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Spain’s New Generation Banking: Mobile Banking Revolution

56% of the users of Smartphone in Spain are men…
And the age profile is as follows:

Mobile Planet Google Smartphone Usage 3 SpainSpanish consumers want to do banking for mobile
The Mobile Life of TNS Spain study asked consumers by current usage and future interest in mobile banking. The result was as follows: the most used today is the consultation of the detail of the accounts, transfers, followed payroll reception and payments on public transport.

Most notable is that in terms of their future interest, firstly it’s everything that has to do with mobile payments in shops, restaurants and public transport.

Mobile Planet Google mobile banking stats Usage SpainFinancial institutions bet on mobile banking
EFMA and McKinsey published a study in August last year entitled “The current state and future of mobile banking in Europe”  on which they asked banks about the interest that they had on the development of mobile banking. The vast majority of them were betting strongly for its development.

efma mckinsey mobile banking stats europeThere are more than 300 million users of mobile banking in the world
The number of users of mobile banking in the world has already exceeded 300 million with a significant growth in the developed countries.

In May of last year, ComScore released data from a study on the use of mobile banking in Europe. The study report noted the existence of 20 million users in E5 (United Kingdom, France, Spain, Italy and Germany), representing 8.5 per cent of the users of those markets.

In the analyzed period, the market had grown a 15.4% due primarily to users of Smartphones, in which growth was 40%. Spain, stood above the average, with a 10.2% and ranked second only surpassed by France with a 10.3%.

Men used mobile banking more than women
This study from ComScore also confirmed us that men use mobile banking more than women. A 64.9% were men and 35.1% women.

As for age range, data were the following: between 13 and 24 years, 13.8 percent; between 25 and 34, 28%; between 35 and 44 years old, 24.6%, between 45 and 54 years 13.3% and more than 55 years, 20.4%.

Mobile banking customers grow and grow in a vertiginous way
In the previously mentioned article of EFMA and McKinsey customers were asked if they were already using mobile banking and if they would use it in the next 5 years. Shown a significant growth in all age ranges, especially in the young.

comscore active customers mobile bankingThe revolution of mobile banking is here
“Mobile is not a channel.It is increasingly the way are connect to the network, and one of the most intimate ways brands can interact with their audiences lickely”Adam Lavelle, Chief Strategy Officer, iCrossing

The reality is that financial institutions will have to change the way of relating to this new mobile consumer and that the Smartphone and the Tablet will be an essential tool for the banking customer.

Although mobile has the potential to revolutionize the customer experience in financial services, in some areas of mobility such as payments, experience is led by non-financial companies (Google, PayPal and Square)…

The study of TNS Spain concludes that this new mobile consumer seeks to satisfy 5 wishes:

  1. He wants experience: looking for enriching and interactive experiences.
  2. He wants independence: doing what you want when you want.
  3. He wants comfort: before you invested time to save money, now invests money to save time.
  4. He wants relevance: the new consumer will say yes to the mobile advertising provided that it is related to your tastes and your current location.
  5. And finally, He wants transparency: he wants to search for, compare, simulate, comment, recommend and share.

Mobile banking must be fully integrated into the strategy of banking multi-channel
“You don’t need a mobile strategy, you need strategy for a mobile World”James Briscoe, managing Director, Unique Digital (@JPBriscoe)

The new challenge of the Spanish banking sector is successfully integrating all channels made available to the client, incorporating the new habits of use and interaction arising from the growth of mobile devices.

Today, channels have become channels of relationship (a concept that goes beyond that of the distribution) and are key pieces in the management of these relationships of the Bank with its customers.

What do you think?

Written by Ignasi Martín Morales

Electronic Banking Area Manager at CatalunyaCaixa. Ignasi leads the department of Multi-channel Sales and Development, the Center of multi-channel customer contact, the department of e-Commerce and Telentrada (ticketing business). It has a more- than-20-years management experience in retail banking, private banking and electronic banking. Passionate with the challenge of making your company in a true multi-channel bank, leader in quality of service and financial advice.

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