Financial Services

How mobile is transforming retail banking

January 30, 2015

North America

January 30, 2015

North America
Riva Richmond

Former editor

Riva Richmond is Director of Digital Media at The Story Exchange, a nonprofit digital media project that tells the stories of women entrepreneurs in articles and videos. Previously she worked as a Senior Editor with The Economist Intelligence Unit's Thought Leadership team in New York. She has reported and written about technology more than a decade, much of that time focused on information security and privacy issues. Prior to her current position, Riva was a freelance journalist writing for The New York Times,, The Wall Street Journal and other national publications.


Key findings include:

  • 82% of retail bankers agree or agree strongly that in the next five years mobile will become the number one channel for millennials and younger consumers—banks’ future customers
  • Today only 15% of transactions are conducted via mobile devices—that percentage will to rise to 25% in five years
  • The mobile invasion is forcing banks to navigate a complicated world of new partnerships and rivalries. Emerging partners include mobile-phone companies, retailers and social-media firms
  • Bankers believe they must offer more compelling mobile experiences to customers; 69% believe the quality must match what big internet companies provide
  • Banks will move to provide more advanced mobile features, such as spending analyses and wealth-management tools

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