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Smartphones driving behavior change, resulting in increased mobile banking and payment activity

Smartphones are transforming the way that consumers shop and transact, making mobile payment and mobile banking the hottest area of opportunity for financial institutions, processors and retailers today.

What does adoption of mobile payments and banking look like across the globe?  We at ACI partnered with research firm Aite to find out.

This week we released a report identifying an influential group of consumers that will drive the adoption of mobile payments and banking and set the bar for how financial services institutions will need to respond over the next five years. They’re called Smartphonatics, and they’re leading the way in terms of mobile payment and banking activity. The statistics may surprise you:

• 80% of Smartphonatics have used a mobile device for mobile banking in the past six months

•  70% of Smartphonatics have made a mobile payment

• Fewer than 25% of other consumers said the same

Geographic differences were surprising as well.  Smartphonatics exist in each of the 14 countries we surveyed, but the percentage varies widely:

• Asia, the Middle East and Africa lead in the percentage of Smartphonatics, ranging from 25% to 60% of the population.

• North America and Western Europe lag behind, with Smartphonatics making up between 7% and 27% of consumers.

Many factors may be at play here, a key one being that Smartphonatics overall tend to be young, with 66% between the ages of 20 and 46.

 
The topic is fascinating and there’s no question in my mind that smartphones are playing a transformative role in the future of payments and banking.  Financial institutions, processors and retailers will need to adapt or risk being left behind.

Check out www.ACIWorldwide.com/mobile to download a free copy of the report. You can also register for one of our three webinars. Each webinar will focus on a specific region and the implications for financial institutions in that region.

Once you’ve read the report, let me know if you’re already seeing the influence of the Smartphonatic in your business, and how you see this group impacting the future of mobile payments and banking.

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