August 10 – Although mobile wallets are a relatively new form of payment, nearly 3 in 10 consumers (29 percent) expressed a willingness to adopt this emerging payments alternative in the next six months, according to recently released results from a consumer survey by Computer Services, Inc., a leading provider of financial technology solutions.
Conducted by Harris Poll on behalf of CSI, a provider of financial technology solutions, the survey ran online May 9-11, and represents feedback from nearly 2,100 adults ages 18 and older about their banking habits and preferences. According to the results, CSI found that 12 percent of Americans strongly agree that they plan to use mobile wallet technology within the next six months. This willingness was even more prevalent among millennials, with 19 percent of consumers age 18-34 planning to use it.
“These results confirm that financial institutions are on the right track by investing in advanced mobile banking solutions that attract younger generations,” said Steve Powless, CSI’s chief executive officer. “And innovations like digital wallets affect all consumers and should be a strategic focus area for banks. While millennials lead the way in adoption, as we’ve seen with other digital banking services, more generations will also embrace new technology as it becomes more commonplace.”
Unsurprisingly, baby boomers (ages 55 and older) were less willing to consider using mobile wallets in the next six months, with just 7 percent of this generation indicating a strong chance of using the payment alternative. However, these results present an opportunity for financial institutions to engage these customers on the value of mobile banking services, as well as provide insight and training on how to utilize these alternative payment offerings.
“Although banks must appeal to millennials as well as Gen Xers—consumers age 35-54 who also are fond of digital banking solutions and mobile payments—it is equally important to take older generations into consideration with launching mobile banking offerings,” Powless said. “When investing in digital banking, financial institutions must dedicate extensive effort into training and marketing these services to customers of all ages, so they are knowledgeable of each bank’s specific solutions and can utilize those offerings most relevant to them.”
The survey offered additional insight shared by U.S. adults related to their banking preferences. A detailed report of the survey findings is available online at www.csiweb.com.
This survey was conducted online within the United States by Harris Poll on behalf of CSI from May 9-11, 2016, among 2,095 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact Brandon Dyce, CSI communications director at email@example.com.
About The Harris Poll
Over the last 5 decades, Harris Polls have become media staples. With comprehensive experience and precise technique in public opinion polling, along with a proven track record of uncovering consumers’ motivations and behaviors, The Harris Poll has gained strong brand recognition around the world. The Harris Poll offers a diverse portfolio of proprietary client solutions to transform relevant insights into actionable foresight for a wide range of industries including health care, technology, public affairs, energy and telecommunications.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.