Mobile banking drives consumers to switch banks: AlixPartners study

Mobile banking is considered as an important factor by 60% of consumers while making bank-switching decisions, according to 'AlixPartners Mobile Financial Services Tracking Study' by AlixPartners.

Mobile banking is considered as an important factor by 60% of consumers while making bank-switching decisions, according to ‘AlixPartners Mobile Financial Services Tracking Study’ by AlixPartners.

The study, which was conducted on an online panel of nationally representative samples of US consumers, found that currently 28% of US consumers use mobile banking, which is up by 4% points from the survey conducted in the first half of 2013.

Some of the common banking transactions performed is checking bank balances, looking at monthly statements, making account transfers and paying bills.

AlixPartners’ Financial Services practise managing director, Bob Hedges, said the availability of mobile banking features plays an increasingly critical role in the consumer’s decision to switch primary banks.

"Consumers are demanding, expecting, and shopping for mobile capabilities. Banks who fail to innovate run the risk of losing customers and face real challenges in attracting new customers," Hedges added.