Mobile Phones Replace Checkbooks, Fingerprints Trump Passwords
The rise of robust mobile technology is driving change in the payments landscape. As mobile banking has matured it has shifted from being a channel used to access information - such as viewing balances or statements - to a transactional channel, according to Expectations & Experiences, a quarterly consumer trends survey by Fiserv. The study identified notable shifts in the way people pay, driven in large part by mobile technology, and highlighted consumer expectations for secure, real-time transactions.
Among the 40 percent of consumers who used mobile banking within the 30 days prior to the survey - including 77 percent of early millennials - 51 percent reported that they use the service more now compared to the prior year. Among users of mobile bill pay, 47 percent said they use the service more now than a year ago. Among early millennials who use mobile banking or bill pay, changes in usage were more pronounced. Sixty-nine percent said they are using mobile banking more, and 59 percent said they are using mobile bill payment more compared to the prior year.