Are credit unions prepared for a new mobile era?
The financial services industry must respond to a mobile marketplace that has a new demographic profile, new usage patterns and new expectations around AI, IoT and other digital technologies.
After years of strong mobile growth being driven by younger demographic segments, the majority of recent, more modest growth can be attributed to the 55 and older generation. In fact, consumers in the 55+age group have a three-year compound annual growth rate (CAGR) of nearly 8% compared to only 2% for the 18 to 34 segment, according to a study from Deloitte.
While the rate of growth in ownership of smartphones has tapered off, exciting technologies are beginning to stimulate the imagination of the mobile consumer, including artificial intelligence (AI), machine learning, virtual reality (VR) and augmented reality (AR), the internet of things (IoT), 5G, and the integration with other non-phone devices (watches, glasses, tablets, etc.). At the end of the day, the banking industry must stay in front of these trends, offering consumers the experience they expect on the platform(s) they prefer.
In the seventh annual Deloitte Global Mobile Consumer Survey, consumer attitudes about mobile technology were analyzed. The research validates a stabilization of our dependence on mobile devices, while indicating major shifts in usage patterns which impact any industry wanting to reach the increasingly digital consumer. As in 2016, close to 90% of consumers viewed their phone within an hour of waking up, with roughly 80% doing the same within an hour of going to sleep.continue reading »