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Adobe Digital Index: State Of Banking Report

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Adobe Digital Index’s (ADI) “State Of Banking” report finds that banks in the United States are behind other countries when it comes to the adoption of mobile technology to enhance the customer experience.

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STATE OF BANKING
ADOBE DIGITAL INDEX
2
Table of Contents
03 U.S. lags other countries in mobile banking
04 Over half of Millennials and Gen Xers do majority of
banking transactions online
05 U.S. banking landscape is more fragmented
06 Digital divide in retail banking
07 Mobile apps are a compelling reason to switch
financial institutions for Millennials and Gen Xers
08 Online banking is a weekday activity
09 Credit appetite in the U.S. is seasonal and not
primarily driven by interest rates
10 As applications increase, approval rates decrease
11 Desktop credit applications 77% more likely to be
approved than smartphone applications
12 iOS credit approvals lag those of Android users
13 Data citation
14 Methodology
ADOBE DIGITAL INDEX | State of Banking 3
U.S. lags other countries in mobile banking
United States is lagging in
smartphone access.
ADOBE DIGITAL INDEX | State of Banking 4
Over half of Millennials and Gen Xers do majority of
banking transactions online
53% of Millennials do more than half of
their banking online; 62% of Gen X.
ADOBE DIGITAL INDEX | State of Banking 5
U.S. banking is more fragmented among smaller regional
banks and credit unions
*Source in appendix
ADOBE DIGITAL INDEX | State of Banking 6
Digital divide is occurring within retail banking
Smaller banks failing to take
advantage of the shift to mobile.

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Adobe Digital Index: State Of Banking Report

  • 1. STATE OF BANKING ADOBE DIGITAL INDEX
  • 2. 2 Table of Contents 03 U.S. lags other countries in mobile banking 04 Over half of Millennials and Gen Xers do majority of banking transactions online 05 U.S. banking landscape is more fragmented 06 Digital divide in retail banking 07 Mobile apps are a compelling reason to switch financial institutions for Millennials and Gen Xers 08 Online banking is a weekday activity 09 Credit appetite in the U.S. is seasonal and not primarily driven by interest rates 10 As applications increase, approval rates decrease 11 Desktop credit applications 77% more likely to be approved than smartphone applications 12 iOS credit approvals lag those of Android users 13 Data citation 14 Methodology
  • 3. ADOBE DIGITAL INDEX | State of Banking 3 U.S. lags other countries in mobile banking United States is lagging in smartphone access.
  • 4. ADOBE DIGITAL INDEX | State of Banking 4 Over half of Millennials and Gen Xers do majority of banking transactions online 53% of Millennials do more than half of their banking online; 62% of Gen X.
  • 5. ADOBE DIGITAL INDEX | State of Banking 5 U.S. banking is more fragmented among smaller regional banks and credit unions *Source in appendix
  • 6. ADOBE DIGITAL INDEX | State of Banking 6 Digital divide is occurring within retail banking Smaller banks failing to take advantage of the shift to mobile.
  • 7. ADOBE DIGITAL INDEX | State of Banking 7 Mobile apps are a compelling reason to switch financial institutions for Millennials and Gen Xers 39% of Millennials are concerned about the quality of mobile apps provided.
  • 8. ADOBE DIGITAL INDEX | State of Banking 8 Online banking is a weekday activity Engaging consumers during peak traffic times can increase brand loyalty.
  • 9. ADOBE DIGITAL INDEX | State of Banking 9 Credit appetite in the U.S. is seasonal and not primarily driven by interest rates Interest rates are not key factors in credit demand; seasonal events are.
  • 10. ADOBE DIGITAL INDEX | State of Banking 10 As applications increase, approval rates decrease With lower credit approval rates during the holidays, banks can market credit repair products. Spread widens as applications pick up.
  • 11. ADOBE DIGITAL INDEX | State of Banking 11 Desktop credit applications 77% more likely to be approved than smartphone applications
  • 12. ADOBE DIGITAL INDEX | State of Banking 12 iOS credit approvals lag those of Android users
  • 13. ADOBE DIGITAL INDEX | State of Banking 13 Data citation Country Share Source AUS 80% http://www.businessinsider.com.au/apra-chief-warns-we-dont-want-the-stability-of-a-graveyard-for-australian-banking-2015-4 CAN 90% http://business.financialpost.com/news/fp-street/how-canadas-big-five-banks-have-become-the-big-three UK 81% http://www.statista.com/statistics/387098/uk-banks-current-account-market-share/ US 59% https://ilsr.org/vanishing-community-banks-national-crisis/
  • 14. Based on consumer data comprised 86 billion visits to banking sites between Jan 2015 and March 2016. Composed of aggregated and anonymous data from visits to financial services websites. •  Survey: We talked to 1,000 US consumers about their online financial planning, as well as plans around tax filing. The survey was conducted March 17-20th. •  Report based on 600+ million social impressions scraped from Blogs, Facebook, G+, Reddit, Twitter, Dailymotion, Flickr, Instagram, Tumblr, VK, Disqus, Foursquare, Metacafe, Wordpress, and YouTube. Social engagements is publically available based on an aggregate total. •  Data from Adobe Marketing Cloud Solutions leveraged: Adobe Analytics and Adobe Social. Visit our website: adobe.ly/digitalindex Sign up for email alerts: http://www.cmo.com/adiregister.html Read our blog: adobe.ly/digitalindex Follow us: @adobeindex Ask a question or make a suggestion: digindex@adobe.com ADOBE DIGITAL INDEX | State of Banking 14 ©2016 Adobe Systems Incorporated. All rights reserved. Adobe and the Adobe logo are either registered trademarks or trademarks of Adobe Systems Incorporated in the United States and/or other countries. All other trademarks are the property of their respective owners. Methodology