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Banking Customers Turn to Online, Mobile for Transactions

Seven in 10 online bank customers want to be able to make any type of transaction on the web

September 26, 2012

With retail banking customers increasingly turning to online and mobile to get their banking done, financial institutions can bolster customer satisfaction by ensuring that the customer experience in those two channels is solid. A Q1 2012 survey of banking customers in 35 different countries conducted by consulting, technology and outsourcing company Capgemini and retail finance nonprofit Efma found customers wanted increased functionality out of their online banking experience.

According to the poll, seven in 10 respondents wanted to be able to execute any type of transaction online, and almost the same number wanted a complete picture of their account information. Customers were less interested in having banks provide them with a personalized experience online; only about six in 10 of those polled said that was important to them.

Overall, banking customers said that their online banking experiences were increasingly seen as “positive” in all geographic regions. But the satisfaction rate was highest in North America, at 63% in 2012, with the second-highest rate coming from Central Europe at 56%.

Retail Banking Customers Worldwide that Have Had a Positive Experience with Online Banking, by Region, 2011 & 2012 (% of respondents in each group)

Customer satisfaction with mobile banking services was much more uneven across different geographic areas, however. In North America, the positive experience metric for mobile banking fell 2 percentage points between 2011 and 2012, indicating that institutions were not keeping pace with their customers’ expectations. However, Central Europe saw a significant jump in customers with a positive mobile banking experience; the percent of satisfied respondents climbed to 35% in 2012, from 26% in 2011. Expectations about mobile banking capabilities are likely linked to several geographic-dependent factors, including smartphone penetration and data usage habits and associated costs.

Retail Banking Customers Worldwide that Have Had a Positive Experience with Mobile Banking, by Region, 2011 & 2012 (% of respondents in each group)

While consumer expectations for banking are understandably high for online channels, retail banks clearly cannot afford to ignore mobile, given the channel’s massive growth. eMarketer estimates that the number of mobile internet users worldwide will increase from 1.4 billion in 2012 to 2.5 billion by 2016. And Capgemini and Efma projected that about 44% of bank customers will use mobile services on at least a monthly basis by 2015.

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Check out today’s other articles, “Men Top Women in Mobile Buying” and “Online Travel Grows in BRIC Countries, but Habits Differ.”


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