Juniper’s “Mobile Banking: Handset & Tablet Market Strategies 2013-2017” report looks at the role tablets will increasingly play in financial management. The report points to a growing need for financial institutions (FIs) to develop tablet-specific mobile sites and applications.
With the majority of tablet users also owning smartphones, it stands to reason that they will expect the convenience of accessing accounts from both of these devices. Yet, mobile banking vendors would do well to consider the tablet’s greater capacity and focus on developing enhanced service provisions for tablet use. For example, FI apps could take advantage of the tablet’s larger screen to offer more detailed and interactive content, such as bank statements.
The report indicates that although there will be growth in the tablet market in the next five years, smartphones will continue to take the largest share of use. The forecasted 20 percent of tablet owners who will use their devices to pay bills will represent 19 percent of total mobile banking consumers.
Consumers who use mobile banking services via their tablets will be equivalent to 200 million consumers in 2017. Comparatively, the study predicts that 9 percent of tablet owners today use their devices to manage their finances.
The report states that 1 million consumers will use mobile banking by 2017, which represents 15 percent of the global market of mobile users. This represents an 18 percent global compound annual rate, which tablets will contribute to with higher projected ownership.
According to the report, the areas with the highest mobile penetration will be the United States, North America, Western Europe, and the Far East and China in 2017. Specific features that tablet owners will prefer to manage via their devices were also among the Juniper findings. Mobile bill presentation and payment transaction features, Juniper predicts, will have a higher adoption rate with tablet owners than mobile phone bankers. When consumers are on their tablets, they are more likely to complete more pull services, such as paying a bill. Push features, such as alerts and messages, are more geared towards mobile phone bankers.
The key for FIs will be developing these services specifically for tablets. FIs need to differentiate their smartphone and tablet mobile strategies to account for both screen size and context. Additionally, mobile is increasingly becoming an expectation from consumers, which forces FIs to constantly stay one step ahead.