accounts and payment cards. According to new research by Mercator Advisory Group for Ondot Systems, the most popular alerts are those for fraud alerts on credit, debit and prepaid cards, with 55% using the alerts. In addition, nearly half of all consumers (47%) indicated an interest in mobile-app based card controls, up from 41% in 2014.
The research, published by Ondot Systems in a new whitepaper, “Mobile Engagement: What Consumers Look For in Digital Relationships,” provides insight into how consumers are currently using mobile banking and mobile-based alerts along with best practices for improving a merchants’ mobile app.
“Mobile banking is changing consumers’ attitudes and expectations of the banking experience,” said Vaduvur Bharghavan, CEO of Ondot Systems. “The research finds, however, that for mobile banking to be more than a simple way to do a handful of transactions, there need to be engaging tools, such as card controls or loyalty programs, that encourage daily or weekly use.”
Additional areas explored within the white paper include:
“Merchant mobile apps have been the driving force behind consumers’ increasing use of their smartphones for shopping and payments,” said Raymond Pucci, Associate Director Research Services Mercator Advisory Group. “Similarly, mobile banking apps that enhance user engagement present banks with more opportunities for expanded, long-term customer relationships.”
To download a copy of Ondot’s latest white paper discussing what consumers look for in digital relationships, please visit http://www.ondotsystems.com/library/dbemercator.
About Ondot Systems
Ondot Systems is the global leader in powering mobile payment services, serving over 3,000 financial institutions across four continents. The company's real-time platform, built upon an API based services oriented architecture, gives financial institutions a competitive edge by increasing mobile engagement and empowering their customers to personalize, manage and control how payments are made in today's world of always-on digital commerce, resulting in higher usage of payment instruments while lowering fraud incidents. To learn how Ondot is shaping the future of payments, visit www.ondotsystems.com.
About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world’s largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Advisory services include Credit, Debit and Alternative Products, Prepaid, Customer Interaction, Commercial and Enterprise Payments, Emerging Technologies and Global Payments practices, which provide research documents and advice. Primary data services include the CustomerMonitor Survey Series, which report and analyze data collected in our biannual consumer surveys, and the Small Business Payments and Banking Survey. Consulting services enable clients to gain actionable insights, implement more effective strategies, and accelerate go-to-market plans; offerings include tailored project-based expertise, customized primary research, go-to-market collateral, market sizing, competitive intelligence, and payments industry training. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com. Visit www.mercatoradvisorygroup.com.