RHINEBECK, N.Y., Oct. 5, 2015 (GLOBE NEWSWIRE) -- Phoenix Marketing International today released results from the research firm's Banking Channel Optimization Monitor. The data reveals that while mobile has been on the rise over the past two decades, the outlet for banking needs is facing growth challenges as other channels are used more often, or are more strongly considered for sales and service. The results are available in Phoenix's new Channel Monitor newsletter series, designed to keep the financial services industry abreast of topics and developments of interest, and resulting implications and opportunities. The newsletter is available at http://bit.ly/1iQtHBM.
"From the surge of smartphones, to enhancements in content, connectivity, media, tools, apps, security and more, mobile devices are more robust and functional than ever, and becoming more central in people's lives. The opportunity for mobile in banking appears quite strong," said Augusto Medelius, Vice President, Banking Channel Transformation Practice. "Banks would like to leverage mobile and make it play a larger role, but just because a bank adds a financial function to mobile, doesn't mean a consumer will abandon other channels for mobile. More needs to be done to lure customers deeper into the mobile sphere."
As Phoenix continues to track and assess banking channels – and their evolution, adoption and impact on banking performance – the researchers are seeing some favorable tailwinds for mobile. Over the past five years, smartphone ownership has increased, and digital behavior has grown, with mobile banking activity quadrupling. Other key findings from the research include:
Physical behavior has decreased from 48% of all transactions occurring at the branch, ATM and call center in 2009 to 40% in 2014.
- Mobile banking behavior has increased from 4% in 2009 to 17% in 2014.
- Mobile is outperformed by online access across many channel dimensions evaluated including: Fast, Convenient, Easy to Use and Meets Everyday Needs.
- Online is considered significantly more than mobile for various types of transactions including checking account balance (71%), paying bills (64%) and transfer funds within own bank (54%).
Phoenix Banking Channel Optimization Monitor is a robust 4,200-survey study to assess the banking consumer, identify key segments, establish the ideal customer experience, and define the roles that digital, the branch and other channels must fulfill for top performance. To subscribe to Phoenix's Banking Channel Optimization Monitor and gain the full benefit of the entire program, please contact: Mark.Sutin@phoenixmi.com or Augusto.Medelius@phoenixmi.com.
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.