Mobile Commerce

TSYS Study Digs Into Consumer Mobile Banking App Usage

TSYS announced today (Sept. 28) the results of its 2015 U.S. Consumer Payment Choice Study, which reveals data about consumer mobile banking app usage and adoption rates.

The survey, which polled more than 1,000 consumers, shows that the consumer adoption rate of mobile banking apps are on the rise, and are being frequently used. In fact, 50 percent of those surveyed reported that they have installed a mobile app from their bank, and, of those respondents, 70 percent said that they use the app at least multiple times a month.

“We expect the emphasis on digital engagement and technology to continue as innovation increases and new products become available to consumers,” said John Dale Hester, group executive of Relationship Management at TSYS, in a press release. “Providing a more robust customer experience and expanded consumer choices will help drive progress and innovation within the payments industry.”

Outside of insights into consumer digital engagement, the study also digs into what drives consumers to use specific payment and payment communication methods. Other key findings from the survey included:

  • Debit continues to be the most preferred payment type among U.S. consumers, but it has declined during the last two years. Forty-one percent of surveyed consumers said they preferred debit cards, down from 43 percent in 2014 and 49 percent in 2013. Credit card preference held steady at 35 percent.
  • Loyalty and rewards was reported as being more important in driving consumer behavior and affecting payment preference. Fifty-five percent of respondents chose rewards as the most attractive feature of their preferred credit card.
  • When interacting with their financial services provider, the survey results showed email is the most preferred channel of communication among consumers. Forty-six percent reported preferring email communication from their bank regarding purchase transactions.
  • When asked about the frequency of getting marketing and special offers, 43 percent of respondents reported that they would prefer to receive these communications once a month.

To check out what else is HOT in the world of payments, click here.

 

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