February 21 – The U.S. person-to-person (P2P) payment market in 2016 has experienced dramatic growth with almost $500 billion in P2P transactions from a bank, non-bank or money transmitter service. This market will experience further expansion over the next year, as the number of consumers conducting at least one digital P2P transaction in the past 12 months increased in 2016.
Studies & Reports
January 30 – Global spend via mobile wallets is expected to rise by nearly 32 percent this year to $1.35 trillion, a new study from Juniper Research has found.
January 27 – According to a new report published by Allied Market Research, titled, “Neo and Challenger Bank Market-Global Opportunity Analysis and Industry Forecasts, 2016-2020,” the collective customer base of the neo and challenger bank is expected to grow at a CAGR of 50.6% from 2017-2020. Neo and challenger bank market trends are expected to be progressive in coming years. China is expected to witness the highest growth rate during the forecast period, owing to the large pool of underbanked consumers and surge in online and mobile banking users.
December 14 – –Malauzai Software, a provider of mobile and Internet banking SmartApps™ for community financial institutions, has released its annual research depicting the mobile app usage of 8,004 financial institutions across the U.S.
December 5 – As every facet of the financial services industry faces the imminent shift to digital platforms, more than one-third of treasury and financial professionals have heightened awareness of the growing risks of fraud and cyber-attacks, shows TD Bank’s Treasury Management Survey. Heading into 2017, corporate treasury and finance professionals cite protecting assets, securing transactions and cybersecurity as top priorities.
December 1 – Who is more likely to contact their bank’s call center – millennials or boomers? The answer may surprise you. The report by Bain & Company, titled Bank Branch/Call Center Traffic Jam, asked “why do customers keep visiting tellers and calling the contact center?”
The report reveals that while mobile adoption is high at 82 percent among millennials, 86 percent still visited a teller in the last three months and 60 percent called the contact center. Among those 55 and older, only 42 percent contacted their bank via phone. Younger customer also call more frequently: on average, they called their bank 1.4 times over a three month period, while older customers called only 0.5 times.
October 31 – In a recent poll, Sageworks surveyed professionals from banks and credit unions, and the results showed that 42 percent of respondents said institutions should execute preliminary CECL calculations by Q4 of 2017. However, another 24 percent said that institutions should wait to start preliminary calculations after 2017.
According to Protiviti’s second annual Consumer Banking Survey, banks have ample room for improvement in managing the customer experience and, perhaps more importantly, in convincing consumers that they care about them. Specifically, the survey finds that 93 percent of banking customers believe that banks at least meet their expectations; however, if exceeding expectations and providing superior customer service is the goal, there is significant progress to be made because only 36 percent of consumers say their banks exceed expectations.
October 26 – New research presented in the latest Insight Summary Report from Mercator Advisory Group’s CustomerMonitor Survey Series, titled “Mobile Payments: Market Leadership Is Up for Grabs,” reveals that over half of smartphone owners in the United States have used their mobile device to pay for goods and services in stores or online. As smartphone ownership reaches 78% ownership among U.S. adults, most consumers have used their phones for mobile shopping.
October 24 – Thousands of regional and community banks are turning to fintech in order to meet the needs of customers who demand services on their computers, tablets and phones, according to a new report by Manatt, Phelps & Phillips, LLP. Conducted in conjunction with Mergermarket, the report, “Growing Together: Collaboration Between Regional and Community Banks and Fintech,” is based on survey responses of senior executives from regional and community banks (50%), fintech companies (25%), and private equity firms, venture capital firms and investment banks (25%).