'Smartphonatics' Changing the Game in Mobile Banking: Study
Meet the Smartphonatics, a newly identified group that is defined by changing how they shop and how they bank because of their smartphone ownership.
A new study out of ACI Worldwide and Aite Group – where smartphone usage in 14 countries was put under a microscope – is what prompted this labeling of a new group of consumers.
According to this research, Smartphonatics can be defined by their heavy usage of the device. For instance: 80% of Smartphonatics have used their smartphones for mobile banking, just one-third of non-Smartphonatics report doing so.
Another data point: 70% of Smartphonatics have used their smartphones for mobile payments; under 25% of non-Smartphonatics have.
“Smartphonatics enthusiastically use their smartphones when they shop for products and services as well as when they interact with their banks," said Ron Shevlin, senior analyst, Aite Group, in a press statement. "It is quite clear they are an emerging consumer force. Smartphonatics are driving the adoption of mobile banking and payments and will be an agent for change. Financial and retail institutions will need to adapt or risk being left behind."
The research indicated that globally around 25% of consumers count as Smartphonatics, with higher numbers found in India and China than in the United States and Europe.
The study stressed that, despite the surge in popularity for mobile banking, it is too early to proclaim the death of traditional analog banking.
"Consumers expect to shop and transact anywhere, at any time making mobile the hottest area of opportunity for financial institutions, processors and retailers today," said Ralph Dangelmaier, president, Global Markets and Services, ACI Worldwide, in the statement.
"These organizations need to plan strategically for mobile as part of their overall channel strategy, alongside ATMs, POS, branch and online banking. The most successful companies are leveraging their existing banking and payments systems to implement innovative mobile services. That way, they can cut down costs and time to market for new mobile ventures," Dangelmaier said.
The full report is available as a free download.