Consumer Adoption and Usage of Banking Technology

Today’s consumers, especially those known as Millennials and Gen Y, are used to having technology integrated into most aspects of their work and personal lives. Banking is no exception. To respond to changing customer expectations, banks, credit unions and other financial institutions have incorporated online and mobile technology into consumers’ banking experiences. However, financial institutions still need to answer several questions pertaining to banking technology:

• How well are financial institutions meeting the needs of consumers when it comes to offering high-tech products and services?
• Whom do consumers view as the trusted provider of the mobile wallet?
• How does adoption of banking technology vary for different consumer groups?

This white paper answers these and other questions that are critical to the ongoing success of financial institutions in a rapidly evolving marketplace. The paper is based upon the findings of a recent online research study of 2,000 U.S. consumers conducted jointly by First Data and Market Strategies International. The “New Consumer and Financial Behavior” study assessed consumers’ attitudes, behaviors, desires and technology adoption. This white paper is the third in a series of four based on results of the study and focuses on consumers’ attitudes and behaviors related to technology in banking.

Topics include:

• Consumers’ attitudes about, and adoption of, banking-related technology.
• Usage of mobile banking.
• Perceptions of the mobile wallet by different consumer groups.
• Usage of online banking and bill payment.
• Steps that financial institutions can take to appeal to various types of consumers.