Financial Services

Despite digital’s growing presence in financial affairs, many banking customers in North America enjoy handling their money matters the old-fashioned way. According to research, a strong majority said they still plan to visit physical branches two years from now.

A majority of users access their mobile banking app to check balances and statements, April 2016 research revealed. Paying bills is another popular activity that they conduct.

A much higher percentage of adults in Canada have adopted digital banking than their counterparts in the US, according to eMarketer’s latest forecast on digital and mobile banking users. Yet banking via mobile devices is more common in the US.

Financial institutions are increasingly blending the physical and digital world to deliver better customer experiences. According to Q1 2016 research from KPMG, some banking executives are prioritizing various initiatives to transform the overall physical bank branch experience.

Adults in Quebec conduct a variety of different banking activities, according to November 2015 research. Checking bank accounts and paying bills are some of the top actions performed.

Though more than half (52%) of financial executives worldwide said their company offers a mobile app to clients, there are some that still do not, according to January 2016 research. In fact, nearly a third said they neither had one nor were developing one.

Nearly three-quarters of mobile banking app users use a mobile payment app to pay a bill, according to February 2016 research. They also use it to send money to a friend.

About one in three internet users in Australia conduct mobile banking activities, according to 2015 research. Among millennials, reach surpasses 50%.

Two in three UK internet users are comfortable with biometric identification when digitally banking, according to a January 2016 report. But for many other purposes, such a protocol may seem too invasive.

Financial institutions are facing many challenges this year, ranging from implementing EMV payments to making strategic hiring decisions. According to research, driving growth and profitability are among their biggest hurdles.

The wealthiest 1% of the UK population are more likely than the general population to bank digitally, with almost two-thirds managing their current account online. They even give that most-digital of demographic groups—millennials—a run for their money.

The US financial services industry will spend $8.37 billion on digital advertising in 2016, a 14.5% gain from 2015. As a result, this sector will be responsible for 12.2% of total US digital ad spending for the year.

Nearly 50% of subscribers conducted transfers or used inquiry services in 2015, a figure that inched up from the prior year. Digital banking is especially popular in the country among younger users.

In France, digital banking users ages 35 and younger are far more likely to access their banking services via a smartphone than a tablet. Older generations use both devices for their banking needs, not necessarily preferring one over the other.

More than two-thirds of internet users in Canada use online banking at least once a week, according to January 2016 research. Only 16% say they go into a branch.

Though the internet of things (IoT) is still in its early stages, it has significant potential for the financial services sector. By building on early success with mobile technology, banks, insurers, payments companies and other financial firms are experimenting with ways to streamline their operations, reduce risk and create more valuable experiences for their customers.

The financial lives of internet users are similar in many ways regardless of age. But some products are more likely to be owned by users under 30—and the same group is more likely to conduct digital and mobile banking activities.

Internet users in Canada still prefer conducting finance-related digital activities on desktops and laptops, according to RateHub. Eighty-two percent of users on the RateHub network use them, far ahead of the share using mobile devices.

Digital banking is becoming ever more common in the UK, at the expense of physical banking in-branch. Among millennials, in particular, banking online is the default for their daily money management.